FX Signal Dollar Edges Lower in Consolidation

The dollar edged lower in early European trading Tuesday, but remained near multi-month highs on the back of rising Treasury yields and the expectation of a robust U.S. economic recovery.

Data released on Monday showed that the ECB hadn’t noticeably stepped up its purchases of bonds two weeks ago as inflation jitters grabbed world markets.

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Dollar Edges Higher Overall

Driving the gains in the greenback, with the dollar index up around 2.5% this year, has been upbeat macroeconomic data, combined with a loose monetary policy.

Added to the mix has been the passage of the Biden’s administration’s $1.9 trillion stimulus plan on Saturday, which heads back to the House of Representatives this week after being passed by the Senate over the weekend, which has raised concerns of increased inflationary pressures.

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That said, “we do see this as a corrective dollar rally – not a turn in the bear-trend – and would be looking for it to stall after a 1%-2% extension higher,” ING added.

FX Signal; Dollar Edges Lower in Consolidation

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FX Signal; Dollar Edges Lower in Consolidation FX Signal Dollar Edges Lower

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FX Signal Dollar Edges Lower in Consolidation