US Dollar Index edges higher

FxPremiere.com .Telegram Forex Signals / The dollar clung to marginal gains in early European trade Wednesday, but volatility was limited with traders awaiting upcoming U.S. inflation data and an ECB meeting for clues about future central bank policy.

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Consumer prices also increased for the third consecutive month, rising 1.3% year-on-year in May, up from 0.9% gains during the previous month, and the Chinese yuan rose as a result, with USD/CNY falling 0.1% to 6.3953.FX Signals

This sets the scene for Thursday’s release of U.S. consumer price data, one of the last major pieces of economic data before the next Fed meeting on June 15-16.

INFLATION IN THE FOREX MARKET

“We see clear risks of a big positive surprise to the May inflation report as well with core inflation around or just above 4%. The market is still buying the transitory inflation narrative but for how long,” said analysts at Nordea, in a note.

Thursday also sees the latest policy decision by the European Central Bank, with the central bank widely expected to keep in place its ultra-loose monetary policies given the region has yet to generate inflation at anything like the levels seen across the Atlantic.

Dollar Up From Five Month Low

More immediately, the Bank of Canada meets later Wednesday, with its latest policy decision due at 10 AM ET (1400 GMT).

17 02 2021 EURUSD BUY LIMIT

US Dollar Index edges higher

Forex Signals – Dollar Weakens Ahead of Sterling

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