The US dollar has been struggling since Wednesday's FOMC meeting, where the Fed made it clear that they plan to keep their restrictive monetary policy in place for a longer duration. As a result, the US dollar has been steadily declining over the past week and is now dependent on the upcoming US CPI report for any signs of recovery. Analysts predict that the inflation reading will show signs of cooling due to the Fed's aggressive monetary policy campaign. If the result of the report is higher than expected, it will confirm the Fed's decision to maintain higher rates until inflation shows signs of decreasing. The US dollar index has fallen by around 0.37% leading up to the event, with the main focus being on the 105.380 support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.