- The US Dollar Index currently trades at 105.75 after trading as high as 106.24 in yesterday’s session.
- In Japan, traders are looking out for any signs of intervention ahead of this Friday’s BoJ policy meeting, after the yen has depreciated past the 155 level against the greenback (the lowest in three decades). The BOJ is widely expected to leave interest rates unchanged this Friday and with the Yen making a 34-year low, the panel may tone down its stance on having a soft monetary policy.
- The US Dollar is muted against its major peers with the DXY holding at 105.65. US GDP is out today and that will be the key driver – the growth gauge is estimated to tick lower to 2.5% in the first quarter. A strong GDP and sticky inflation may leave the Fed with limited choice apart from leaving rates where they sit.
- The euro and the pound trade in tight ranges against the US Dollar, with EUR/USD holding at 1.0720 and GBP/USD trading at the 1.25 handle. There is not much in the spectrum of data today in both regions and, again, this is likely to be a Dollar story again until the end of the week.
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