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Dollar Up but Near Three-Week Low as Investors Await U.S. CPI Figure

ForexApr 13, 2021 01:09AM ET
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By Gina Lee

Investing.com – The dollar was up on Tuesday morning in Asia, but near a three-week low as investors await the U.S. consumer price index (CPI) for March, due later in the day.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.16% to 92.293 by 13:03 AM ET (5:03 AM GMT).

The USD/JPY pair was up 0.32% to 109.72.

The AUD/USD pair was down 0.31% to 0.7599 and the NZD/USD pair was down 0.30% to 0.7007.

The USD/CNY pair edged up 0.11% to 6.5515. Chinese trade data released earlier in the day said that exports grew 49% year-on-year in March. Imports grew 38.1% year-on-year and the trade balance stood at USD116.35 billion.

The GBP/USD pair inched down 0.09% to 1.3728.

"The dollar index has been slipping in recent days but should find stability with the U.S. macro outperformance narrative set to get a strong airing" in data this week, Westpac strategists said in a note, which also forecasts a rally toward 94.500.

"Treasury issuance is surging at the same time as inflationary pressures show in the data, which should lift the U.S. dollar," and 10-year Treasury yields are expected to rise toward the top of its recent 1.6-1.755% range in the coming week, the note added.

U.S. Treasuries slowly climbed up on Tuesday, with the benchmark 10-year note yield at 1.6764%. Auctions of three- and 10-year notes on Monday saw decent demand, while 30-year notes will go under the hammer later in the day.

“How Treasury yields react to this week’s supply and to key U.S. data releases will undoubtedly provide direction for the USD in the near-term... a strong (CPI) print may re-invigorate inflation fears and lend support to the dollar, " Rabobank currency strategist Jane Foley said in her own note.

Foley also forecasts the greenback to trade "choppily" in a $1.17 to $1.20 range versus the euro. It is currently at $1.1904, near its weakest level since Mar. 23.

Boston Federal Reserve Bank President Eric Rosengren also said on Monday that the U.S. economy could see a significant rebound in 2021 thanks to accommodative monetary and fiscal policy, though the labor market still has much room for improvement.

Dollar Up but Near Three-Week Low as Investors Await U.S. CPI Figure
 

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Kesha Fermin
Kesha Fermin Apr 18, 2021 8:48PM ET
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𝚝𝚑𝚒𝚜 𝚕𝚒𝚗𝚔 𝚎𝚡𝚙𝚒𝚛𝚎𝚜 𝚒𝚗 24 𝚑𝚘𝚞𝚛𝚜. 𝚒'𝚕𝚕 𝚜𝚊𝚢 𝚒𝚝 𝚋𝚎𝚏𝚘𝚛𝚎 𝚊𝚗𝚍 𝚒'𝚕𝚕 𝚜𝚊𝚢 𝚒𝚝 𝚊𝚐𝚊𝚒𝚗. 𝚖𝚘𝚗𝚎𝚝𝚊𝚛𝚢 𝚜𝚢𝚜𝚝𝚎𝚖𝚜 𝚕𝚒𝚔𝚎 𝚝𝚑𝚒𝚜 𝚊𝚙𝚙𝚎𝚊𝚛 𝚘𝚗𝚌𝚎 𝚊 𝚍𝚎𝚌𝚊𝚍𝚎. 𝚊𝚗𝚍 𝚢𝚘𝚞 𝚑𝚊𝚟𝚎 𝚋𝚎𝚎𝚗 𝚕𝚞𝚌𝚔𝚢 𝚎𝚗𝚘𝚞𝚐𝚑 𝚝𝚘 𝚐𝚎𝚝 𝚢𝚘𝚞𝚛 𝚘𝚠𝚗 𝚙𝚛𝚒𝚟𝚊𝚝𝚎 𝚍𝚘𝚠𝚗𝚕𝚘𝚊𝚍 𝚕𝚒𝚗𝚔 (𝚘𝚗𝚕𝚢 50 𝚙𝚎𝚘𝚙𝚕𝚎 𝚊𝚌𝚌𝚎𝚙𝚝𝚎𝚍 𝚠𝚘𝚛𝚕𝚍𝚠𝚒𝚍𝚎 𝚎𝚊𝚌𝚑 𝚖𝚘𝚗𝚝𝚑). 𝚒𝚏 𝚢𝚘𝚞 𝚠𝚊𝚗𝚝 𝚝𝚘 𝚋𝚎 𝚝𝚑𝚎 𝚗𝚎𝚡𝚝 𝚖𝚒𝚕𝚕𝚒𝚘𝚗𝚊𝚒𝚛𝚎 𝚜𝚞𝚌𝚌𝚎𝚜𝚜 𝚜𝚝𝚘𝚛𝚢 𝚙𝚛𝚘𝚍𝚞𝚌𝚎𝚍 𝚋𝚢 𝚝𝚑𝚒𝚜 𝚖𝚘𝚗𝚎𝚝𝚊𝚛𝚢 𝚜𝚢𝚜𝚝𝚎𝚖, 𝚍𝚘𝚠𝚗𝚕𝚘𝚊𝚍 𝚝𝚑𝚒𝚜 𝚜𝚘𝚏𝚝𝚠𝚊𝚛𝚎 𝚒𝚗 𝚝𝚑𝚎 𝚗𝚎𝚡𝚝 24 𝚑𝚘𝚞𝚛𝚜. 𝚏𝚘𝚛𝚐𝚎𝚝 𝚊𝚋𝚘𝚞𝚝 𝚒𝚝, 𝚍𝚘 𝚒𝚝 𝚗𝚘𝚠 𝚋𝚎𝚌𝚊𝚞𝚜𝚎 𝚝𝚛𝚞𝚜𝚝 𝚖𝚎, 𝚢𝚘𝚞 𝚍𝚘 𝚗𝚘𝚝 𝚠𝚊𝚗𝚝 𝚝𝚘 𝚎𝚗𝚍 𝚞𝚙 𝚕𝚘𝚘𝚔𝚒𝚗𝚐 𝚘𝚞𝚝 𝚏𝚛𝚘𝚖 𝚝𝚑𝚎 𝚘𝚞𝚝𝚜𝚒𝚍𝚎. 𝚍𝚎𝚝𝚊𝚒𝚕𝚜 𝚑𝚎𝚛𝚎: 𝐭𝐫𝐞𝐧𝐛𝐚𝐬.𝐠𝐚
 
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