finance-forex-trading3.47 min read "US Dollar Faces Critical Juncture After CPI: Impact on Major Currency Pairs"
Despite higher-than-expected U.S. inflation figures, U.S. interest rate expectations have shifted in a more dovish direction, leading to a halt in the U.S. dollar's recovery. The Fed is unlikely to implement the deep rate cuts priced in by the markets, and may take a proactive stance to push back against the excessively dovish outlook. Technical analysis suggests potential upward trajectory for EUR/USD, while GBP/USD is trading below overhead resistance. USD/JPY's rally lost impetus as it struggled to surpass resistance, and a clear push above is required to reignite upward momentum.
2 years ago•Source: DailyFX
