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Short-Term Dollar Index (DXY) Outlook – Wednesday, March 13, 2024
The U.S. Dollar held steady overnight, as traders weighed what impact last night’s hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting.

The U.S. consumer price index (CPI) increased solidly in February, beating forecasts and suggesting some stickiness in inflation.

Although the CPI rose 0.4% in February in line with forecasts, a 3.2% year-on-year gain came in just ahead of an expected 3.1% increase. Core figures also topped estimates.

That has left traders wondering whether the Fed will have sufficient data to justify more than a couple of rate cuts this year.

During last week’s Fed chairman Powell’s testimonies to Congress, he reiterated that although he needed more evidence that inflation trending lower towards the target of 2.0%, he is still on course to cut rates this year.
Based on his messaging, market participants are taking him for his words – for now. As such, odds are the Dollar may continue to slide in the meantime.

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