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DESPITE the Fed chair’s hawkish comments on Tuesday before the House Financial Services Committee, as well as upbeat inflation and retail sales data this week, gaining 0.6% month on month (m/m) and 0.4% m/m, respectively, the Dollar Index fell this week by 0.5%, closing at 100.96 on Thursday.
The US Dollar Index experienced increasing selling pressure this week, erasing gains made earlier in the week to close at 101.00 amid the Fed’s less hawkish FOMC minutes and US Treasury Secretary Steve Mnuchin’s failure to unveil further details on the ”phenomenal” tax reform promised by President Trump.
AMID the view that the Fed won’t speed up the pace of monetary tightening and after G20 financial leaders dropped a pledge to keep global trade free and open, the US Dollar Index came under selling pressure, falling by 0.6% this week to close at 99.73.
DESPITE risk-off trades seen earlier in the week ahead of “Super Thursday”, the US dollar index managed to rebound this week, rising by 0.21% amid the weaker euro and the much-awaited release of former FBI director James Comey’s testimony about alleged Russian involvement in the US elections.