The U.S. dollar slumped to a one-year low in early European trade - GEPL Capital
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* The dollar rose on Monday after New York state factory activity in April increased for the first time in five months, helping bolster expectations the Federal Reserve will raise interest rates in May. Also bolstering the dollar was a report showing confidence among U.S. single-family homebuilders improved for a fourth straight month in April.
* Most Asian currencies fell on Monday as hawkish comments from Federal Reserve officials spurred renewed fears of rising interest rates, which in turn helped the dollar extend its recovery from one-year lows.
* The dollar jumped on Monday, driving back the wave of bearish bets that recently pushed it to one-year lows as some on Wall Street believe bets on Federal Reserve rate cuts and a soft landing is nearing a crossroads. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.54% to 101.8, after falling to its lowest level since April 2022 on Friday.
* Asian currencies moved in a flat-to-low range on Wednesday, while the dollar stuck to two-month lows as weak economic data fueled increasing concerns over an economic slowdown this year.
* The dollar index bounced off a one-year low against a basket of currencies on Friday after some March retail sales components were not as weak as some economists had feared, while a key Federal Reserve official warned that the U.S. central bank needs to continue hiking interest rates to bring down inflation.
* The U.S. dollar slumped to a one-year low in early European trade Friday on raised expectations that cooler-thanexpected inflation data will result in an early end to the Federal Reserve’s rate-tightening cycle.
Data inference
* No Major Event.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
