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US Dollar Index trading at 93 level in early Wednesday session

Dollar index is trading at 93 level in early Wednesday session

26-08-2020 04:33

The greenback generally fell against the other major currencies on Tuesday, taking a hit after the US consumer confidence data. Dollar index touched 93 mark below and bounced, finishing the two days rally.

During the Asian session on Wednesday, the Asia-Pacific stock markets were mixed, following the mixed momentum Wall Street overnight, of which the Dow retraced, while the Nasdaq and S&P both made another new high.

So far, the dollar has no obvious rebound as traders were cautious about the coming US economic data announcement. The US consumer confidence tumbled to its lowest level in more than six years, causing pressure to the dollar.

On the other hand, the market is very concerned about the important speech by the Fed Chairman Powell on Thursday. Now, the market believes that the Fed may set a new target for inflation, likely an average range, meaning that inflation can be allowed to exceed 2%, which may be negative for the dollar outlook.