The US Dollar has recovered some ground on the past week, supported by the stable CPI index. However, the market still lacks a strong driver to buy the greenback. FOMC meeting minutes showed the members still believe the economy remains too weak for a rate hike in June. Market expectations switched to the October-December range.
On the new week, the market will be focused on the Q1 GDP second estimate on Friday. Experts surveyed by Bloomberg expect the reading to be reviewed to -0.9%. If it happens, bearish pressure on the US Dollar will resume. You should also pay attention to the core durable goods orders, consumer sentiment and Chicago PMI.
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