U.S. Dollar Bulls Hope For A Comeback Tuesday
The U.S. dollar has been on the backfoot since mid-February but dollar bulls hope for a lift by an upside surprise in the U.S. CPI prints, due on Tuesday. The U.S. inflation print is the only interesting report this week as it will be an extremely quiet week ahead of next week’s crucial central bank decisions from the Federal Reserve and the Bank of England.
Things were more volatile on Friday. The latest U.S. Jobs report showed the unemployment rate rose from 3.7 to 3.9 percent and average hourly earnings fell while the headline NFP number beat market expectations.
Meanwhile, the British pound has been benefiting from the greenback’s pullback and thus, the GBP/USD finally broke above 1.28 heading towards 1.29. A next crucial hurdle is now seen at 1.30.
Even though dollar bears have gained control, the tables could turn on Tuesday. If February’s U.S. inflation print comes in above estimates, dollar bulls may experience a comeback.
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