The US dollar has been in demand for much of the year, with the Federal Reserve seen as one of the most aggressive of the world central banks in combating soaring inflation
The U.S. central bank raised its benchmark overnight interest rate by 50 basis points at the last meeting, the largest hike in 22 years, and is expected to continue to aggressively tighten monetary policy in the months ahead.
The U.S. consumer price index (CPI) jumped 8.3% year-on-year in April. The forecasts expected a growth of 8.1%, while a growth of 8.5% was recorded in March.
In the upcoming week, US Housing Starts will be announced Wednesday and it is a critical indicator of economic strength in the US. The market expects housing to start to ease to 1.773 mln from 1.793 mln.
US Building Permits as another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is expected to come out at 1.810 mln in April.
Additionally, Tuesday retail sales figures for April are expected to show solid gains thanks to steady auto sales. Economists are forecasting a 0.8% increase after a 0.7% rise in March, despite higher inflation
16 May 22 (Mon)