According to Jinshi, George Pavel, general manager of Capex.com Middle East, said in a report that the consistent and obvious hawkish stance of Federal Reserve officials has provided support for the US dollar. Kashkari, president of the Federal Reserve Bank of Minneapolis, advocated postponing interest rate cuts until a clear improvement in inflation is observed, and even hinted that interest rates may be raised if inflation persists.
He said U.S. consumer confidence data was better than expected, but a range of other indicators could trigger dollar volatility, including U.S. GDP data on Thursday and personal consumption expenditures data on Friday. If GDP data continues to slow, the dollar could face some pressure.
