Dollar Index Consolidates Under 103.00 as Forex Traders Digest Mosaic of Data — TradingView News

US currency gauge is moving sideways with money managers assessing the way forward after jobs data, inflation report.

Key Points:

• Dollar index floats flat under 103.00.
• No reaction to recent economic data.
• Fed’s March 19-20 meeting in focus.
• The dollar index DXY has been trading sideways under 103.00 over the past few days as forex traders are figuring out what the last batch of data means for the buck. An eventful few sessions swept the currency space, leaving market participants scratching their heads as to how the fresh reports would chart the dollar’s trajectory.
• On the one hand, the latest jobs print showed employers added 275,000 jobs to the nonfarm payrolls for February. The figure was way above the expected 200,000 new hires. Moreover, inflation data for the past month came in at 3.2%, slightly over estimates of 3.1%. What’s next?
• The US dollar is generally sensitive to economic readouts. But this recent quietness could be attributed to the upcoming Federal Reserve meeting. Central bankers are gathering on March 19-20 to decide where to take interest rates. While analysts expect a rate hold, what could stir up the dealmaking scene is what Fed officials will say on the rate-cut outlook.