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The U.S. dollar extended its gain against other major currencies on Forex today as the investors expect higher April CPI figures from the report that will be released today at 12:30 GMT.
Dollar is now growing for a second day after the weak fundamental indicators were ignored yesterday and the traders reacted on the elevated export and import prices growth. Market participants expect that the fear of the accelerated inflation will prevent Federal Reserve from decreasing the interest rate on its next monetary policy meeting in June.
Market analysts are confident that a CPI reading of more than expected 0.3 percent will insure the dollar from more rate cuts. As the Forex market becomes more fundamentally driven rather than speculatively, higher inflation rate (or at least expectations for a higher inflation rate) will support the USD.
EUR/USD fell down today from 1.5465 to 1.5413 as of 7:46 GMT. GBP/USD declined from 1.9454 to 1.9403 after losing 0.6 percent yesterday. USD/JPY rate is heading up with a daily gain of 45 pips (0.4 percent) so far.
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