The Dollar was near multi-month highs against the Pound, Euro and other major currencies following another blowout economic data release.
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The Dollar is in charge, but the pace of recent advances could be a case of 'too fast, too soon' and a pullback could be on the cards this week.
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A renewed bout of U.S. Dollar strength has pushed the Pound to Dollar exchange rate to a fresh 2024 low at 1.2508, and price action remains heavy.
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The U.S. dollar skyrocketed against all its major peers as the US CPI data for March revealed hotter-than-anticipated inflation.
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The U.S. Dollar surged after U.S. inflation was stronger than was expected in March, lowering the odds of a June rate cut at the Federal Reserve to less than 50%.
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Foreign exchange strategists at Morgan Stanley expect this week's U.S. inflation release will undershoot expectations and result in a weaker Dollar.
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Pound Sterling's solid recovery late last week following the U.S. job report blowout offers a telling clue as to how this week's price action might pan out.
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