US Dollar holds strong ahead of CPI figures, Fed decision

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• DXY Index rose by 0.20% and consolidated above the 20-day SMA.
• Investors await the release of inflation data on Tuesday, ahead of the Fed’s decision on Wednesday.

The US Dollar (USD) is currently witnessing a strong uptrend, trading at 104.20, bolstered by rising yields and the cooling of dovish bets on the Federal Reserve (Fed) after the release of strong labor market figures last Friday. This week, the US will report November’s Consumer Price Index (CPI) figures, and the Fed meets on Wednesday.