The rebound attemps are being limited in Nasdaq as FED officals repeat more rate hikes in June and July. The first resistance is 12.106 and first support level is 11.800 Level.
The dollar index firmed up above the 104 mark on Thursday, hovering near a 19-year high after US inflation came in higher-than-expected, keeping the Federal Reserve on course to tighten monetary policy aggressively. The headline CPI in the US held close to a 40-year high at 8.3% in April, while the core CPI also came in above expectations at 6.2%, stoking worries among investors that elevated prices may persist and fueling concerns about faster interest rate hikes. The data suggested inflation may have peaked, but was unlikely to ease rapidly and impede the Fed’s current tightening plans. Markets are priced for at least a half percentage point rate increase at each of the next two Fed meetings in June and July, according to the CME FedWatch Tool. The dollar has also been buoyed recently by haven demand due to economic uncertainties surrounding Europe and China, with Russia's war in Ukraine and Covid-induced lockdowns in China clouding the outlook.