The US Dollar descent took a breather today as the Federal Reserve’s rate path is re-examined amid softening US data and China woes continuing. Will the DXY (USD) index trend lower?
Daily Briefings
Wall Street headed higher for the fourth straight day, but this time with more measured gains as some reservations kicked in ahead of the US core PCE data release later today.
Focus for US CPI will be on whether a softer core inflation read will be sufficient for the Fed to keep rates on hold ahead, despite a resurgence in headline pricing pressures.
Crude oil prices are scoping new highs as volatility dips while the US Dollar adjourns its ascendency ahead of CPI and the Euro considers its fate with the ECB rate decision ahead.
Major US indices found room for some relief to start the week. Chinese equities were more mixed, with some paring of initial gains still pointing towards some reservations.
The US Dollar retreat kicked off on Monday after hawkish comments from BoJ Governor Ueda sent USD/JPY tumbling before the broader DXY (USD) index took a hit. Lower USD?
The Euro fell for 8 consecutive weeks, will a 9th spell the longest losing streak since 1997 with the ECB due? Meanwhile, the US Dollar, gold and Treasuries await likely mixed US CPI data. AUD/USD faces Australian jobs data. What else?