NZD/USD stretches higher to near 0.5980 on dovish comments from Fed’s Powell, US ISM PMI eyed ========== The NZD/USD pair extends its gains to near 0.5980 as the Federal Reserve (Fed) Chairman Jerome Powell makes dovish comments, confirming the Fed's position on potential interest rate cuts for the year. The New Zealand Dollar (NZD) faces downward pressure amid speculation that the Reserve Bank of New Zealand (RBNZ) may commence policy rate cuts starting from early next year. The Kiwi Dollar (NZD) is also boosted by positive Chinese Purchasing Managers Index (PMI) figures, indicating an expansion in Chinese manufacturing activity. Traders are cautious ahead of the release of the US ISM Manufacturing Purchasing Managers Index (PMI) data. The NZD/USD pair is currently trading near 0.5980. #Nzd/usd #FederalReserve #InterestRateCuts #ReserveBankOfNewZealand #ChinesePurchasingManagersIndex https://www.fxstreet.com/news/nzd-stretches-higher-to-near-05980-on-dovish-comments-from-feds-powell-us-ism-pmi-eyed-202404010445

Japanese Yen bears remain cautious amid intervention fears, not ready to give up yet ========== The Japanese Yen continues to be undermined by the Bank of Japan's cautious stance and the risk-on mood. Intervention fears limit further JPY losses and cap the USD/JPY pair amid a modest USD weakness. The US PCE Price Index keeps a June rate cut by the Fed on the table and weighs on the Greenback. Signs of potential government intervention in the market to address excessive falls in the JPY hold back JPY bears from aggressive bets. China's manufacturing activity expanded for the first time in six months in March, providing an additional boost to investors' confidence and contributing to the offered tone surrounding the safe-haven JPY. Business optimism among large manufacturers eased to 11 during the first quarter from 12 in the last survey. Japan's Finance Minister Shunichi Suzuki said there were speculative moves behind the recent JPY fall, suggesting authorities remained ready to intervene in the market. The US PCE Price Index rose 0.3% in February, slightly lower than the 0.4% estimated, while the yearly rate edged up to 2.5% from the 2.4%. The core PCE Price Index rose 2.8% on a yearly basis. Traders now look forward to important US macro data scheduled for release at the start of a new month, starting with the ISM Manufacturing PMI on Monday for some impetus ahead of the key monthly jobs report on Friday. #JapaneseYen #InterventionFears #Usd/jpy #BankOfJapan #UsPcePriceIndex #China'sManufacturingActivity #BusinessOptimism #UsMacroData https://www.fxstreet.com/news/japanese-yen-bears-remain-cautious-amid-intervention-fears-not-ready-to-give-up-yet-202404010209

Asia open: A bountiful start to the quarter ========== Asian markets are set to commence trading on solid footing to start the new quarter, buoyed by signs of a "soft landing" in US inflation data on Friday and encouraging macro data from China over the weekend. The closely watched PMI prints showed an acceleration in both the manufacturing and service sectors. The manufacturing Purchasing Managers' Index (PMI) in China climbed to 50.8 from 49.1 in the previous month, signalling a notable improvement in activity. Additionally, export orders showed signs of strengthening. China has set a target to increase gross domestic product by approximately 5% this year. Chair Jerome Powell commented on the latest inflation data released on Friday, stating it was "pretty much in line with our expectations." He emphasized that the Federal Reserve should not lower interest rates until officials are confident that inflation is progressing toward the central bank's target of 2%. The monthly Non-Farm Payrolls (NFP) report holds significant importance, often shaping market expectations regarding the Fed's monetary policy decisions. The unemployment rate is expected to hold steady at 3.8%. In addition to the jobs report, investors will face a flurry of top-tier US economic releases scheduled for the first week of every month. Meanwhile, in Europe, inflation data for March will be released ahead of the European Central Bank's (ECB) April gathering. In Japan, the Tankan survey is scheduled to be published, providing insights into business sentiment in the country. Currency markets continue to be impacted by Fed Governor Christopher "No Rush" Waller's moderately hawkish stance. The Japanese yen remains in what is commonly called "intervention" territory, indicating that authorities may monitor its exchange rate closely and offer up stern warnings if the currency weakens too fast. Meanwhile, China's yuan faces pressure against the US dollar but has reached a 30-year high against the yen. #AsianMarkets #UsInflationData #ChinaPmi #FederalReserve #NonfarmPayrolls #UnemploymentRate #UsEconomicReleases #EuropeanInflationData #EuropeanCentralBank #TankanSurvey #CurrencyMarkets #JapaneseYen #ChineseYuan https://www.fxstreet.com/analysis/asia-open-a-bountiful-start-to-the-quarter-202403312307

Asia open: A bountiful start to the quarter ========== Asian markets are set to commence trading on solid footing to start the new quarter, buoyed by signs of a "soft landing" in US inflation data on Friday and encouraging macro data from China over the weekend. The closely watched PMI prints showed an acceleration in both the manufacturing and service sectors. The manufacturing Purchasing Managers' Index (PMI) in China climbed to 50.8 from 49.1 in the previous month, signalling a notable improvement in activity. Additionally, export orders showed signs of strengthening. China has set a target to increase gross domestic product by approximately 5% this year. Chair Jerome Powell commented on the latest inflation data released on Friday, stating it was "pretty much in line with our expectations." He emphasized that the Federal Reserve should not lower interest rates until officials are confident that inflation is progressing toward the central bank's target of 2%. The monthly Non-Farm Payrolls (NFP) report holds significant importance, often shaping market expectations regarding the Fed's monetary policy decisions. The unemployment rate is expected to hold steady at 3.8%. In addition to the jobs report, investors will face a flurry of top-tier US economic releases scheduled for the first week of every month. Meanwhile, in Europe, inflation data for March will be released ahead of the European Central Bank's (ECB) April gathering. In Japan, the Tankan survey is scheduled to be published, providing insights into business sentiment in the country. Currency markets continue to be impacted by Fed Governor Christopher "No Rush" Waller's moderately hawkish stance. The Japanese yen remains in what is commonly called "intervention" territory, indicating that authorities may monitor its exchange rate closely and offer up stern warnings if the currency weakens too fast. Meanwhile, China's yuan faces pressure against the US dollar but has reached a 30-year high against the yen. #AsianMarkets #UsInflationData #ChinaPmi #FederalReserve #NonfarmPayrolls #UnemploymentRate #UsEconomicReleases #EuropeanInflationData #EuropeanCentralBank #TankanSurvey #CurrencyMarkets #JapaneseYen #ChineseYuan https://www.fxstreet.com/analysis/asia-open-a-bountiful-start-to-the-quarter-202403312307

US core PCE inflation Preview: Federal Reserve preferred gauge set to decelerate on month in February ========== The core Personal Consumption Expenditures (PCE) Price Index is set to rise 0.3% MoM and 2.8% YoY in February. Markets see a strong chance of the Federal Reserve lowering the policy rate by 25 basis points in June. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%. The core PCE Price Index, which excludes volatile food and energy prices, is forecast to rise 0.3% on a monthly basis in February, at a slightly softer pace than the 0.4% increase recorded in January. The Federal Reserve’s revised Summary of Economic Projections (SEP) showed that policymakers expect the annual core PCE inflation to be at 2.6% at the end of 2024, up from the 2.4% forecast seen in the December SEP. The PCE inflation data is slated for release at 12:30 GMT. The monthly core PCE Price Index gauge is the most-preferred inflation reading by the Fed, as it’s not distorted by base effects and provides a clear view of underlying inflation by excluding volatile items. Investors, therefore, pay close attention to the monthly core PCE figure. Stronger-than-forecast Consumer Price Index (CPI) and Producer Price Index (PPI) readings in January and February, combined with data that pointed to tight labor market conditions, caused markets to lean toward a delay in the Fed policy pivot from May to June. Nevertheless, the dot plot showed that policymakers still project the US central bank to cut the policy rate by a total of 75 basis points (bps) in 2024. Hence, markets are pricing in a more than 60% chance that the Fed will lower the policy rate by 25 bps to 5%-5.25% in June, according to the CME FedWatch Tool. #UsCorePceInflation #FederalReserve #Inflation #InterestRates #EconomicProjections https://www.fxstreet.com/news/us-core-pce-inflation-set-to-ease-in-february-on-month-as-federal-reserve-rate-cut-bets-for-june-mount-202403290600

USD/CHF advances to near 0.9060 on risk aversion, subdued Swiss Leading Indicator ========== USD/CHF moves higher to near 0.9060 during the early European session on Thursday. The US Dollar (USD) receives upward support against the Swiss Franc (CHF), which could be attributed to the risk aversion ahead of the key economic figures from the US. Traders adopt a cautious stance ahead of the releases of Gross Domestic Product Annualized and Initial Jobless Claims data scheduled to be released on Thursday. Furthermore, Personal Consumption Expenditures is set to be revealed on Friday. Federal Reserve Board Governor Christopher Waller continues to advocate for a cautious approach toward rate cuts, citing persistent inflation data. Atlanta Fed President Raphael Bostic shares this sentiment, foreseeing only one rate cut this year and warning against premature reductions that could worsen economic disruptions. The KOF Swiss Leading Indicator declined to 101.5 in March from a revised 102.0 in February, providing insight into the anticipated performance of the Swiss economy approximately six months ahead. #Usd/chf #RiskAversion #SwissLeadingIndicator https://www.fxstreet.com/news/usd-chf-advances-to-near-09060-due-to-risk-aversion-swiss-leading-indicator-eyed-202403280758

Something must give ========== European stocks renewed record on Wednesday, the US dollar consolidated gains and the S&P500 stocks got a late-session boost. Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat. Goldman Sachs warned that the pension funds are likely to sell $32bn worth of equities as part of rebalancing. That could have a slowing impact on the equity rally, although the rebalancing act will hardly change the overall market trend given that there is a sizeable amount of cash waiting to flow into equities and bonds. The only thing that investors need is the Federal Reserve (Fed) rate cut dream to stay alive for the June meeting. And for now, that’s the case. Activity on Fed funds futures gives around 64% chance for a June rate cut. But note that, this probability was around 75% last week and it’s coming lower as many investors think that the Fed won’t be able to cut the rates with robust growth and bumpy inflation. And indeed, the US latest GDP update is due today and is expected to confirm an above 3% growth for the US economy in the last quarter of last year, down from almost 5% printed a quarter earlier. These levels don’t call for an imminent Fed cut. This is perhaps why the US dollar is not willing to give back gains despite a relatively dovish Fed stance. The is up by around 1% since the Fed plotted 75bp cut for this year and said that it will also start slowing the pace of QT. Either the US dollar should weaken because the Fed is expected to cut three times this year with the first cut due in June - in which case we could continue to see the stock market laggards catch up with the leaders of the past quarters and capital to flow into the other-than-tech sectors as well. And in case of policy easing – as predicted - appetite should also broaden to small and mid cap stocks, to EM funds and to commodities. Or the US dollar should continue its recovery on the back of robust data and a pullback in Fed cut expectations, in which case we should see the stocks give back strength. But both a strong dollar and a stock rally is not sustainable in Q2. Eurozone economies under pressure, but ECB determined to fight inflation and the energy crisis are taking a toll on economies. Germany is expected to rise 0.1% this year – it’s more a stagnation than a rise. Slowing Eurozone economies and gloomy growth outlook for the next quarters back a June rate cut from the European Central Bank (ECB), yes, but the ECB says that it won’t commit to other rate cuts beyond June, before making sure that inflation is on a solid path toward the 2% policy target. And indeed, inflation numbers from Spain confirmed a rebound in consumer prices in March as the government continued to remove support that helped tempering the otherwise-unbearable rise in energy prices. So yes, the last mile in reaching the 2% inflation goal is not a given for the European countries either. And that’s certainly why the EURUSD holds ground near the 1.08 level – it’s because the ECB looks determined to continue fighting inflation. But a robust GDP and a hot inflation report could break the back of the EURUSD bulls. The sumo fight between the Japanese officials and the yen bears remains intense as the yen bears are testing the Japanese nerves near the 152 level. The threat of FX intervention slows the yen selloff at the current levels, but we saw in the past that the post-intervention effects remain limited when the market is turbocharged with opposite direction trades. Therefore, any pullback in the – due to the threat of intervention or intervention – could remain short-lived. A hint of further policy tightening is certainly more effective than costly and barely effective FX threats. #Equities #PortfolioRebalancing #FederalReserve #RateCut #UsDollar #Gdp #Inflation #Eurozone #EuropeanCentralBank #Eurusd #Yen #FxIntervention #PolicyTightening https://www.fxstreet.com/analysis/something-must-give-202403280652

Gold price oscillates just below range upper limit at $2,200, bullish potential seems intact ========== Gold price (XAU/USD) continues to struggle to break through the $2,200 mark and is currently oscillating in a range during the Asian session. The overnight hawkish remarks from Federal Reserve (Fed) Governor Christopher Waller have cooled rate cut hopes and pushed the US Dollar (USD) closer to the monthly top, acting as a headwind for gold. Traders are awaiting more cues about the Fed's policy path before placing fresh directional bets. The Fed projected a less restrictive monetary policy going forward and indicated that it remains on track to cut interest rates by 75 basis points in 2024. However, incoming US macro data suggests that the economy is in good shape and points to sticky inflation, which should allow the Fed to keep rates higher for longer. The release of the US Personal Consumption Expenditures (PCE) data will influence expectations about the Fed's rate-cut path and provide fresh impetus to the gold price. Central banks are the biggest buyers of gold, with emerging economies such as China, India, and Turkey quickly increasing their gold reserves. Gold is widely seen as a safe-haven asset and a hedge against inflation and depreciating currencies. The price of gold can be influenced by factors such as geopolitical instability, economic data, and the behavior of the US Dollar. From a technical perspective, gold is in a range-bound consolidation phase, with oscillators on the daily chart holding comfortably in the positive territory, supporting the potential for an eventual breakout to the upside. Key support levels for gold are around $2,173, $2,164-2,163, and $2,146-2,145, while resistance is seen at $2,200 and the record high of $2,223. #GoldPrice #FederalReserve #UsDollar #InterestRates #Inflation #CentralBanks https://www.fxstreet.com/news/gold-price-oscillates-just-below-range-upper-limit-at-2-200-bullish-potential-seems-intact-202403280333

US Dollar finds some gains on calm sessions, eyes on PCE ========== The US Dollar is trading with mild gains at 104.3, close to Friday's peak of 104.50. The Federal Reserve has adopted a cautious approach toward the easing cycle, signaling caution but not panic over higher inflation projections. Investors are waiting for incoming data, particularly the Personal Consumption Expenditures (PCE) figures for February, which are expected to dictate the pace of the USD in the short term. The odds of easing starting in June stand near 60%. US Treasury bond yields are falling. Technical analysis suggests that the US Dollar Index is under bulls control with stable buying pressure and a long-term bullish bias. #UsDollar #FederalReserve #Inflation #PceFigures https://www.fxstreet.com/news/us-dollar-trades-mildly-up-in-quiet-wednesday-202403271644

Mexican Peso surges to eight year high against US Dollar amid lack of catalyst ========== The Mexican Peso rallied to a new eight-year high against the US Dollar with the USD/MXN pair breaching last year’s low of 16.62, extending its losses to the 16.50s. Mexico’s narrowed trade deficit and the tighter labor market in Mexico contributed to Peso's ascent, surpassing expectations. Mexico’s economic schedule revealed that the Balance of Trade clocked a narrower deficit than January’s figures, but it exceeded the consensus. In the meantime, the labor market remains tight as the Unemployment Rate was below the previous month’s figures and estimates. Banxico Governor Victoria Rodriguez Ceja remained dovish via an interview with El Financiero. Governor Rodriguez commented that the battle against inflation hasn’t been concluded, though adding that in upcoming meetings it would discuss further rate cuts to the main reference rate. Banxico revealed international reserves grew to $216.9 billion, adding $411 million in US Dollars up to March 22, 2024. Attention turns to Federal Reserve Governor Christopher Waller's comments on Wednesday. #MexicanPeso #UsDollar #CurrencyExchange #TradeDeficit #LaborMarket #UnemploymentRate #Banxico #FederalReserve https://www.fxstreet.com/news/mexican-peso-soars-to-highest-value-in-over-eight-years-against-us-dollar-202403271614

GBP/USD Forecast: Pound Sterling could continue to hold above 1.2600 ========== GBP/USD lost traction and dropped below 1.2650 on Wednesday. The 200-day SMA aligns as strong support near 1.2600. Technical sellers could refrain from committing to an extended slide in the absence of fundamental drivers. The US Dollar held resilient against its major rivals on Tuesday. The UK's FTSE 100 Index trades lower, while US stock index futures rise. No data releases from the UK. The 200-day SMA aligns as strong support near 1.2600. First resistance is located at 1.2640 before 1.2670-1.2680 and 1.2710. https://www.fxstreet.com/analysis/gbp-usd-forecast-pound-sterling-could-continue-to-hold-above-12600-202403270915

USD/INR loses upside traction on likely RBI intervention ========== The Indian Rupee (INR) is recovering despite renewed US Dollar demand. The recovery is supported by likely intervention from the Reserve Bank of India (RBI) to curb sharp swings in the Indian Rupee. The positive Indian economic outlook, with expected acceleration in Foreign Direct Investment (FDI) inflows and net buying by foreign portfolio investors, could strengthen the INR and limit the upside of USD/INR. Investors will closely watch the US February Personal Consumption Expenditures (PCE) data on Friday, despite the markets being closed for Good Friday. The US Gross Domestic Product Annualized (Q4) is also due on Thursday. #Usd/inr #Rbi #IndianRupee #UsDollar #IndianEconomy https://www.fxstreet.com/news/usd-inr-loses-upside-traction-on-likely-rbi-intervention-202403270350

EUR/USD Price Analysis: The initial support level is seen at the 1.0800 mark ========== EUR/USD is trading at 1.0817, gaining 0.09% on the day. The initial support level for the major pair is seen near a low of March 22 and a round figure at 1.0800. The immediate resistance level will emerge at the 100-period EMA at 1.0870. The US economy is expected to remain steady at 3.2% in Q4. The bearish outlook of EUR/USD remains unchanged as the major pair is below the key 100-period Exponential Moving Averages (EMA). The softer US Dollar provides some support to the major pair. The German February Retail Sales and the US Gross Domestic Product (GDP) annualized growth numbers for the fourth quarter are awaited for fresh impetus. The next contention level is located near the lower limit of the Bollinger Band at 1.0762. On the upside, the key upside barrier will emerge at the upper boundary of the Bollinger Band and a high of March 21 at the 1.0940–1.0945 region. #Eur/usd #ForexMarket #SupportLevel #ResistanceLevel #UsDollar #GermanRetailSales #UsGdp https://www.fxstreet.com/news/eur-usd-price-analysis-the-initial-support-level-is-seen-at-the-10800-mark-202403250659

EUR/USD holds above 1.0800 on a weaker US Dollar, eyes on US data, Fed's Bostic speech ========== EUR/USD is trading at 1.0816, adding 0.08% on the day. The Federal Open Market Committee (FOMC) held rates steady at 5.25–5.50% for a fifth consecutive meeting last week. FOMC Chair Powell said the recent elevated CPI inflation data hadn’t changed the view that inflation is trending lower. ECB Governing Council member Edward Scicluna stated that an interest-rate cut from the ECB as soon as April could be warranted and shouldn’t be ruled out. The Chicago Fed National Activity Index and US New Home Sales data will be released on Monday, along with the Fed's Bostic speech. The German Retail Sales and US GDP Annualized growth numbers for Q4 will be released on Thursday. https://www.fxstreet.com/news/eur-usd-holds-above-10800-on-a-weaker-us-dollar-eyes-on-us-data-feds-bostic-speech-202403250202

Quiet week ahead in the markets ========== Compared to last week’s bumper slate of event risk, this week will be considerably more subdued, influenced not only by limited global asset drivers but also by liquidity thinning ahead of the long Easter weekend. The headline event for the week will be the US Core PCE data (the Fed’s preferred measure for inflation), but given that it is released on Good Friday at 12:30 pm GMT, the response to this release could be minimal. Other data this week includes US durable goods orders data for February, US consumer confidence for March, US growth GDP data for Q4 2023, and the Aussie CPI monthly indicator for February. G10 FX (five-day change): AUD/USD finds some support above the 0.6500 mark, Australian CPI data eyed. EUR/USD fell for a second consecutive week, ending Friday just above the March low of 1.0796. Gold turned south following a record-setting upsurge on Wednesday and erased the majority of its weekly gains. Litecoin price shows strength as it attempts to recover last week’s losses. Key events in developed markets and EMEA this week include the Fed's favoured measure of inflation, the core PCE deflator, and signs of weakness in real consumer spending. The macro and technical picture suggests shorting rallies in GBP/USD. #Markets #UsCorePceData #UsDurableGoodsOrders #UsConsumerConfidence #UsGrowthGdp #AussieCpi #G10Fx #Eur/usd #Gold #Litecoin #Gbp/usd https://www.fxstreet.com/analysis/quiet-week-ahead-in-the-markets-202403250008

AUD/USD finds some support above the 0.6500 mark, Australian CPI data eyed ========== AUD/USD trades on a weaker note near 0.6512 in Monday’s early Asian session. The US Federal Reserve (Fed) policymakers indicated that they will be in a position to cut interest rates when they have confidence that inflation is progressing towards the 2.0% target. China's Premier Li Qiang said on Sunday that the nation’s low inflation and low central government debt ratio means there is ample room for macro policy. The Australian February CPI inflation data and US Q4 GDP numbers will be in the spotlight this week. Market players will keep an eye on the Australian CPI inflation data on Wednesday, which is expected to show an increase of 3.6% YoY in February from 3.4% in the previous reading. On Thursday, the Australian February Retail Sales and the US GDP growth numbers for Q4 will be released. #Aud/usd #AustralianCpi #UsQ4Gdp https://www.fxstreet.com/news/aud-usd-finds-some-support-above-the-06500-mark-australian-cpi-data-eyed-202403242307

Dollar retreats on soft US PMIs, bond yields tumble ========== The US ISM Manufacturing PMI in February fell to 47.8, way below estimates of 49.5, and 49.1 previously. US Bond yields tumbled, with the 10-year rate settling at 4.18% (4.25%). The 2-year US treasury rate slumped 11 basis points, finishing at 4.53%. The Dollar Index (USD/DXY), which measures the value of the Greenback against a basket of 6 major currencies, retreated below the 104 level to 103.87 at the New York close. The Australian Dollar (AUD/USD) rebounded against the Greenback, settling at 0.6525 (0.6500). New Zealand’s Kiwi (NZD/USD) rallied 0.3% to 0.6105 from 0.6085 Friday. Sterling (GBP/USD) climbed to 1.2660 (1.2620). The Euro (EUR/USD) edged up 0.25% to 1.0840 (1.0807 Friday). The Japanese Yen weakened past the 150 Dollar mark. The USD/JPY pair finished at 150.12 (149.90 Friday). Wall Street stocks gained. The DOW climbed to 39,050 from 38,880 Friday while the S&P 500 added 0.79% to 5,133 (5,080 Friday). Other economic data released Friday saw the Eurozone January Unemployment Rate dip to 6.4%, against forecasts at 6.5%, unchanged from 6.4% previously. China’s February Caixin Manufacturing PMI climbed to 50.9 from 50.8 previously, beating estimates at 50.6. #Dollar #UsPmis #BondYields https://www.fxstreet.com/analysis/dollar-retreats-on-soft-us-pmis-bond-yields-tumble-202403040330

Global environment and strong US economy to support USD ========== The global environment and strong US economy are expected to support the USD. Global rates have risen as markets scale back expectations of rate cuts, aligning with the view that market pricing remains too aggressive on most G10 central banks. The US economy remains strong, supported by a tight labor market. Concerns about regional banks in the US have been reignited by the New York Community Bank incident. The war in the Middle East has continued, but the market impact has been limited. The USD has outperformed this year due to the repricing of global rate cuts and the underlying strength of the US economy. GBP has also benefited from a sharp repricing of the Bank of England and elevated inflation. The Scandies have faced headwinds, while JPY faces headwinds from a dovish Bank of Japan and higher global real rates. The outlook is for a stronger USD and weaker Scandies in the medium term. Risks to the forecast include a sharp drop in core inflation and a more resilient global economy. The publication is prepared by Danske Bank for information purposes only and is not an offer or solicitation to purchase or sell any financial instrument. #Usd #GlobalRates #UsEconomy #G10CentralBanks #LaborMarket #RegionalBanks #MiddleEast #Gbp #Scandies #Jpy #Inflation https://www.fxstreet.com/analysis/global-environment-and-strong-us-economy-to-support-usd-202402131410

Stock Market Today: Major indexes on track to open lower, eyes on US inflation data ========== S&P 500 futures are down 0.43%, Dow Jones futures drop 0.19%, and Nasdaq futures lose 0.77%. The Utilities Sector was the best-performing major sector in the S&P 500 on Monday, rising 1.14% on the day. V.F. Corp (VFC) rose 14% to $17.43 as the top gainer of the first trading day of the week. The Federal Reserve Bank of New York's latest Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation held steady at 3%. The US Bureau of Labor Statistics (BLS) will release January CPI data ahead of the opening bell on Tuesday. The headline annual CPI is forecast to rise 2.9% on a yearly basis, at a softer pace than December's 3.4%. The Core CPI is expected to increase 3.7%. Dallas Federal Reserve (Fed) Bank President Lorie Logan said that there is no urgency to cut interest rates. Airbnb Inc. (ABNB) and MGM Resorts International (MGM) are among top companies that will release earnings reports after the closing bell. January Retail Sales, Industrial Production, and Producer Price Index (PPI) data will be featured in the US economic calendar later in the week. #StockMarket #S&p500 #DowJones #Nasdaq #InflationData #UtilitiesSector #V.f.Corp #FederalReserveBankOfNewYork #UsBureauOfLaborStatistics #Cpi #DallasFederalReserveBank #AirbnbInc. #MgmResortsInternational #EarningsReports #RetailSales #IndustrialProduction #ProducerPriceIndex https://www.fxstreet.com/news/us-stocks-on-track-to-open-lower-eyes-on-us-inflation-data-202402131251

Australian Dollar depreciates despite improved Consumer Confidence, US Dollar remains calm ========== The Australian Dollar (AUD) retreats after posting gains in the previous two sessions, despite the release of improved Australia Consumer Confidence data on Tuesday. The Westpac-Melbourne Institute Consumer Sentiment index surged 6.2% to 86 in February from 81 in January, marking its highest reading in 20 months. However, the index remained below the neutral 100 mark since February 2022. The depreciation of the Australian Dollar is attributed to the moderation of Australian inflation, leading to speculation that the Reserve Bank of Australia (RBA) has completed its monetary tightening cycle. The US Dollar (USD) remains calm, with market sentiment mixed ahead of the release of important US inflation data scheduled for Tuesday. #AustralianDollar #UsDollar #ConsumerConfidence #Inflation #ReserveBankOfAustralia #MarketSentiment https://www.fxstreet.com/news/australian-dollar-depreciates-despite-improved-consumer-confidence-us-dollar-remains-calm-202402130147