The latest Core PCE data met market estimates across all readings leaving the US dollar rudderless going into the weekend.
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.49% 🇳🇿NZD: 0.23...US Dollar Slips After US Durable Goods, Jobs Data – US Q1 GDP Meets Forecasts
The US dollar barely moved after the release of the highly-anticipated US Core PCE data as all readings met market forecasts. Core PCE y/y fell to 2.6% from 2.8% in April, while the m/m reading feel to 0.1% from a prior reading of 0.3%. Month-end and quarter-end rebalancing flows may shift currencies going into the weekend.
Attention now turns to next week, where the monthly US Jobs Report will hold sway. US markets are closed on Thursday to celebrate July 4th, so next week’sThe US Dollar Index is flat on the day after attempting to print a new multi-week high earlier in the session. The daily chart shows the DXY continuing to post higher lows and higher highs since the end of last year, and if this sequence continues then the double high made in mid-April and early May will be tested in the short-term.
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