- US Dollar manages to stay resilient against its major rivals on Tuesday.
- US Dollar Index clings to modest daily gains following Monday's rebound.
- April inflation data from the US could trigger the next big reaction in USD.
The US Dollar (USD) shook off the selling pressure at the beginning of the week with the US Dollar Index (DXY) closing in positive territory on Monday. Early Tuesday, the USD holds its ground as market participants refrain from taking large positions ahead of the highly-anticipated April inflation data from the United States (US), which will be released on Wednesday.
Later in the session, Federal Reserve (Fed) Governor Philip Jefferson and NY Fed President John Williams will be delivering speeches. The IBD/TIPP Economic Optimism Index will also be featured in the US economic docket. The USD's valuation, however, is likely to continue to be driven by risk perception, at least in the near term.
- US Dollar manages to stay resilient against its major rivals on Tuesday.
- US Dollar Index clings to modest daily gains following Monday's rebound.
- April inflation data from the US could trigger the next big reaction in USD.
The US Dollar (USD) shook off the selling pressure at the beginning of the week with the US Dollar Index (DXY) closing in positive territory on Monday. Early Tuesday, the USD holds its ground as market participants refrain from taking large positions ahead of the highly-anticipated April inflation data from the United States (US), which will be released on Wednesday.
Later in the session, Federal Reserve (Fed) Governor Philip Jefferson and NY Fed President John Williams will be delivering speeches. The IBD/TIPP Economic Optimism Index will also be featured in the US economic docket. The USD's valuation, however, is likely to continue to be driven by risk perception, at least in the near term.
Daily digest market movers: US Dollar clings to modest recovery gains
- The NFIB Business Optimism Index declined to 89 in April from 90.1 in March. This reading came in slightly below the market expectation of 89.6.
- The Fed noted in its Loan Officer Survey for the first quarter that respondents reported tighter standards and weaker demand for commercial and industrial (C&I) loans to large and middle-market firms. "Banks reported tighter standards and weaker demand for all commercial real estate loan categories," the publication further read.
- In an interview with Yahoo Finance on Monday, Chicago Fed President Austan Goolsbee repeated that it was too early to say what the next policy move will be, explaining that there were a lot of uncertainties regarding the impact of credit tightening on the economy.
- The benchmark 10-year US Treasury bond yield extended its rebound into a third straight day on Monday and gained nearly 2%. The 10-year yield corrects lower early Tuesday and stays slightly below 3.5%.
- Wall Street's main indexes closed mixed on Monday with the Dow Jones Industrial Average losing 0.17% and the Nasdaq Composite rising 0.25%.
- US stock index futures trade in negative territory early Tuesday and were last seen losing between 0.3% and 0.4%.
- According to the CME Group FedWatch Tool, markets are pricing in an 88% probability that the Fed will leave the policy rate unchanged in June.
- The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls rose 253,000 in April, surpassing the market expectation of 179,000 by a wide margin. On a negative note, March's 236,000 increase got revised lower to 165,000.
- The NFIB Business Optimism Index declined to 89 in April from 90.1 in March. This reading came in slightly below the market expectation of 89.6.
- The Fed noted in its Loan Officer Survey for the first quarter that respondents reported tighter standards and weaker demand for commercial and industrial (C&I) loans to large and middle-market firms. "Banks reported tighter standards and weaker demand for all commercial real estate loan categories," the publication further read.
- In an interview with Yahoo Finance on Monday, Chicago Fed President Austan Goolsbee repeated that it was too early to say what the next policy move will be, explaining that there were a lot of uncertainties regarding the impact of credit tightening on the economy.
- The benchmark 10-year US Treasury bond yield extended its rebound into a third straight day on Monday and gained nearly 2%. The 10-year yield corrects lower early Tuesday and stays slightly below 3.5%.
- Wall Street's main indexes closed mixed on Monday with the Dow Jones Industrial Average losing 0.17% and the Nasdaq Composite rising 0.25%.
- US stock index futures trade in negative territory early Tuesday and were last seen losing between 0.3% and 0.4%.
- According to the CME Group FedWatch Tool, markets are pricing in an 88% probability that the Fed will leave the policy rate unchanged in June.
- The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls rose 253,000 in April, surpassing the market expectation of 179,000 by a wide margin. On a negative note, March's 236,000 increase got revised lower to 165,000.
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