The Dollar Stabilised Post US GDP And Awaits Inflation Data
Today's market analysis on behalf of Daniel Takieddine CEO MENA at BDSwiss
May 31, 2024 (Investorideas.com Newswire) The dollar stabilised against a basket of major currencies in the early session, after pulling back below the key level of 105 on the previous trading day. The greenback was affected by yesterday’s downward revision of Q1 GDP growth in the US, revealing a slower economic expansion at a 1.3% annualised rate. However, expectations continue to point to an interest rate cut in November. The dollar could remain volatile as it reacts to the changes in US Treasury yields, which retreated to a certain extent after the GDP data release.
Attention now turns towards the Personal Consumption Expenditures (PCE) price index scheduled for release later today. The market awaits this key inflation data for further clues on how the central bank might adjust its policies. The Core PCE price index is expected to remain unchanged for the third consecutive month at 0.3% MoM, after January’s spike to 0.5%. The dollar as well as treasury yields could come under pressure if the Core PCE reveals a decline below market consensus.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp