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  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
  • 🇺🇸 CB Leading Index MoM (AUG) Actual: 0.9% Expected: 0.7% Previous: 0.8%
  • $SPY showing some strength, support at the 50, res at the 23.6 $SPX $ES
  • 🇺🇸 Markit Manufacturing PMI Flash (SEP) Actual: 60.5 Expected: 61.5 Previous: 61.1
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  • Bank of England left policy measures unchanged as expected with the Bank Rate remaining at 0.1% and gilt purchases at GBP 875bln.Get your $GBP market update from @JMcQueenFX here:
  • $USD pulling back from that Sept high that was set after FOMC yday price action still messy, but a semblance of support around the 93 handle $DXY
US Dollar (USD) Muted as PCE Matches Estimates

US Dollar (USD) Muted as PCE Matches Estimates

Justin McQueen, Strategist

US Dollar Analysis & News

  • US PCE Matches Estimates, Market Reaction Muted
  • US Dollar Hovers Around 93.00 Ahead of Powell

US PCE Matches Estimates, Market Reaction Muted

The latest Core PCE figures printed in line with consensus, with the yearly rate at 3.6%, also matching the prior month's revised figure. While the data is important, the market reaction has been understandably muted given traders attention on the upcoming speech by Fed Chair Powell at the Jackson Hole Symposium. To read more on the Jackson Hole Symposium, click here.

Economic Calendar

US Dollar (USD) Muted as PCE Matches Estimates

Source: Refinitiv

Recent Fed Commentary

Fed's Kaplan says he does not see anything at the point that would cause him to materially change his outlook, business contacts are weathering Delta at least as well as previous surges.

Fed’s Bullard says he wants to get going on tapering this year. Reiterates that he wants taper completed by end-Q1 2022.

Fed’s George says the Fed should start on QE tapering this year; there has been good progress on the economy, inflation is coming in strong and suggests an opportunity to dial back QE but haven't seen the labour market fully recover.

Fed’s Bostic says it is reasonable to trim bond-buying beginning in October if US job gains stay strong. Substantial progress benchmark for starting bond-buying taper would be met if August job gains are similar to those in June/July. (Reminder, June and July NFP figures averaged 896.5k).

Fed’s Harker says there is some evidence that inflationary pressures may not be so transitory.

US Dollar Hovers Around 93.00 Ahead of Powell

US Dollar (USD) Muted as PCE Matches Estimates

Source: Refinitiv

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.