The post US Dollar softer, counting down for PCE to determine where to close for the DXY this week appeared on BitcoinEthereumNews.com.

The US Dollar trades in deep red against nearly all major peers.  The data dumpt with US GDP, Durable Goods, and weekly Jobless Claims did not go down well with markets.  The US Dollar index says goodbey to 106.00 and heads lower.  The US Dollar (USD) falls and in the process is erasing all gains from past Wednesday. The big batch of data points that came out made traders cherry pick which elements they would take for their assessment on where to position the US Dollar. Elements such as the uptick in Continuing Claims, the soaring Wholesales Inventory number and the flat fall of Durable Goods was enough to send the US Dollar lower.  On the US economic calendar front, all data is out of the way and markets will now be on the lookout for the Federal Reserve’s preferred inflation Gauge: the Personal Consumption Expenditures on Friday. Should those fade as well, as a sign of further disinflation, markets might challenge the current hawkish stance of the Fed with a weaker US Dollar at hand. That would mean in the US Dollar Index, that a fall back to 105.00 or lower could be in the cards.  Daily digest market movers: Consumer signals end of the line At 12:30 GMT, nearly all important data points were released for this Thursday: US Gross Domestic Product for the third quarter: Headline GDP grew at an annualized rate of 1.4%, more than the 1.3% previously estimated. GDP Price Index remained stable at 3.1%. The Headline Personal Consumption Expenditure  Price index went from 3.3% to 3.4%, while the core reading also ticked higher from 3.6% to 3.7%. US Durable Goods for May: Headline Durable Goods orders fell flat to 0.1%, from a revised 0.6% to only 0.2%. Durable Goods without Cars and Transportation missed estimates and fell…

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Filed under: News - @ June 27, 2024 9:12 pm