USD Overview (25 October 2021)
ByJin Dao Tai
OCT 25, 2021
Last Friday, USD weakened against most major currencies except GBP, NZD and CAD.
The flash PMI data released last Friday indicated continued expansion in the services sector at a faster pace while the manufacturing sector expanded at a slightly slower pace.
- Flash Manufacturing PMI (Actual: 59.2, Forecast: 60.5, Previous: 60.7 revised from 60.5)
- Flash Services PMI (Actual: 58.2, Forecast: 55.3, Previous: 54.9 revised from 54.4)
During his speech last Friday, Fed Chairman Powell highlighted that the central bank is on track to finish tapering by mid-2022. Also, he expressed a sign of concern over the persistently high inflation that is expected to last longer. Nonetheless, Powell did mention that he thinks it is time for the central bank to taper quantitative easing.
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