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Daily digest market movers: US Dollar weakened by soft housing data

setleme
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  • January's New Home Sales, as reported by the US Census Bureau, exceeded market expectations by 0.66M against the forecast of 0.68M. 
  • As per the CME FedWatch Tool, a hold in the March and May meetings are being priced in, while the odds of a cut in June remain the strongest case, but the odds are somewhat low, around 53%.
  • In case PCE and GDP data come in softer than expected, those odds may change in favor of dovish rhetoric and weight on the US Dollar.

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