US DOLLAR RALLIES TO MID-FEBRUARY HIGHS AHEAD OF PCE DATA NEXT WEEK
- Investors continue to bet on the easing cycle beginning by June, led by incoming data.
- The Greenback is holding resilient despite the Fed’s somewhat dovish guidance and falling US Treasury yields.
- Next week, the US will release PCE figures from February.
The US Dollar Index (DXY) is currently trading at a robust 104.428, marking the highest level since mid-February. Notably, the ongoing data continues to set expectations for the commencement of the Federal Reserve (Fed) easing cycle, which most agree will kick off in June. The Fed rejected higher inflation results, and Chairman Jerome Powell reassured markets that the bank won't react hastily to two consecutive months of increased inflation figures. In addition, the interest rate projections from 2024 didn’t change.
The US economy is holding resilient with a strong labor market and inflation remaining sticky. Next week, February’s Personal Consumption Expenditures (PCE) will provide additional guidance to markets.
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