Daily digest market movers: DXY fails to hold its rally to highs since February, eyes on PCE
- Unemployment data came in slightly below consensus at 210K against the anticipated 215K for the week ending on March 23.
- Q4 Gross Domestic Product (GDP) was revised higher to a yearly growth of 3.4%.
- On the negative side, the March Chicago Purchasing Managers Index (PMI) data released by the Institute for Supply Management was below expectations at 41.4, against the forecasted 46 and previous 44.
- US Treasury bond yields show mixed results with the 2-year yield at 4.60%, 5-year yield at 4.20%, and 10-year yield at 4.19%.
- The probability of a rate cut in June has dropped to 66% compared to 85% at the beginning of the week, which seems to be cushioning the Greenback.
- The week’s highlight will be the headline Personal Consumption Expenditures (PCE) due on Friday, which is expected to have risen by 2.5% YoY, while the core measure is seen coming in at 2.8%.
- The outcome of the Fed’s preferred gauge of inflation will dictate the pace of the USD for the short term.
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