Although the action in foreign exchange markets remain subdued on Easter Monday, Gold gathers bullish momentum following the long weekend. The US economic docket will feature February Construction Spending data and the ISM Manufacturing PMI report for March later in the day. The Bank of Canada will publish its Business Outlook Survey.
The data published by the US Bureau of Economic Analysis on Easter Friday showed that the Personal Consumption Expenditures (PCE) Price Index and the core PCE Price Index both rose 0.3% on a monthly basis in February. While participating in a discussion at the Macroeconomics and Monetary Policy Conference in San Francisco late on Friday, Federal Reserve Chairman Jerome Powell said that the US economy was strong without question and added that the latest core inflation numbers showed "real progress." The US Dollar Index stays in a consolidation phase near 104.50 in the European morning after closing the previous week marginally higher
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