Daily digest market movers: Gold slides amid falling US yields, soft US Dollar
- Powell added, "The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence,” that inflation is on the path to 2%. He said, “Given the strength of the labor market and progress on inflation so far, it is appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.”
- Recent US economic data indicates a robust economy, highlighted by February's Retail Sales, which outperformed expectations, and steady Industrial Production figures. These positive indicators have helped to mitigate concerns raised by weaker-than-anticipated housing data released on Wednesday.
- In the meantime, the CME FedWatch Tool shows the first rate cut could happen in September, with odds for a quarter percentage point cut standing at 71%.
- Despite decent US economic data, market participants seem to be focused on geopolitical risks. Sources cited by The Jerusalem Post revealed that Israel has reportedly finalized plans for a counter strike against Iran.
- US Dollar Index (DXY), which tracks the buck’s performance against a basket of six other currencies, loses 0.15% to 105.96.
- Gross Domestic Product (GDP) estimates for Q1 2024 show that the US economy is expected to grow 2.9%, up from 2.8% estimated on April 15, according to the Atlanta GDPNow model.
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