Daily digest market movers: Canadian Dollar lacks momentum after US data fails to deliver clean picture
- Annualized US GDP for the first quarter eased to 1.6%, declining from the previous 3.4% and falling well short of the forecast of 2.5%.
- Read more: US GDP expands less that expected in Q1
- Rapidly slowing GDP is a welcome boon for investors desperate for rate cuts from Fed. However, US PCE inflation in Q1 rose to 3.7%, vaulting over forecast of 3.4% and accelerating from previous 2.0%.
- Rising inflation will keep Fed hobbled on rate cuts, markets churn on mixed print.
- Friday’s US PCE Price Index will draw additional attention after Thursday’s gloomy bellwether.
- March’s MoM US PCE Price Index is expected to hold steady at 0.3%, while the YoY figure is expected to tick down to 2.6% from 2.8%.
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