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Dollar strength sapped as PCE shows no sign...>

FOREX
FOREX: Dollar strength sapped as PCE shows no sign of inflation spark
-After a quiet start to the week for markets, traders found an excuse to sell
the greenback as March PCE numbers fell below expectations. Year-on-year core
PCE came in (unrounded) at just 1.553%, making the PCE figures even weaker than
the headlines suggest, and very close to the lower bound of the Fed's target. As
a result, the greenback was one of the poorest performers in G10 Monday, saved
from the bottom spot by the SEK.
-EUR was well supported throughout US trading hours, helping EUR/USD through
Friday's high, with EUR/JPY demand also trimming some of the sharp losses for
the cross seen last week. Appetite for EUR/JPY came ahead of the WMR fix in
London, helping nudge EUR to the top of the board Monday. Bouncing commodities,
particularly iron ore, also underpinned a firmer AUD.
-Asia-Pac markets are expected to remain quiet as Japanese exchanges are closed
for the rest of the week, with focus turning to GDP figures from France, Italy,
the Eurozone aggregate and Canada. MNI Chicago PMI is also due alongside US
pending home sales and consumer confidence.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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