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USD On The Backfoot In Recent Trade, EUR/USD Back Above $1.0800

FOREX

USD weakness seen alongside the move away from session highs in core global FI yields, leaving the BBDXY little changed on the day and EUR/USD back above $1.0800.

  • Month-end models were titled towards USD sales, although the Easter weekend may make related flows more patchy, especially with the end-of-month value date behind us.
  • A mark lower for final Q4 U.S. core PCE is a potential ‘explainer,’ although as noted elsewhere, tomorrow’s February PCE release will be of much more interest to markets.
  • Powell previewed the Fed's Feb PCE expectations in the post-meeting press conference, saying core was estimated at "well below 30 basis points" (which is taken to mean 0.26-0.27% M/M) so that will probably anchor expectations for Friday. Some have suggested that January’s core PCE may be revised higher.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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