020 7898 0500The US dollar was softer against its major counterparts yesterday following personal consumption expenditures data which came in below the US central bank’s target of 2%.
The Federal Reserve uses core PCE data as its preferred inflation measure when considering future monetary policy, so a reading of 1.5% led some investors to suggest we might not see the widely anticipated rate hike in the near future.
We also saw US consumer confidence statistics come out lower than expected yesterday, while last month’s figure was also revised down. This did little to help the US dollar.
We have a fairly quiet day today, with purchasing managers’ index data from Chicago, pending home sales figures, and one of the members of the Federal Reserve Open Market Committee giving a speech.
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