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The US Dollar remains in the driver’s seat as the week comes to a close. Thursday’s run of solid US economic data highlighted by retail sales and a blowout Philly Fed have helped to keep the Buck in demand. Overall however, we haven’t seen a whole lot of movement in currency markets this week. read report
US core CPI was a little softer and accompanied by a slide in Empire manufacturing. This was enough to keep the US Dollar under some pressure, and enough to inspire renewed demand for stocks on hopes this would effectuate a more accommodative Fed policy track. read report
The US Dollar has been very well bid overall and continues to rally into any dips. The primary driver for the Dollar’s bid has been US rate expectations, with only 29 basis points of rate cuts priced in for the entire 2025. read report
The market is showing signs of discomfort with the implication of yet another round of stronger economic data out of the US. On Tuesday, JOLTs job openings and ISM services both exceeded expectation. Looking ahead, we get German factory orders, German retail sales, Eurozone confidence and sentiment reads, Eurozone producer prices, US ADP employment, US initial jobless claims, and the Fed Minutes late in the day. read report
News the incoming US administration may scale back plans for sweeping tariffs has hit the US Dollar over the past 24 hours. Trump has since denied this news, saying his tariff policy will not be pared back, though the markets are still a little suspicious. read report
