US dollar briefly dips as the data cools ...Middle East

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The Fed funds market is back to nearly-fully pricing in two Fed rate cuts this year.Yesterday's dot plot showed the majority of Fed officials now expecting to cut just once this year (down from 3 times in March) but it's by a margin of 11-8 so it could easily swing. Moreover, Fed Chairman Jerome Powell emphasized that virtually all Fed officials are particularly data dependent.That's why the US dollar fell on the release of today's PPI and initial jobless claims numbers. The data showed PPI down 0.2% in the month compared to a 0.2% rise expected. Initial jobless claims also jumped to 242K from 229K in what could be a sign of layoffs.However the dollar dip was quickly bought, particularly in

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Last updated : 13 June 2024 clock 04:16 PM

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US dollar briefly dips as the data cools ...Middle East

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