DailyFX - Forex Market News
Year-on year US PCE data followed on from yesterday’s quarterly surprises to give the FOMC something to think about when they meet next week to set interest rates
The Japanese Yen continued to fall to new multi-decade lows against a range of currencies after the BoJ left monetary policy unchanged. Weaker-than-expected Tokyo inflation the driver of the latest move.
Gold and silver have pulled back from their respective highs, looking for the next catalyst. With risk sentiment improving, precious metals may find support from a softer USD
US crude inventories fell, but much of this was down to oil exports rather than strong local demand.
The US economy expanded by 1.6% q/q in the first three months of the year, missing estimates of 2.5% and down from 3.4% in Q4 2023. US dollar firms after PCE figures nudge higher.
Yield curve inversion has historically been associated with economic slowdowns and recessions in the US.
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