Never miss a market update. OFXpert commentary straight to your inbox
USD gains slightly after PCE inflation data release
Daily Currency Update
The US dollar made small gains heading into Friday’s session after the Personal Consumption Expenditure (PCE) Inflation index released this morning showed higher prices in March. The core PCE index, which excludes the volatile food and energy industries, was up 0.3% from the previous month as expected. Year-over-year was up more than expected at 2.8%, versus the 2.6% economists had called for. This sets the stage for rate cuts by the Federal Reserve to be pushed out as far as December rather than the June rate cut predictions markets saw as recently as March.Key Movers
The Euro dipped slightly against the USD this morning following the release of consumer confidence data in France which dropped more than expected. Confidence in Europe’s second biggest economy fell to 90 from 92 this month. This decrease surprised markets as expectations for a consumer confidence increase were established throughout markets.The Canadian dollar maintained yesterday’s gains amid rising oil prices. With a lack of data in Canada today, the Loonie will likely continue its trend of following equities markets and oil, both of which are up today. Oil took back some of the losses we saw earlier this week with the West Texas Intermediate (WTI) North American benchmark getting back over $84 a barrel. This rise came after a survey released this morning from Reuters pointed to a possible 2.9% global growth in 2024. Markets reasoned that if this growth happens, the demand for oil won’t wane as much as previously expected.
Expected Ranges
- EUR/USD: 1.0680 – 1.0794 ▲
- GBP/USD: 1.2463 – 1.2547 ▲
- AUD/USD: 0.6487 – 0.6565 ▲
- USD/CAD: 1.3639 – 1.3728 ▼
Want to stay ahead of market moves?
Subscribe to email currency updates from our OFXperts. We monitor global events and FX markets day and night, so you don’t have to.
* Required information
"*" indicates required fields