Last week’s high: $1.4168
Last week’s low: $1.3792
USD Gains as March Rate Hike Odds Increase
The strong economic data seen recently has so thoroughly convinced markets that the Federal Reserve will be hiking interest rates in March – and again later in the year – that global stock markets have shed over $4 trillion in value. Various Federal Reserve officials have tried to reassure markets that this wouldn’t have changed their outlook on the economy, with William Dudley saying the rate hike in March would be appropriate if data continue to print strongly.
USD Outlook: Consumer Price Index to Boost Rate Hike Odds Further?
Wednesday’s consumer price index data will be the most important release on the US economic calendar this week. Although the Federal Reserve prefers to use the personal consumption expenditure data as its main inflationary measure, the results of the consumer price index could nonetheless provide further evidence the Federal Open Market Committee (FOMC) should hike rates next month.
13:30 USD Consumer Price Index (YoY) (JAN)
13:30 USD Consumer Price Index Ex Food and Energy (YoY) (JAN)
13:30 USD Retail Sales Advance (MoM) (JAN)
14:15 USD Industrial Production (MoM) (JAN)
14:15 USD Manufacturing (SIC) Production (JAN)
15:00 USD University of Michigan Sentiment (FEB P)
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