{"id":63298,"date":"2024-06-24T10:43:12","date_gmt":"2024-06-24T10:43:12","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=2441"},"modified":"2024-06-24T10:43:12","modified_gmt":"2024-06-24T10:43:12","slug":"dollar-falls-ahead-of-pce-data-euro-finds-support","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/ar\/dollar-falls-ahead-of-pce-data-euro-finds-support\/","title":{"rendered":"Dollar falls ahead of PCE data, euro finds support"},"content":{"rendered":"\n<p>The U.S. dollar declined on Monday, consolidating after hitting a nearly eight-week high last week, while the euro rose even as German business sentiment weakened.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Dollar reacts to PCE data<\/strong><\/h2>\n\n\n\n<p>Last week, the US currency received support after the release of better-than-expected PMI data, as the strength of the country&#8217;s economy could allow the Federal Reserve to maintain high interest rates.<\/p>\n\n\n\n<p>Traders have been able to regain some of the losses at the start of the new week as attention is focused on the PCE price index data.<\/p>\n\n\n\n<p>Fed officials have been waiting for more data that would signal a slowdown in inflation before agreeing to interest rate cuts, and this week&#8217;s Friday reading of the Fed&#8217;s preferred inflation gauge is likely to influence interest rate estimates.<\/p>\n\n\n\n<p>Economists expect annual growth in the index to slow to 2.6% in May. If the reading is low, it will likely bolster bets and hopes for a September rate cut, which futures currently estimate at about 65%, according to CME&#8217;s FedWatch tool.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Euro rallies despite Ifo drop<\/strong><\/h2>\n\n\n\n<p>EUR\/USD rose nearly 0.2% to 1.0718, recovering from recent losses, despite an unexpected drop in business sentiment in June.<\/p>\n\n\n\n<p>The Ifo institute reported that its business climate index fell to 88.6 in June from 89.3 in May, compared to expectations for a reading of 89.7.<\/p>\n\n\n\n<p>&#8220;The German economy is struggling to overcome stagnation,&#8221; Ifo president Clemens Fuest said.<\/p>\n\n\n\n<p>The euro has fallen more than 1% this month after the right-wing had a strong showing in European Parliament elections earlier this month, prompting France&#8217;s President Emmanuel Macron to call an early election.<\/p>\n\n\n\n<p>GBP\/USD rose 0.1% to 1.2659, with the pound achieving stability after falling around a five-week low in the wake of the Bank of England&#8217;s latest policy meeting.<\/p>\n\n\n\n<p>The Bank of England kept interest rates on hold, although some policymakers noted that the decision was &#8220;finely balanced,&#8221; raising expectations that policymakers will agree to a cut when they meet again in early August.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Yen falls, sparking rumors of intervention&nbsp;<\/strong><\/h2>\n\n\n\n<p>In Asian markets, USD\/JPY eased 0.1% to 159.68, retreating after the pair hit a high of 159.94 in early trading on Monday, its highest since April 29, when it hit a 34-year high of 160.245, prompting Japanese authorities to spend around 9.8 billion yen to prop up the currency.<\/p>\n\n\n\n<p>The latest weakness in the yen prompted warnings from several top Japanese officials regarding further intervention, with the country&#8217;s top foreign exchange diplomat, Masato Kanda, stating that the government would &#8220;intervene around the clock if necessary.&#8221;&nbsp;<\/p>\n\n\n\n<p>USD\/CNY rose to 7.2618, trading in a tight range, with the yuan close to a seven-month low, hurt by concerns over weakness in the world&#8217;s second-largest economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. dollar declined on Monday, consolidating after hitting a nearly eight-week high last week, while the euro rose even [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2936,2935],"tags":[],"class_list":["post-63298","post","type-post","status-publish","format-standard","hentry","category-currencies","category-markets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dollar falls ahead of PCE data, euro finds support - OnEquity<\/title>\n<meta name=\"description\" content=\"US dollar weakens ahead of key inflation data, euro gains despite German business sentiment decline. 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