![]() On the other hand, the core PCE report is a major tool the Fed uses to gauge inflation. GDP data will show whether there was growth in the US economy and the impact of high-interest rates on the economy. The most significant reports will be GDP and core PCE data from the US and inflation data from Japan. Investors will receive several important reports from the US and Japan that will likely cause some volatility next week. He emphasized that if the current economic trajectory persists, it is reasonable to anticipate two more 25-basis-point rate increases. Powell conveyed this message during his remarks to lawmakers in Washington on Wednesday. On Thursday, the US dollar and Treasury yields increased due to Federal Reserve Chair Jerome Powell’s suggestion that additional US interest rate hikes might be necessary to manage inflation. Concerns emerged regarding the possibility of these hikes leading to an economic downturn. ![]() – Are you interested in learning more about Canada forex brokers? Check our detailed guide-Īdditionally, a succession of global interest rate hikes unsettled investors, prompting a rush toward the dollar as a safe haven. The dollar’s rise was primarily influenced by hawkish statements by Fed Chair Jerome Powell during his testimony to Congress. The USD/JPY experienced a bullish week, primarily driven by the strengthening dollar. The USD/JPY weekly forecast is bullish as safe-haven dollar strength will likely continue amid global recession worries. Investors expect GDP data from the US next week.A succession of global interest rate hikes unsettled investors.The dollar rose after hawkish statements by Fed Chair Jerome Powell.
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