A big week ahead for the resurgent dollar
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US CPI drops by 0.1% to +6.4% YoY, although a larger drop to +6.2% was expected in the bank survey.
Today, the release of the latest Retail Sales data, with sales increasing by a whopping 3% (MoM/Jan), having been expected to have jumped by around 1.8%.
The dollar surged to a one-month high yesterday, cementing strong gains across the board, aided by surging US Retail Sales data.
It is a big, big day for Canada, with both the latest Inflation and Retail Sales data due.
It is another blockbuster day for US economic data, as markets get to digest the latest and rather catchily named Core Personal Consumption Expenditures (PCE) Price index.
US Consumer Confidence slipped to 102.90 (from 106.0), confirming the second successive monthly decline and missing an expected increase to around 108.5.
Friday’s February payroll data was somewhat overshadowed by events escalating from the collapse of SVB Bank and the potential it creates for increasing contagion.
Despite the announcement that UBS is to acquire Credit Suisse for a reported $3.2b jitters, nervousness, and high volatility continue to reverberate around markets this morning.
There has been a calmer and more positive backdrop to markets over the past 24 hours, with bank stocks probing higher.
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