Market Anticipates Fed's Next Moves as Dollar Gains
Today's markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
September 23, 2024 (Investorideas.com Newswire) The dollar rebounded to a certain extent but remained near a multi-week low. Market participants remain focused on the Federal Reserve's policy. Growing expectations of further monetary easing could continue to weigh on the dollar. Traders could closely watch upcoming inflation data, which could influence the Fed's next steps. The U.S. Core PCE price index is expected to remain steady at 0.2% for August, signalling price stability.
On Thursday, the U.S. GDP report is expected to show a robust 3% quarter-on-quarter growth, up from the previous reading of 1.4%. A strong GDP reading could support a more hawkish Fed, potentially leading to higher yields. On the same day, Fed Chair Powell's speech will also be a key event, potentially triggering volatility in the dollar and Treasury yields. The market could also react to today's PMI figures. Weaker-than-expected data could affect sentiment and could push treasury yields lower and drive the US currency down, accelerating its losses.
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