Greenback takes a hit on mixed data – FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that as markets returned to normal, the greenback got smashed by mixed personal income and spending figures released in the US, as data beat expectations for February, but January’s numbers were revised negatively.

Key Quotes:

“The all-important PCE inflation number was a huge disappointment, with the headline reading monthly basis down by 0.1%, while the core number came in at 0.1% against previous 0.3%. Also, the Goods Trade Balance posted a larger-than-expected deficit, of $63.0B. Pending home sales on the other hand, rose 3.5% in February, against January’s 3% loss.

This Tuesday, FED’s Yellen is due to deliver a speech titled “Economic Outlook and Monetary Policy” at the Economic Club of New York luncheon, the first time she will speak after the latest FOMC meeting. Investors will be looking closely for any comment regarding rates and whether if she will maintain the dovish tone of the statement, of align with latest FED’s speakers and offer a more hawkish wording.
In the meantime, the American dollar suffered a strong set back early in the US session, down against all of its major rivals.”

Valeria Bednarik, chief analyst at FXStreet explained that as markets returned to normal, the greenback got smashed by mixed personal income and spending figures released in the US, as data beat expectations for February, but January’s numbers were revised negatively.

(Market News Provided by FXstreet)

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