The US Dollar gathered extra steam and rose to multi-day highs on the back of extra announcement regarding tariffs by President Trump, while some cautious trade also prevailed ahead of the release of US inflation tracked by the PCE on Friday.
Here is what you need to know on Friday, February 28:
The US Dollar Index (DXY) advanced to multi-day highs past the 107.00 barrier helped by the US tariff narrative, while a small bounce in US yields also added to the uptick. The release of PCE data will take centre stage along with Personal Income/Spending, the Chicago PMI, advanced Goods Trade Balance results, and Wholesale Inventories.
EUR/USD succumbed to the two-day advance in the Greenback and retreated to weekly lows just below 1.0400. Germany data will be at the centre of the debate with the publication of Retail Sales, the labour market report, and the preliminary Inflation Rate for the month of February. In addition, the ECB will release its Consumer Inflation Expectations.
GBP/USD reversed two daily gains in a row and receded to just pips away from the key 1.2600 support on the back of renewed strength in the US Dollar. The Nationwide Housing Prices are due.
USD/JPY added to Wednesday’s uptick and briefly surpassed the 150.00 barrier ahead of key data releases at the end of the week. The Tokyo inflation figures are due, seconded by Industrial Production, Retail Sales, Housing Starts, Construction Orders, and the weekly Foreign Bond Investment readings.
AUD/USD broke below the 0.6300 with certain conviction to hit new two-week lows and extend further its rejection from yearly peaks above the 0.6300 hurdle. Housing Credit figures and Private Sector Credit readings will close the calendar in Oz.
WTI rose sharply and retested the area above the key $70.00 mark per barrel on fresh supply concerns after President Trump revoked Chevron’s licence to operate in Venezuela.
Gold prices tumbled further and revisited two-day lows around $2,870 per ounce troy following the stronger Dollar and the bounce in US yields. Silver prices resumed their downtrend and flirted with weekly lows near $31.30 per ounce.
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