US dollar remains in the green despite a weekly setback due to the CPI slaughter.
The US Dollar (USD) is recovering for the second day in a row on Friday. Following a severe loss on Wednesday that marked the start of this week for the greenback. Markets have priced in two interest rate cuts for 2024 in response to the lower. Consumer Price Index (CPI) data for April reported this week. However, markets are not out of the woods yet. Despite rate decrease anticipation, numerous Federal Reserve (Fed) officials are pushing back against exuberance. Warning that rates may remain higher for longer than expected.
US dollar gains ground ahead of a flurry of Fed speakers scheduled to appear on Friday.
On the economic front, it will be a relatively quiet Friday. With no significant data points available for the US Dollar to act on. Still, a new batch of Fed speakers are set to speak, including Federal Reserve Bank of Minneapolis President Neel Kashkari. Who will make his second appearance this week. Federal Reserve Governor Christopher Waller is always good for a few market moving comments. And Federal Reserve Bank of San Francisco President Mary Daly will close out the week on Friday.
Daily Market movers: awaiting Fed speakers.
There are no data points scheduled to be reported for the United States on Friday’s economic calendar.
Markets can digest all of this week’s data while a swarm of Fed officials are scheduled to close out the week:
At 14:15 GMT, Federal Reserve Bank of Minneapolis President Neel Kashkari will deliver the opening remarks at the International Organization for Standardization Technical Committee 68 (ISO/TC 68) financial services plenary conference.
Kashkari will be followed by Federal Reserve Governor Christopher Waller, who will deliver a speech on payment innovation at the same event.
Around 16:15 GMT, Federal Reserve Bank of San Francisco President Mary Daly delivers a speech at the University of San Francisco School of Management commencement ceremony.
Fed officials Daly and Waller are Both are voting members of the Federal Open Market Committee (FOMC) this year.
Fed officials Daly and Waller are Both are voting members of the Federal Open Market Committee (FOMC) this year.
This Friday, equities are trading fairly mixed. The key European indices are in decline, while US futures continue to struggle for direction.
The CME Fedwatch Tool predicts that the Federal Reserve’s fed fund rate will remain unchanged in June, with a 91.3% likelihood. The algorithm now forecasts a 50.5% chance that rates will be 25 basis points lower in September than they are now.
The benchmark 10-year US Treasury Note trades around 4.36%. Recovering from its lowest level this month of 4.34%.
