Daily digest market movers: US Dollar offers weak profile as US economy starts showing some cracks... dari Wulan Viana

29 Feb 2024, 14:33 · Views 142

The Conference Board's Consumer Confidence Index for February dropped lower than anticipated with a 106.7 print against the expected 115.
US Durable Goods Orders plunged by 6.1% in January, far more than the 4.5% decline expected.
As per the CME FedWatch Tool, the Federal Reserve's unwillingness to cut rates prematurely has shifted market sentiment. Reduction odds for March have dropped to zero, with May's likelihood of a cut down to 20%. As for now, the most likely scenario is that the easing starts in June.
In case PCE and GDP data come in softer than expected, those odds may change in favor of dovish rhetoric that weighs on the US Dollar.

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