Home Business News Dollar rebounds ahead of key US economic data

Dollar rebounds ahead of key US economic data

28th Feb 24 10:00 am

The dollar exhibited a rebound today after a stable day yesterday ahead of key U.S. economic data. The latter could potentially influence future Federal Reserve decisions.

Market attention is focused today on the release of the second estimate of Q4 U.S. GDP growth, with projections hovering around 3.3%.

Additionally, the market awaited the personal consumption expenditures price index, to be released on Thursday, as traders continue to review their monetary policy expectations. A start in interest rate cuts is still expected in June.

The euro retreated against a stronger dollar while traders’ attention could turn to new economic data releases in Europe on Thursday and Friday.

Inflation data for France and Germany as well as for the Eurozone could affect expectations ahead of next week’s European Central Bank meeting.

The latter is expected to ease its monetary policy in June which could weigh on the currency if the ECB cuts rates before its American counterpart.

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