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The super dollar advances while waiting for key data for the US economy

The super dollar advances while waiting for key data for the US economy

In the previous day, it was revealed that the world’s largest economy experienced 3.3% growth in the fourth quarter, exceeding forecasts.

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On Friday, the dollar remains without significant changes against the main currencies, awaiting crucial US inflation data to be released later. Traders are evaluating how that country’s economic growth, which exceeded expectations, could impact the Federal Reserve’s interest rate policy.

In the previous day, it was revealed that the world’s largest economy experienced 3.3% growth in the fourth quarter, exceeding forecasts. Furthermore, price pressures showed signs of decreasing, generating speculation that the Federal Reserve might refrain from cutting interest rates.

Later today, personal consumption spending data in the United States, the Federal Reserve’s preferred inflation indicator, will be released.

Dollar vs. other currencies: the data analyzed by the market

In other economic news, the European Central Bank (ECB) maintained interest rates as anticipated. The statements of its president, Christine Lagarde, who seemed less concerned about the inflation outlook, increased expectations of a possible rate cut in April.

The dollar index, which assesses the dollar’s performance against six major currencies, is virtually unchanged at 103.55.

The euro experienced a slight decrease of 0.1%, reaching $1.08390. This drop came after a survey revealed that German consumer confidence was weaker than anticipated, leading the euro to hit a new six-week low against the dollar.

Regarding the euro zone, two key surveys published by the ECB on Friday suggest that inflation could decline more quickly than expected this year, given anemic economic growththus strengthening bets on rate cuts.

Sterling remains broadly stable at $1.27060, awaiting the Bank of England’s next interest rate decision next week.

Source: Ambito

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