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A relatively quiet week for the Greenback, but the bears were mostly in control, likely on euro strength and other counter currency/global risk sentiment influences.
United States Headlines and Economic data
Monday:
Tuesday:
- March Small Business Optimism Stalls on Weak Outlook for Economic Growth
- US threatens to slap new tariffs on EU goods in retaliation against Airbus subsidies
- Europe slams ‘exaggerated’ US tariff threat and prepares to retaliate
- Herman Cain’s Fed board bid is in danger as three GOP senators plan to vote against Trump’s pick
Wednesday:
- March consumer prices were hotter than expected, posting the biggest increase in 14 months
- European Central Bank holds interest rates amid gloomy economic outlook – This event likely helped contribute volatility to the Greenback as well as the euro is heavily traded against the U.S. dollar. Euro strength may be the reason why we saw USD weakness despite the improvement on headline consumer prices data.
- Fed retreated from further interest-rate hikes due to unease on economy, low inflation, FOMC minutes show
- Fed officials are leaving the door open for more rate hikes if the economy improves, minutes say
Thursday:
- Trump sends ominous warning to EU that ‘tough’ stances on Brexit and US trade will come ‘back to bite you’
- US weekly jobless claims drop to the lowest level since 1969
- Bullard: Would need downside “deviation” to inflation, growth for rate cut
- US producer prices post the biggest increase in 5 months
- Fed’s Richard Clarida: US economy is in a good place
- Fed’s Richard Clarida: December rate hike was not a mistake
- Powell Reiterates Fed’s Independence at Democrats’ Retreat
- St. Louis Fed’s Bullard likes interest rates where they are
Friday:
- China’s March trade surplus soars past expectations and China’s new yuan loans expand in March – This data sparked global risk-on sentiment, likely lifting oil prices and risk assets with it. This is most likely the reason why we saw the U.S. dollar able to finish in the green against the safe have currencies (JPY & CHF) while falling against the high-yielders (NZD, CAD & AUD) and the relatively strong euro.
- U.S. Consumer Sentiment Falls as Outlook for Economy Weakens