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The Greenback made some strong gains this week on counter currency weakness, as well as risk-off sentiment propping up safe have behavior, which over powered the mixed U.S. economic updates and arguably dovish Fed speak.
United States Headlines and Economic data
Monday:
- Clarida Says Low Policy Rates Likely to Persist for Years
- Fed’s Neel Kashkari says US is ‘in a very strong position’ in escalating trade war with China
- China to impose tariffs on U.S. goods despite Trump warning – rising tensions between the U.S. and China is likely the catalyst for the early week risk aversion sentiment and jump in volatility in USD pairs. Likely the reason why we saw the Greenback fall to the other safe havens while out performing the remaining major currencies.
Tuesday:
- U.S. import prices up slightly; underlying imported inflation weak
- U.S. mortgage delinquency rate rises from 18-year low, MBA reports
- Fed’s Esther George says there’s no need for a rate cut even with the trade threat looming
- Trump calls for Fed to reduce interest rates amid trade war with China
Wednesday:
- Stronger U.S. home sales boost builder confidence in May
- U.S. business inventories flat in March, but sales jump 1.6%
- Fed’s Barkin sees no case for a rate hike or cut
- Trump expected to delay auto tariffs decision by up to six months
Thursday:
- Fed’s Neel Kashkari says rate hikes ‘were not called for’ and that policy has been ‘too tight’
- Fed’s Brainard says ‘new normal’ means central bank needs to let inflation run hotter, employ capital buffers
- Fed needs to let inflation rise above 2%, Kashkari says
Friday: