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USD pairs were choppy all week but eventually the bears won out as trade concerns and weak U.S. economic updates sink the Greenback into the weekend.

United States Headlines and Economic data
Monday:
- Atlanta Fed President Bostic does not see a rate cut this year like the market is telegraphing
- Chicago Fed national activity index plunges in April, tugged lower by factory slump
- Policymakers have changed views on how low unemployment can go: Fed’s Williams
- Fed’s Harker says U.S. rates should not be on autopilot
Tuesday:
- Fed Chair Powell: Business debt is rising but does not pose a threat to the system
- U.S. Home sales fell in April despite a big drop in mortgage rates
- Fed’s Rosengren sees ‘no clarion call’ to shift U.S. interest rates
- Fed Evans: Past inflation miss could be trouble for any new framework
Wednesday:
- Fed may cut rates if inflation keeps disappointing: Bullard – doesn’t seem to be a direct catalyst, but this does correlate with a mostly broad move lower in the Greenback through the morning London session.
- China would see ‘blue skies ahead’ if it accepts all US demands, Fed’s Bullard says
- Fed’s Williams says U.S. rates in the right place, inflation pressure nonexistent
- Fed Minutes Signal Patience on Rate Moves for ‘Some Time’
- U.S. Weighs Blacklisting Five Chinese Video Surveillance Firms – not a direct catalyst to USD price action, but likely added to trade concerns that have been growing between the U.S. and China
Thursday:
- U.S. New-Home Sales Drop From 11-Year High as Prices Increase
- Flash U.S. Manufacturing PMI at 50.6 (52.6 in April). 116-month low – along with this week’s housing data update and continued trade concerns, the PMI data points to a weakening U.S. economy and likely the catalyst for the broad mover lower in the Greenback
- Fed’s Mester Says an Interest-Rate Cut Would Be ‘Bad Policy’
- Fed’s Daly sees inflation moving back up to 2% target
- China says trade talks can’t continue unless US addresses its ‘wrong actions’ – also not a direct catalyst to USD price action, but likely added to the trade war fears
Friday: