The latest FOMC monetary policy meeting & weak economic updates easily takes down the U.S. dollar against the majors as the event further spurred rate cut speculation.
United States Headlines and Economic data
Monday:
- Business activity took a sharp turn downward in New York State to -8.6
- Fed likely to resist pressure to cut U.S. rates this week
- Trump ‘perfectly happy’ to slap further tariffs on China if no deal is reached, Wilbur Ross says
Tuesday:
Wednesday:
- U.S. mortgage applications fall from 33-month high
- Fed holds rates steady, but opens the door for a rate cut in the future – Easily the main event of the week for financial markets, sending global risk sentiment into further positive territory while the Greenback sank all the way into the weekend.
Thursday:
- U.S. weekly jobless claims fall more than expected
- U.S. current account shrinks in first-quarter on weak imports
- The CB Leading Economic Index for the U.S. was unchanged in May, remaining at 111.8, following a 0.1% increase in April
- Philly Fed manufacturing index tumbles to a nearly flat reading for June
Friday:
- Trump says he aborted retaliatory strike to spare Iranian lives
- U.S. existing home sales rise, boosted by lower rates
- Fed’s Kashkari calls for 50 basis point cut in U.S. rates
- Fed’s Clarida Says Case for Easing Monetary Policy Has Risen
- Fed’s Bullard says he dissented at Fed meeting on concerns over weak inflation, growth
- US Flash manufacturing PMI at 50.6 in June, a 40-month low
- Pence to Delay China Human-Rights Speech Ahead of Trump-Xi Talks
