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The Greenback takes a handy beating this week on a combination of Fed rate cut actions and expectations, and on news of the coronavirus starting the spread through the United States.
United States Headlines and Economic data
Monday:
- IHS Markit: Manufacturing output growth weakens amid slower upturn in new orders
- The ISM manufacturing PMI fell to 50.1 in February from 50.9 in January
Tuesday:
- Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent
- Cleveland Fed’s Mester: US outlook is ‘highly uncertain’ after rate cut
- Powell says the Fed saw ‘a risk to the outlook for the economy and chose to act’
Wednesday:
- Market rout didn’t force US rate cut — but it was noted, Fed’s Mester says
- Biden roars back: Super Tuesday leaves ex-VP in airtight contest for delegates with Sanders
- Weekly mortgage refinances spike 26% as interest rates tank on coronavirus fears
- ADP National Employment Report: Private Sector Employment Increased by 183,000 Jobs in February
- IHS Markit U.S. Services PMI: Fastest contraction in business activity since October 2013
- Fed Beige Book reports first negative impact of coronavirus on U.S. economy
- Fed’s Bullard says policy rate is in ‘right place’ for now
- ISM Non-manufacturing rises to 57.3 in February vs. 55.5 in January
Thursday:
- U.S. factory orders decline 0.5% in January
- U.S. weekly jobless claims fall; labor market appears to weather coronavirus
- U.S. fourth-quarter unit labor costs, productivity revised down
- Negative global risk sentiment picks up on the Thursday session as Coronavirus fears spiked higher, especially after California declared state of emergency over coronavirus, which likely also brought pressure to the Greenback.
Friday:
- Fed’s Kaplan defends rate cut but won’t predict outcome of March meeting
- Fed’s Williams says rate cut will provide ‘meaningful support’ to economy
- Fed’s Bullard says ‘everything is on the table’
- Fed Officials Say Watching Virus Fallout, Willing to Do More
- U.S. pumps $8.3 billion into coronavirus battle as more states report cases
- Fed needs wider QE mandate to deal with economic downturns: Rosengren
- Job growth smashes expectations for February as unemployment falls back to 3.5% – Not really a market mover as the coronavirus story makes past data less relevant in this current environment. The bigger story to drive the dollar on the session was the latest coronavirus news, most notably that more than 100,000 infections worldwide and Coronavirus deaths rise to more than 3,300 worldwide.