NEWS | 04/26/2024 16:37:00 GMT | By Pablo Piovano
The Greenback transited another week where data releases and expectations of interest rate cuts by the Federal Reserve remained at the centre of the debate. On this, the USD Index (DXY) seems to have embarked on a gradual decline after hitting new yearly peaks earlier in the month. This retraction, however, should be deemed temporary.
It was a negative week for the Greenback, which extended further the rejection from yearly peaks despite the move higher in US yields in response to investors’ re-adjustment of the potential timing of the first interest rate cut by the Fed. The always relevant Consumer Confidence tracked by the Conference Board is due on April 30, along with the FHFA’s House Price Index and the Employment Cost index. On May 1, all the attention will be on the Fed’s interest rate decision, seconded by the ADP Employment Change, the ISM Manufacturing PMI, Construction Spending, and the final S&P Global Manufacturing PMI. In addition, Initial Jobless Claims are due on May 2, ahead of Factory Orders and Balance of Trade results. Closing the week, markets’ focus should shift to non-farm Payrolls, the Unemployment Rate, the final S&P Global Services PMI, and the ISM Services PMI.
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