We had mixed results at yesterday’s US close. In terms of data the economic calendar lacked any high impact data however there was a number of Fed speakers scheduled to speak throughout yesterday’s session.
Those USD enthusiasts that were hoping for more agressive rate hikes, were disappointed with the Fed’s last policy communication last week – were they indicated there would be two other rate hikes this year. This sent the USD lower, and Fed speakers yesterday did not manifest any hawkishness greater that what was offered in the policy communication last week.
The US Dollar index (DXY), and index that measures the strength of the USD against a basket of currencies, has so far managed to show some signs of consolidation around 100 levels – the DXY is currently at 100.25.
GBP was softer on news that UK’ s Prime Minister Theresa May will start the official exit and trigger of Article 50 on March 29th. GBPUSD closed lower yesterday, with the GBP losing off even to a weaker USD. GBPUSD currently at 1.2352, hit lows of 1.2334 after making session highs of 1.2435 yesterday.
Today the economic docket is mainly dominated (at least for the morning) by data from the UK, with CPI, RPI, and PSNCR topping the list. However we have more Fed speakers scheduled to speak throughout the day.
