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Hawkish Federal Reserve remarks buoy US dollarThe Federal Reserve’s "hawkish cut" last week seems to have taken markets by surprise.
In a week with few moves of note, a hawkish turn by central banks in Eastern Europe stole the spotlight. The G3 PMIs also posted strong rebounds, boding well for the global economic recovery.
UK retail sales jumped sharply higher in April, although currency traders largely overlooked the data.
The dollar bounced back against its major peers on Wednesday following the release of the minutes from the Federal Reserve’s April meeting.
The dollar sank versus its peers on Tuesday morning as investors overlooked last week’s inflation data and bet on ultra-low US for the foreseeable future.
Last week’s jump in US inflation made for a volatile trading week in the FX market, sending the dollar higher against most currencies worldwide.
This week has been a volatile one in the FX market and we expect more of the same today with the release of US retail sales data for April.
A much weaker-than-expected US labour report weighed on the dollar on Friday, which sold-off against most major and emerging market currencies.
As is often the case at month end, portfolio rebalancing by asset managers brought a lot of random volatility to currency markets last week.
How has Covid-19 affected the BRICS countries? Read our latest Special FX Forecast report
Most major currencies traded within a rather narrow band on Monday as investors awaited major newsflow later in the week.
