The dollar regained some bullish momentum amid growing caution ahead of the release of US inflation figures measured by the PCE Thursday. The renewed strengthening of the US dollar weighed on sentiment and caused some corrective moves in the risk complex.
Here's what you need to know on Thursday, February 29:
The Dollar regained its balance and propelled the US Dollar Index (DXY) to reclaim the zone beyond the 104.00 barrier despite lower returns. On February 29, all attention will be on PCE inflation, along with personal income, personal spending, pending home sales, and the usual initial weekly jobless claims. Additionally, the Fed's Bostic, Goolsbee and Mester are scheduled to speak.
The EUR/USD pair traded on the defensive for the second consecutive session, although it managed to rebound from lows near 1.0800. On February 29, the preliminary CPI inflation rate for the Eurozone as a whole will be published, followed by Germany's retail sales, the flash inflation rate and the labor market report.
The GBP/USD pair retreated to multi-day lows near 1.2620 on renewed buying interest in the Dollar. On February 28, mortgage and home loan approval data will be published.
USD/JPY maintained its weekly turmoil above the 150.00 barrier. The usual weekly foreign bond investment figures will be released on February 29, followed by preliminary data on industrial production, retail sales, housing starts and the BoJ's Hajime speech.
AUD/USD deflated to two-week lows below 0.6500, maintaining its trade below the 200-day SMA. As for the data, housing credit and retail sales progress will be published in Oz on February 29.
WTI prices traded in a volatile session after hitting a new 2024 high around $79.60 a barrel, as traders priced in another unexpected build in US inventories, the likelihood of the Fed delaying rates and the persistent crisis in the Middle East and the Red Sea, all combined with speculation about the continuation of supply cuts by OPEC+.
Gold prices held on to their daily gains around the $2,030 region, while Silver prices extended their downward leg, leaving the door open to a possible test of the $22.00 mark by ounce sooner rather than later.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
