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Ekonomické zprávy
28.01.2022

European session review: USD continues to appreciate as hawkish Fed’s statement remains in markets’ focus

TimeCountryEventPeriodPrevious valueForecastActual
06:30FranceConsumer spending December0.9%0.2%0.2%
06:30FranceGDP, q/qQuarter IV3.1%0.5%0.7%
08:00SwitzerlandKOF Leading IndicatorJanuary107.2106.3107.8
09:00EurozonePrivate Loans, Y/YDecember4.2% 4.1%
09:00EurozoneM3 money supply, adjusted y/yDecember7.4%6.8%6.9%
09:00GermanyGDP (QoQ)Quarter IV1.7%-0.3%-0.7%
09:00GermanyGDP (YoY)Quarter IV2.5%1.8%1.4%
10:00EurozoneIndustrial confidenceJanuary14.61513.9
10:00EurozoneConsumer ConfidenceJanuary-8.4-8.5-8.5
10:00EurozoneEconomic sentiment index January113.8114.5112.7


USD continued to strengthen against most other major currencies in the European session on Friday, as the hawkish Fed’s statement raised expectations for the U.S. central bank to hike rates before other foreign regulators, boosting demand for the U.S. currency.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.14% to 97.39.

Wednesday’s policy statement of the Federal Reserve and the comments of its chair Jerome Powell confirmed that the Fed is going to be more aggressive in tightening policy amid elevated inflation and strengthening economic conditions. The Fed reiterated plans to end asset purchases in early March and signaled a hike in interest rates at its next policy meeting in mid-March. In addition, the Fed’s chairman Jerome Powell said that he doesn't rule out raising rates at every meeting. 

Following the statements, the fed funds futures market began to price in the possibility of five rate increases in 2022.

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