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European session review: USD advances as the Fed’s rate decision looms

TimeCountryEventPeriodPrevious valueForecastActual
06:30FranceConsumer spending December0.6%0.2%-1.3%
06:30FranceGDP, q/qQuarter IV0.2%0%0.1%
07:00GermanyRetail sales, real adjusted December1.9%0.2%-5.3%
07:00GermanyRetail sales, real unadjusted, y/yDecember-5.9%-1.8%-6.4%
07:30SwitzerlandRetail Sales (MoM)December1.5% -1.7%
07:30SwitzerlandRetail Sales Y/YDecember-1.4%-0.7%-2.8%
07:45FranceCPI, m/mJanuary-0.1%0.5%0.4%
07:45FranceCPI, y/yJanuary5.9%6.1%6%
08:55GermanyUnemployment ChangeJanuary-165-15
08:55GermanyUnemployment Rate s.a. January5.5%5.5%5.5%
09:30United KingdomNet Lending to Individuals, blnDecember5.7 3.7
09:30United KingdomConsumer credit, mlnDecember1.4881.050.493
09:30United KingdomMortgage ApprovalsDecember46.1864535.612
10:00EurozoneGDP (YoY)Quarter IV2.3%1.8%1.9%
10:00EurozoneGDP (QoQ)Quarter IV0.3%-0.1%0.1%

USD strengthened against other major currencies in the European session on Tuesday as investors prepared for tomorrow’s decision on interest rates from the Federal Reserve.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, jumped 0.23% to 102.51. 

Investors expect the Fed will approve a 25-basis-point interest rate hike at its two-day meeting, set to start later today. That would mark a further slowdown from a 50 basis-point rate increase in December, which, in its turn, was preceded by four straight 75-basis-point rate raises. Also, markets hope that the Fed’s policy statements or the comments of its chairman Jerome Powell may provide clues on when the U.S. central bank could end its current rate-hiking cycle and how long the rates could remain high. 

The Fed’s decision will be followed by rate announcements from the European Central Bank and the Bank of England on Thursday, which are expected to deliver a 50 basis-point rate hike each.

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