Ekonomické zprávy

Asian session review: the US dollar is showing positive dynamics

TimeCountryEventPeriodPrevious valueForecastActual
01:00AustraliaLeading IndexMarch-0.06% -0.01%
04:30JapanIndustrial Production (MoM) February-5.3%4.5%4.6%
04:30JapanIndustrial Production (YoY)February-3.1% -0.5%
06:00United KingdomProducer Price Index - Output (YoY) March11.9%8.6%8.7%
06:00United KingdomProducer Price Index - Input (MoM)March0%-0.3%0.2%
06:00United KingdomProducer Price Index - Input (YoY) March12.8%7%7.6%
06:00United KingdomProducer Price Index - Output (MoM)March-0.4%-0.1%0.1%
06:00United KingdomRetail Price Index, m/mMarch1.2%0.6%0.7%
06:00United KingdomHICP ex EFAT, Y/YMarch6.2% 6.2%
06:00United KingdomRetail prices, Y/YMarch13.8%13.3%13.5%
06:00United KingdomHICP, m/mMarch1.1%0.5%0.8%
06:00United KingdomHICP, Y/YMarch10.4%9.8%10.1%

During today's Asian trading, the US dollar rose moderately against major currencies, partially offsetting yesterday's drop, as expectations for an imminent peak in the Fed's rate cycle edged ahead of U.S. banking sector concerns.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.19% to 101.94. Yesterday the index fell by 0.38%.

Yesterday, St. Louis Fed president James Bullard said he was in favor of further rate hikes to combat persistent inflation. According to the policymaker, interest rates will need to be raised to 5.50-5.75%, i.e. by 50 basis points from the current level. Bullard also noted that he considers the forecasts of a recession in the US to be unfounded, since they do not take into account the strength of the labor market, while the risks of the consequences of recent banking stress seem to have decreased. Meanwhile, Atlanta Fed President Rafael Bostic said he expects another quarter-point rate hike. According to the CME FedWatch Tool, markets are pricing an 86,6% chance the Fed raises rates by 25 basis points at the May meeting, and are winding back expectations of cuts later in the year.

Today, investors will focus on the Fed's Beige Book, as well as speeches by Chicago Fed President Austan Goolsbee and New York Fed President John Williams.

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