Daily Update - 15th February 2018
The euro rose higher against US dollar on Wednesday as equity markets rebounded quickly following a stronger-than-expected inflation data report. The dollar's decline was also due to surprise decline in U.S. retail sales in January. U.S. consumer prices rose more than expected in January as Americans paid more for gasoline, rental accommodation and healthcare, raising pressure on new Federal Reserve chief Jerome Powell to prevent a possible overheating of the economy. The possibility that the Fed would clamp down on inflation initially drove up the dollar index. But the dollar quickly fell to a session low of 89.231 against a basket of currencies, as the equity market recovered from earlier losses and Treasury bond yields remained range-bound. The weaker dollar meant that the Pound would also benefit amidst Brexit chaos. Australia will be releasing their Unemployment Rate which shows the number of unemployed workers divided by the total civilian labor force. This will be followed by Employment Change which is a measure of the change in the number of employed people in Australia. The latter half of the day belongs to USA, with the release of job market data mainly Continuing jobless claims and initial jobless claims. This will be followed by NAHB Housing Price index which presents home sales and expected home buildings in the future indicating housing market trend in the United States. Yesterday’s Market
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