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29 March 2024 | FXGT.com

Markets Brace for Powell’s Remarks Post-Inflation Data Release

  • US Inflation Sees Slight Increase: February’s PCE Price Index rose by 2.5% year-over-year, marking a modest increase from January’s 2.4% gain. On a monthly basis, the PCE Price Index grew by 0.3%, falling short of the anticipated 0.4% increase.
  • Core PCE Inflation Aligns with Forecasts: The core PCE Price Index, excluding food and energy prices, climbed 2.8% year-over-year in February, aligning with analysts’ predictions. This followed an upward revision of January’s core PCE to 2.9% YoY and 0.5% MoM.
  • Muted Market Reaction Amid Holidays: The release of the US inflation data during the Easter holiday resulted in a limited market response. Despite this, there was a slight decline in the US Dollar Index after the data was published, with the currency poised to end March at the same level it started the month.
  • Investor Focus Shifts to Employment Data: Investors now turn their attention to upcoming employment figures next Friday, which will be evaluated alongside this inflation data.
  • Anticipation for Fed Chair Powell’s Speech: Market participants are keenly awaiting a speech by US Federal Reserve Chairman Jerome Powell later today. While it’s unlikely he’ll deliver any surprises, his remarks could influence market sentiment and the US Dollar’s trajectory.

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