Dollar slips on PCE data

The financial markets were flat today with most of the Asian and European markets seeing thin trading on account of Easter Monday holiday. The US dollar remained well bid into the early Asian trading session as the equity markets closed mixed. The Nikkei225 gained 0.77% while the Shanghai composite fell -0.72% during the day. The US Dollar is up 0.21% against the Yen. Analysts estimate the USDJPY to head lower as Japan’s fiscal year ends on March 31st. On the commodity currencies, the AUDUSD is up 0.51% after prices fell early in the trading session to post a session low near 0.7498. The NZDUSD was also stronger today following similar moves to the AUDUSD. The Kiwi is up 0.54% for the day, trading at 0.672.

In Europe, the markets remained quiet with no economic releases to go by. The EURUSD continued to remain flat into early European trading session with the downside being largely limited. EURUSD touched session lows near 1.1155 before gaining 0.11% trading at 1.118 currently. GBPUSD has gotten off to a strong start gaining 0.55% after prices stayed flat for most of Friday and early European trading session today. GBPUSD is trading at 1.422 at the time of writing. European equity markets were all trading in the red today with the German DAX fell -1.71% and the London FTSE100 down -1.49%.

[Tweet “WTI Crude Oil prices are weaker today falling -0.18% and currently trading at $39.50 a barrel”]

The NY trading session opened today with the US PCE data being released by the department of commerce. Data for the month of February showed the Core PC price index rising 0.10%, less than forecasts of 0.20% and down from 0.30% increase seen in January. Personal spending in the US was also soft, rising only 0.10% against 0.20% expectations. Previous month’s data was also revised lower from 0.50% to 0.10%. Personal income was the only bright spot, rising 0.20% above forecasts of 0.10%, but still below January’s 0.50% increase. The US Dollar eased back on the data. Further data from the US today includes the pending home sales for the month of February which is expected to show a 1.20% increase after January’s decline of -2.50%. US pre market data showed a stronger open with the Dow Futures currently up 0.11% and the S&P500 up 0.17% ahead of the opening bell.

On the commodity front, Gold prices are trading flat, up 0.09% only, trading at $1218 an ounce. Prices initially slipped lower to test intraday lows at 1209 before reversing higher. WTI Crude Oil prices are weaker today falling -0.18% at the time of writing. Crude Oil is currently trading at $39.50 a barrel.