Despite the general index of the US dollar declining by more than 0.20% since the beginning of the session and trading at 94 levels, with the opening of the US markets for the closing session of the week today, Friday, the US dollar is heading to record weekly gains for the fourth consecutive week by more than 0.75%.
Data released moments ago by the US Bureau of Economic Analysis showed an increase in US personal income by $35.5 billion in August, while the PCE, the preferred indicator for measuring inflation, increased by 0.4% on a monthly basis, and the annual index rose to 4.3%, compared to 4.2 % in the July reading to reach $130.5 billion.
The index, excluding food and energy prices, stabilized at 0.3% on a monthly basis and at 3.6% on an annual basis.
The rise in the Fed’s preferred indicator for measuring inflation raises the market’s fears and explains that inflation may not be temporary as the Fed thinks and repeats it, and therefore it is not excluded that the US Federal Reserve will force it to quickly change its monetary policy if the rise continues.
Less than two hours later, the markets are awaiting the ISM manufacturing PMI, where the index is expected to decline to 59.6 in September.
06/11/2024
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