US Dollar, S&P 500 Look to PCE, GDP Data After Powell Speech

US Dollar, Fed Chairman Jerome Powell – TALKING POINTS

  • US Dollar, NZD, AUD, S&P 500 steady after Fed Powell’s speech
  • Chairman said central bank will adjust policy if risks materialize
  • Markets eyeing US-China trade talks, US PCE and GDP data next

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The US Dollar along with its Australian and New Zealand counterparts remained broadly unchanged after Fed Chairman Jerome Powell delivered his speech in Rhode Island. He reiterated the central bank’s position that policy is appropriate where it is now and unless the outlook materially changes, an adjustment in interest rates is not warranted. One fundamental headwind that could cause the Fed to tilt more dovish is the trade war.

AUD/USD, NZD/USD, S&P 500 Futures, Crude Oil Prices – Daily Chart

AUD/USD chart created using TradingView

Several officials have expressed concern about the US-China trade war and the impact it has had on business confidence and manufacturing. Mr. Powell in particularly has been worried about the Sino-US conflict, claiming it has played a large role in the industrial “recession” the world is experiencing. Going forward, a key concern is preventing the contagion of the manufacturing slowdown from infecting the services sector.

Looking ahead, traders will be waiting for the release of US GDP and Personal Consumption Expenditure (PCE) data. The latter is a well-known favored inflation-gauging tool of the Fed, and as such, it carries significant weight in tilting the scales of policymakers towards more hawkish or dovish inclinations. Ongoing US-China trade talks throughout the week will also be highly scrutinized as the December 15 tariff deadline approaches.

US DOLLAR TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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