Dollar drifts lower ahead of PCE data; Eurozone inflation expectations lowered
Investing.com - The U.S. dollar drifted lower Friday, ahead of the release of key U.S. inflation data, which could drive sentiment with the Federal Reserve meeting next week.
Fed officials have made it pretty clear over the last few weeks that they remained concerned about inflation, prompting the market to rein in expectations of an early interest rate cut.“The main drivers of FX all point to a stronger dollar: higher Treasury yields, widening swap differentials in favour of the dollar, and falling equities,” said analysts at ING, in a note.
Eurozone consumers saw inflation in the next 12 months at 3.0%, just below the 3.1% expected a month earlier, according to the ECB's Consumer Expectations Survey.However, inflation expectations for three years ahead held steady for a fourth consecutive month at 2.5%, above the European Central Bank’s 2.0% target.
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