The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, goes nowhere in the US session after some earlier gains this Thursday ahead of some US economic data. Still, there is a long road to recovery, although after a few days with an almost empty US data calendar, traders can brace for a pickup in the next releases. Positive and upbeat data could put inflation concerns back on the agenda, which would fuel higher rates and a stronger US Dollar again.
Meanwhile, the US economic calendar is starting to take shape with the weekly Jobless Claims and the Kansas Fed Manufacturing Activity Index. This all precedes the release of Friday's S&P Global Purchase Managers Index (PMIs) numbers. Later this Thursday, US President Trump will
At 13:30 GMT, the weekly Jobless Claims for the week ending on January 17 came out. The actual number came in at 223,000, coming from 217,000 in last week's count. The Continuing Claims for the week of January 10 came in at 1.899 million, from 1.859 million previously.
At 16:00 GMT, the Kansas Fed will release its manufacturing activity survey for January. No forecast is available, with the previous reading at -5.
In that same timeframe, US President Donald Trump will make a virtual appearance at the World Economic Forum in Davos.
Equities are looking sluggish this Thursday, facing some profit-taking after its broad rally throughout the week.
The CME FedWatch tool projects a 57.1% chance that interest rates will remain unchanged at current levels in the May meeting, suggesting a rate cut in June. Expectations are that the Federal Reserve (Fed) will remain data-dependent with uncertainties that could influence inflation during US President Donald Trump's term.
The US 10-year yield is trading around 4.63%, off its poor performance seen earlier this week at 4.528% and still has a long way to go back to the more-than-one-year high from last week at 4.807%.(Cay) Newsmaker23
Source: Fxstreet
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