The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, continued to strengthen on Thursday (27/2), breaking above 107.00 as markets digested the second reading of the United States (US) Gross Domestic Product (GDP) and its inflation component. Traders were surprised by the higher-than-expected Personal Consumption Expenditures (PCE) data, which reinforced concerns over persistent inflation.
Daily Market Movers Summary:
US dollar strengthens after GDP inflation surprise
US GDP for Q4 2024 came in line with estimates at 2.3%, confirming steady economic growth.
The PCE inflation component beat expectations at 2.4%, while core PCE jumped to 2.7%, compared to the estimate of 2.5%.
US Initial Jobless Claims rose to 224,000 for the week ending February 21, indicating a slight weakening of the labor market. US Continuing Claims fell to 1.862 million, beating estimates of 1.870 million.
On the foreign policy front, US President Donald Trump caused confusion over the implementation of tariffs, contradicting previous statements.
Markets reacted to tariff uncertainty as Trump doubled the 25% levies on Canada and Mexico, which are set to take effect on March 4. (Newsmaker23)
Source: FXstreet
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