- European session review: USD weakens against GBP and safe-haven currencies but gains against EUR and most commodity currencies
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European session review: USD weakens against GBP and safe-haven currencies but gains against EUR and most commodity currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 12:30 | U.S. | Personal Income, m/m | February | 0.6% | 0.4% | 0.6% |
| 12:30 | U.S. | Personal spending | February | 0.2% | 0.2% | 0.2% |
| 12:30 | U.S. | PCE price index ex food, energy, m/m | February | 0.2% | 0.2% | 0.2% |
| 12:30 | U.S. | PCE price index ex food, energy, Y/Y | February | 1.7% | 1.7% | 1.8% |
USD traded mixed as in the European session on Friday as coronavirus situation reined in some market optimism, boosted by the fiscal and monetary efforts to support the coronavirus-hit economy.
The U.S. dollar, the world’s most liquid currency, fell against GBP, CHF and JPY, as pledges of the wolds' governments of hefty economic stimulus, including a $2.2 trillion U.S. package, and efforts by global central banks to increase the supply of dollars bolstered a rally in other major currencies. A record surge in U.S. weekly initial jobless claims and the fact the U.S. is now the country with the most confirmed cases of COVID-19 put additional pressure on the U.S. dollar.
Meanwhile, USD rose against EUR as the EU still struggles with the stimulus to support the region's economy. It also gained against most currencies that are closely tied to commodities, including NZD, CAD and NOK, but traded little changed against AUD.
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