US Dollar holds steady while President Zelenskyy heads to the White House
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades around 107.40 at the time of writing on Friday and tries to keep a hold on that level.
Markets got shaken up again overnight as United States (US) President Donald Trump confirmed that tariffs for Canada and Mexico are going into effect on March 4. Meanwhile, China will face an additional 10% levy on the same day.
On the economic data front, all eyes on Friday are on the Personal Consumption Expenditures (PCE) data for January.
In the second reading of the US Gross Domestic Product (GBP) for the fourth quarter of 2024 on Thursday, the PCE components for both the headline and the core reading were revised up.
This tweaks traders’ anticipation at the last minute to possibly see a surprise uptick in the Federal Reserve’s (Fed) preferred inflation gauge.
Source: FXStreet