US Dollar dips on University of Michigan data sparking stagflation concerns
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is currently set to close off this Friday in a loss at 103.90 at the time of writing on Friday.
Traders are not really looking at the Greenback but rather at an exodus from Equities and Cryptocurrencies into the precious metals’ market, where Gold has hit another all-time high this Friday at $3,086. The reciprocal tariff deadline is approaching fast, April 2, and clearly has struck a nerve amongst traders and market participants.
On the economic data front, all eyes were on the Federal Reserve (Fed) preferred inflation gauge, the US Personal Consumption Expenditures (PCE) data for February. Nog big beats or surprises. Later this Friday Fed Vice Chairman Michael Barr and Atlanta Fed President Raphael Bostic are still due to speak.
Source: FXstreet