U.S. GDP Data Impact on Dollar Stability
Markets are watching U.S. GDP and inflation data, which may influence central bank decisions. The euro faces headwinds as indicators reflect persistent challenges. Meanwhile, commodities remain volatile, with oil finding stability and gold pulling back from recent peaks.
Key Data Out Today
- U.S. GDP (Q4 Preliminary) – Expected to remain steady at 2.3%
- U.S. Jobless Claims (Feb 21) – Forecast at 221K
- U.S. Durable Goods Orders (Jan) – Market looking for signs of recovery after last month’s drop
- ECB Meeting Accounts – Insight into policy discussions amid weak Eurozone growth
- Pending Home Sales (Jan) – Expected at -1.3%, signaling ongoing housing market weakness
Commodities
- Crude Oil (WTI: $68.65, Brent: $72.52) – Oil prices remain weak, reflecting concerns about slowing global demand.
- Gold ($2,893, ↓ 0.87%) – Gold falls as traders assess Fed policy outlook.
- Silver ($31.84, ↓ 0.13%) – The metal remains volatile but has held recent gains.
Currency Movements
EUR/USD (1.0472, ↓ 0.11%)
The euro faces pressure as European sentiment indicators remain weak. Markets await U.S. GDP data for further direction.
GBP/USD (1.2662, ↓ 0.10%)
The pound eases slightly but remains supported by expectations that the Bank of England could hold rates steady.
AUD/USD (0.6297, ↓ 0.12%)
The Aussie struggles as risk sentiment remains fragile, with weak commodity demand adding pressure.
NZD/USD (0.5683, ↓ 0.36%)
The kiwi continues to slide as markets digest weak economic indicators and falling risk appetite.
USD/JPY (149.29, ↑ 0.13%)
The yen weakens slightly as traders await key U.S. data for rate expectations.
USD/CNY (7.2714, ↑ 0.08%)
The yuan remains under pressure amid concerns about China’s growth outlook.
USD/CHF (0.8960, ↑ 0.14%)
The Swiss franc softens slightly as traders adjust safe-haven positions.
USD/CAD (1.4341, ↑ 0.03%)
The Canadian dollar remains steady, with oil prices stabilizing.
USD/MXN (20.37, ↓ 0.24%)
The peso strengthens as markets expect stable monetary policy.
USD/INR (87.20, ↑ 0.01%)
The rupee remains steady, with investors monitoring global risk factors.
Market Outlook
Investors are closely watching U.S. GDP and inflation data, which could influence Federal Reserve policy expectations. A strong reading could reinforce expectations of a longer period of higher interest rates, supporting the U.S. dollar. Meanwhile, the euro remains under pressure due to weak sentiment indicators, while the pound is holding steady ahead of key BoE developments. Commodities remain volatile, with oil struggling to recover and gold pulling back from recent highs.