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Dollar Traders Eye Fed Rhetoric and Economic Indicators
Attention now turns to a high-impact U.S. calendar. Scheduled remarks from FOMC members Goolsbee (1:00 PM ET), Waller (1:35 PM), and Hammack (10:30 PM) could help clarify the Fed’s tone amid diverging views on rate path timing.
Markets are currently pricing in three cuts by year-end, with June as a possible starting point.
Simultaneously, traders will watch for Flash Manufacturing PMI (forecast: 49.0, prior: 50.2) and Services PMI (forecast: 52.8, prior: 54.4) due at 1:45 PM ET, alongside New Home Sales (2:00 PM).
The Beige Book report at 6:00 PM ET may offer qualitative insight into regional business activity ahead of the May FOMC meeting.
Muted Volatility Ahead of U.S. Data Avalanche
Despite today’s cautious tone, the dollar remains technically supported above 98.98, with short-term traders closely watching the $100.00 psychological level. Recent optimism over U.S.-China trade dialogue and tariff clarity continues to underpin sentiment.
With global PMI readings turning mixed—Germany’s Flash Manufacturing PMI fell to 42.2, while UK and French prints also undershot forecasts—the greenback may benefit if U.S. indicators outperform.
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