The dollar fell to near record low against the euro on Monday as the market sentiment on the greenback remains negative under the fact that the US economy is facing a soft landing while other major industrial countries are still seen growing. The euro rose to as high as 1.3678 versus the dollar and the sterling rallied to above 2 again. The dollar index is down 1.7% in April, the biggest monthly decline since November 2006.
Today¡¯s US data were mixed, making little impact on the market. Personal income rose 0.7% in March, larger than the estimate of a 0.5% rise. Personal spending was up 0.3%, less than the forecast of 0.5%. Core PCE, an inflation gauge, rose 0.1% in March, after a 0.3% rise a month earlier. Chicago PMI fell from 61.7 to 52.9 in April, adding evidence to the fact that the manufacturing sector is slowing down.
The market will focus on Canada PPI and US manufacturing ISM due tomorrow. Besides, the Reserve Bank of Australia is scheduled to announce its interest rate decision tomorrow evening. It is widely expected to maintain rates unchanged at 6.25%.
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