Daily digest market movers: US Dollar dips on weak PCE data
- On Friday, May’s Personal Consumption Expenditures (PCE) showed headline inflation soften to 2.6% YoY, down from the previous month’s 2.7%.
- Core PCE (which excludes volatile food and energy prices) has also experienced a decline to 2.6% from the previous 2.8% in April.
- US Treasury yields provide resilience to the Dollar, with the 2, 5 and 10-year rates at 4.71%, 4.32%, and 4.33%, respectively.
- Probability of a Fed rate cut in September marginally increased to 66%, up from the pre-release expectation of 64% as per CME Fedwatch Tool.
- Focus will now shift to labor market data from June.
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