The dollar is trying its best to recover despite Commerce Secretary Lutnik’s criticism of Federal Reserve Chair Powell, calling for his resignation and lower interest rates. President Trump’s visit to the Federal Reserve’s headquarters renovation site today marks a rare presidential appearance, following only three prior visits in history.
The European Central Bank’s upcoming decision is expected to hold steady, with markets watching for hints of a shift from its dovish stance amid a rising euro. Overnight, Australia and the Eurozone saw strong PMI gains, while Japan’s remained flat and the UK’s dipped. The Australian dollar hit an 8-and-a-half-month high, supported by Reserve Bank of Australia Governor Bullock’s less dovish comments, emphasizing a cautious approach to rate cuts and noting persistent labour market tightness.
Meanwhile, EU officials meet Chinese President Xi Jinping today, and US economic data, including jobless claims and flash PMIs, are due.
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