The US dollar is demonstrating some resilience despite recent setbacks, perhaps with the market focusing on the upcoming Q1 GDP data which analysts have downgraded to expect a contraction against a consensus forecast of 0.2%. Meanwhile, the dollar looks set to put in its weakest monthly performance since November of 2022 despite what had been some reports of dollar demand on month-end rebalancings earlier today.
In Australia, the Q1 CPI report showed inflation slightly above expectations but the core trim mean dropped, aligning with the RBA’s target range for the first time since Q4 of 2021, supporting expectations of 25 basis point rate cut on May the 20th.
Eurozone Q1 GDP outperformed at 0.4% Q over Q, doubling forecasts, while President Trump was back at it criticizing Fed Chair Powell, also touting his own economic policies.
Looking ahead, we get Canada GDP, the already mentioned US GDP, and other US reads including ADP employment, Chicago PMIs, personal income and spending, and pending home sales.
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