The improved sentiment in the Greenback came in line with hawkish FOMC Minutes and another set of positive results from US fundamentals, all reinforcing the Fed’s tighter-for-longer narrative ahead of key PCE data and more Fedspeak.
Despite Friday’s pullback, theUS Dollar managed to reverse recent weakness and closed the week with decent gains. The FHFA’s House Price Index comes on May 28 seconded by the always-relevant Consumer Confidence gauged by the Conference Board. On May 29, MBA will report on weekly Mortgage Applications ahead of the Fed ’s Beige Book.
In the UK calendar, the Nationwide Housing Prices, Mortgage Lending and Mortgage Approvals are all due on May 31. USD/JPY kept the recovery well in place and regained the area beyond 157.00, around the 61.8% Fibo retracement of the steep decline following the suspected FX intervention by the MoF in late April. The final prints of the Coincident Index and the Leading Economic Index are due on May 27. Japan’s Consumer Confidence is due on May 29 ahead of weekly Foreign Bond Investment on May 30.
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