Yesterday, USD weakened against most major currencies except NZD and EUR.
The retail sales m/m data released yesterday indicated a decline in consumer spending as consumers were affected by the bad weather.
It is expected that the central bank will keep interest rate and monetary policy unchanged. Since the previous meeting in December, a lot has changed. More people were inoculated with the vaccine and that economic outlook in the U.S. has become brighter. As a result, the Federal Reverse may likely revise their economic projections. Also, with the recent concern of rising inflation that led to a strong sell-off in the bond market, focus on what the central bank has to say about this issue.
The Federal Reserve will also be holding a press conference at 0230 (SGT).
During this time, volatility in USD is expected.
The retail sales m/m data released yesterday indicated a decline in consumer spending as consumers were affected by the bad weather.
- Core Retail Sales m/m (Actual: -2.7%, Forecast: 0.2%, Previous: 8.3% revised from 5.9%)
- Retail Sales m/m (Actual: -3.0%, Forecast: -0.5%, Previous: 7.6% revised from 5.3%)
- Building Permits (Forecast: 1.74M, Previous: 1.88M)
- Housing Starts (Forecast: 1.56M, Previous: 1.58M)
It is expected that the central bank will keep interest rate and monetary policy unchanged. Since the previous meeting in December, a lot has changed. More people were inoculated with the vaccine and that economic outlook in the U.S. has become brighter. As a result, the Federal Reverse may likely revise their economic projections. Also, with the recent concern of rising inflation that led to a strong sell-off in the bond market, focus on what the central bank has to say about this issue.
The Federal Reserve will also be holding a press conference at 0230 (SGT).
During this time, volatility in USD is expected.
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