Next week's Federal Reserve interest rate decision possibly just got a lot more interesting.
Last night we got PPI data. In February, the producer price index, a key gauge of wholesale inflation, surged by 0.6%, surpassing expectations by more than double.
The big question now is whether traders will reassess their expectations for the timing of a Fed rate cut. Currently, the market is pricing in less than a 15% chance of a rate cut in May and a 60% likelihood in June.
This PPI report marks the final significant economic data released before the Federal Reserve's forthcoming policy meeting scheduled for March 19-20.
The USD dollar knocked back all its pairs after the PPI announcement. But which pairs are likely to stage a comeback?
The Japanese yen is possibly one of the best prospects in this regard. Traders will be looking for serious talk on Monday about the Bank of Japan ending it decades of extremely low-interest rates (or God-forbid an actual rate hike). The BoJ's Interest Rate Decision is slated for 11 pm on Monday.
Next week, we will also see the release of inflation data from Canada and the UK, adding potential volatility to USDCAD and GBPUSD pairs.
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