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- European session review: USD advances on heightened expectations of near-term Fed tapering
European session review: USD advances on heightened expectations of near-term Fed tapering
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | ZEW Economic Sentiment | August | 61.2 | 42.7 | |
| 09:00 | Germany | ZEW Survey - Economic Sentiment | August | 63.3 | 56.7 | 40.4 |
USD rose against most of its major rivals in the European session on Tuesday, as stronger-than-expected U.S. July jobs data boosted expectations that the Federal Reserve could soon start paring back its lofty stimulus.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.15% to 93.08.
In addition, several Fed policymakers, including Atlanta Fed president Raphael Bostic, Richmond Fed president Tom Barkin and Boston Fed president Eric Rosengren, who spoke after the latest jobs data, suggested the time is right to start trimming the U.S. central bank’s $120 billion in monthly bond purchases.
Market participants are now awaiting the U.S. inflation data, set to be released on Wednesday, hoping to get further clues of when the Fed might start tapering.
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