The US Dollar (USD) jumps higher against every G20 peer on Tuesday as US markets reopen after the Monday holiday. Many tailwinds are helping the Green
back to edge higher. The US appears to be the single green spot in terms of economic performance, with Goldman Sachs erasing its projection for a recession or hard landing as the last bank standing. Meanwhile, both China and Europe seem to be lagging behind. Recent Purchasing Managers Index data suggested a slowdown in China’s services sector, while it showed a persisting contraction in Europe, adding to signs that the old continent’s economy could be on the verge of a hard landing. this week.
The CME Group’s FedWatch Tool shows that markets are pricing in a 93% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing . QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
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