The Fed’s preferred inflation gauge, the Core Personal Consumption Expenditure (PCE), will be released by the US Bureau of Economic Analysis (BEA) at 13:30 GMT. Market participants will scrutinize the data for fresh clues on the timing of the Fed policy pivot.
EUR/USD came under modest bearish pressure and declined below 1.0850 following the softer-than-expected inflation data from Germany. Market focus shifts to January PCE inflation data from the US.
GBP/USD is holding ground above 1.2650 in the European trading hours on Thursday, as the US Dollar remains on the back foot amid a better mood and sustained USD/JPY sell-off. The focus shifts to the US PCE inflation data for fresh USD price action.
Gold price awaits the US core PCE Price Index data for a decisive move. The underlying inflation data will sharpen the interest rate outlook. Fed’s Collins expects the Fed’s path to 2% inflation will be bumpy.
XRP price continued its rally towards the $0.64 target on Thursday. The altcoin climbed to $0.58, sustained above key support at $0.55, maintaining its uptrend.