Federal Reserve's Harker, bullish and hawkish, dollar drifts

Ross J Burland FXStreet

Federal Reserve's Patrick T. Harker who ss the eleventh president and chief executive officer of the Third District Federal Reserve Bank, at Philadelphia who was speaking recently repeated that he sees three rate hikes in 2017.

Harker is bullish on GDP growth to 2% on stronger consumer spending while suggesting that the labour market is 'more or less' at full capacity, although sees room for higher wages. On inflation, he expects to see it at 2%.

United States Markit Manufacturing PMI came in at 54.3 below forecasts (55.3) in February

The reaction in the FX space is subdued as there is nothing new here and indeed, if anything, without there being anything more concrete in terms of timings of a rate hike, the dollar can continue to drift lower on the back of the poor manufacturing data seen earlier in the shift. The G10's are catching a bid vs the greenback currently. EUR/USD remains consolidated around 1.0550.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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