The US dollar index begins the weekly trading session stable at the level of 103, and thus it is still trading around last week’s levels, and is currently recording a price of 103.45 against the basket of major currencies, and it has achieved some rise for more than two weeks.
At the end of last week, the American trading session closed in New York amid different performances of the main indices. The Dow Jones Industrial Average rose 60 points, while the Nasdaq technology index fell 55 points, and the Standard & Poor’s 500 closed stable without new movements.
Also on Friday, the US Bureau of Economic Analysis issued the core personal consumption expenditures price index. The result was similar to expectations at 0.2% monthly in December, and the rate remains higher than the previous 0.1%, this index is considered one of the most important inflation data. The Federal Reserve is interested in evaluating the feasibility of its decisions in curbing the rise in prices.
This week is full of important economic data related to the American market, most notably the interest rate decision, which the markets are awaiting for release on Wednesday. On Friday, the Bureau of Labor Statistics released the American jobs report for January, which is one of the most important indicators determining the extent of development and strength of the labor sector.
It is expected that the Fed will stabilize the interest rate at this week’s meeting. From the statements of members of the Federal Open Market Committee, expectations are that the Fed will stick to the current interest rate until it is confirmed that inflation rates in the country will slow, and the Fed has raised the interest rate to the current ratio of 5.5. % last July, and so far decision makers have not abandoned it.
Regarding the strong GDP data, which was issued last Thursday, with the index recording 3.3%, exceeding expectations in the last quarter of last year, US Treasury Secretary Janet Yellen says that these results do not mean a rise in inflation in this period, as it is due to spending in healthy aspects in addition to Production gains: The United States is also experiencing rapid long-term production growth during the current years.
