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🇺🇸📊 Last week, US unemployment claims hit a 16-month low, reflecting job growth and dampening market expectations of a Fed interest rate cut. On Thursday (18th), the US Dollar Index (DXY), tracking the dollar against 6 major currencies, slightly rose by 0.03% to 103.48, marking its longest continuous increase since August.

Following better-than-expected retail sales data🔗📊, the US Department of Labor announced on Thursday that initial jobless claims decreased by 16,000 to 187,000 after seasonal adjustments, reaching the lowest level since September 2022. These figures were lower than the 207,000 predicted by economists surveyed by foreign media. Eric Bregar, Director of Forex and Precious Metals Risk Management at Silver Gold Bull🕵🏻‍♀️🖋️, noted that the central bank president has postponed this year’s interest rate cut pricing. Overall, economic data is better than expected📜🔍.

According to the FedWatch tool from the Chicago Mercantile Exchange Group, the probability of the Fed cutting interest rates by at least 25 basis points in March is now 57.1%, down from 55.5% the previous trading day and 73.2% a week ago. Another report from the US Commerce Department on the same day showed a significant slowdown in housing construction activity in December, with new housing starts falling by 8.6% to 1,027,000 units. November’s data was also revised downward.

Officials hint at a slower pace of interest rate cuts💬🧮

Fed officials, including Governor Waller, suggest that the speed and timing of rate cuts will be slower than originally expected⏰🐢. Atlanta Federal Reserve Bank President Bostic stated on Thursday (18th) that if future data proves that inflation is declining faster than he expected in the coming months, he would support a faster rate cut than originally anticipated in the third quarter. After reaching its highest level since November 28th yesterday, the US dollar against the Japanese yen remained almost unchanged at 148.14 yen on Thursday (18th)🇯🇵💴. The Bank of Japan will begin a two-day policy meeting on Monday (22nd), and the market expects it to continue its ultra-loose monetary policy. The euro fell 0.08% to $1.08743. The pound continued its gains from the previous trading day, rising over 0.2% to $1.2704. The UK unexpectedly reported a rise in inflation in December, supporting expectations that the Bank of England will cut interest rates more slowly than its peers🤔🫱🏻‍🫲🏼.

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