On Wednesday a whole block of US data came out that sets the direction of the market for the next few days.
📊 Core PCE, the Fed's main inflation gauge, came in weaker than forecast: 0.2% vs 0.3% expected. On its own that's a soft signal, and it usually weighs on the dollar.
But the rest of the data outweighed it.
📊 Final US GDP came in at 2.2% vs a 1.5% forecast, ADP employment showed 90K new jobs vs 73K expected, and Chicago PMI went as high as 58.8 vs a 51.2 forecast. Above 50 means business activity is growing, and a gap this wide from the forecast is rare.
🇺🇸 Overall, the soft inflation took a back seat for the market: it reacted to a US economy that turned out stronger than expected.
ADP is also interesting as an early guide ahead of the main report of the week: Nonfarm Payrolls comes out on Friday at 12:30 GMT.
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