The dollar reacted to data strength initially, but for the euro there is buying interest around 1.2230.
More Quotes from Tim Mazanec:
We are getting a consistent view from the Fed now that they are somewhat worried about the risk of a higher inflation rate. That is going to cause more rate hikes to come and higher yields will help the dollar.Tim Mazanec
It is weaker than expected, but still suggests strong jobs growth in the economy, ... Anything below 390,000 jobless claims is a strong number.
Tim Mazanec
Consumers have been the strongest piece of this economy, so if we see some weakness in retail sales, and the Michigan survey should be off on Friday, we should see the euro win the benefit of the doubt,
Tim Mazanec
People are watching the year-over-year core PCE inflation figure of 1.8 percent and that is not enough to change the debate over the Fed.
Tim Mazanec
The important aspect was core inflation, month-on-month up just 0.1 percent. Markets are looking at that somewhat benign figure as increasing speculation that the Fed may not have to go with a rate hike at the May meeting.
Tim Mazanec
Jobless claims helped (the U. S. dollar), but we're looking ahead to tomorrow and next week at this point.
Tim Mazanec
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