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- European session review: USD slips, weighed down by Fed's dovish message, President Biden's new spending plan
European session review: USD slips, weighed down by Fed's dovish message, President Biden's new spending plan
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:55 | Germany | Unemployment Change | April | -6 | -10 | 9 |
| 07:55 | Germany | Unemployment Rate s.a. | April | 6% | 6% | 6% |
| 08:00 | Eurozone | Private Loans, Y/Y | March | 3% | 3.3% | |
| 08:00 | Eurozone | M3 money supply, adjusted y/y | March | 12.2% | 10.2% | 10.1% |
| 09:00 | Eurozone | Consumer Confidence | April | -10.8 | -8.1 | -8.1 |
| 09:00 | Eurozone | Industrial confidence | April | 2.1 | 4 | 10.7 |
| 09:00 | Eurozone | Economic sentiment index | April | 100.9 | 102.2 | 110.3 |
| 12:00 | Germany | CPI, m/m | April | 0.5% | 0.5% | 0.7% |
| 12:00 | Germany | CPI, y/y | April | 1.7% | 1.9% | 2% |
USD edged down against most of its major rivals in the European session on Thursday after market participants received the reassurance from the Federal Reserve that it would not imminently reduce its support of the U.S. economy and the details of U.S. President Joe Biden's new spending plan.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, went down 0.03% to 90.58.
The Fed repeated its pledge to keep interest rates at record lows and to continue its asset purchases at the current pace until substantial further progress has been made toward the Committee's maximum employment and price stability goals. The Fed’s Chair Jerome Powell also shrugged off concerns for accelerating inflation as "transitory".
The U.S. President Joe Biden unveiled yesterday his $1.8 trillion "American Families Plan", proposing spendings on education, childcare, and infrastructure over the next 10 years. The president called for taxes for the wealthiest Americans to be hiked to help fund his plan.
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