By: Gustian Farrow, Head of StoneX TV • Content Channels
Jon Hilsenrath, Senior StoneX Advisor, outlines the bind facing the Federal Reserve and the knock-on effects for currency markets.
--- Written by Gus Farrow
--- Expert: Jon Hilsenrath, Senior StoneX Advisor
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A softer run of U.S. data is doing more to move the U.S. dollar than any chart, with a jobs report and an inflation print set to land back to back. A cooler U.S. CPI report would hand the Federal Reserve room to ease, and that prospect is already loosening the dollar's grip.
The euro-dollar has bounced off multi-year support, but the more important shift is happening in interest rate expectations. As bets on another Federal Reserve rate hike fade, the U.S. dollar is quietly losing the tailwind that carried its recent strength.
The U.S. dollar is the single biggest swing factor for gold and silver, and its long-term trend is now being tested. A confirmed turn in the dollar could reset the outlook for precious metals, either capping them further or opening room toward new records.
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