| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | Australia | Retail Sales, M/M | August | 0.1% | 0.4% | 0.7% |
During today's Asian trading, the US dollar consolidated against major currencies after yesterday's growth caused by "hawkish" statements by Fed Chairman Powell that in the future the Central Bank is likely to cut the interest rate by 0.25%, given the latest data on GDP and consumer spending.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.01% to 100.79. Yesterday, the index jumped 0.32% as investors overestimated the prospects for the Fed's monetary policy amid Powell's comments. According to the CME FedWatch Tool, markets see a 34.7% probability of a 0.50% rate cut at the November meeting (down from 58.2% a week earlier) and a 48.4% probability of a 0.25% rate cut in December (compared to 48.9% a week earlier), with a 0.7% rate cut expected by the end of the year. Meanwhile, experts said that given the Fed's current attention to the labor market, today's job openings data and ISM manufacturing PMI for September will be important for expectations on rates and the dollar. According to forecasts, job openings fell to 7.67 million in August from 7.673 million in July, and the ISM manufacturing PMI rose to 47.5 from 47.2 in August.
The Australian dollar rose 0.2%, helped by Australian data. The Australian Bureau of Statistics said retail sales rose 0.7% in August after an increase of 0.1% in July (revised from 0%). It was the fifth straight month of increase and the fastest pace since January. Economists had expected sales growth of 0.4%. On a yearly basis, retail sales rose 3.1%. By industry, sales for food, clothing, department stores, other retailing and cafes and restaurants all were up, while sales of household goods slumped.