| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:00 | Eurozone | Current account, adjusted, bln | February | 39.4 | 45.2 | 29.5 |
USD gave back some of its recent gains against most of its major rivals in the European session on Thursday as risk appetite reemerged.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, decreased 0.05% from the previous close to 105.90 but still within reach of this week's 5-1/2-month high of 106.51 reached on Tuesday.
The U.S. dollar got a boost after a hotter-than-anticipated U.S. March inflation report prompted markets to drastically revise the expectations for the Federal Reserve interest rate path. According to the CME FedWatch Tool, markets are now pricing in just two rate cuts by 25 basis points each from the Fed in 2024 versus six 25-basis-point decreases forecast at the start of the year. September is now seen as the most likely starting point versus June several weeks ago.
In addition, U.S. currency benefited from increased demand for safe havens amid geopolitical tension in the Middle East.