| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | Gfk Consumer Confidence Survey | May | -27.3 | -25.9 | -24.2 |
USD depreciated against most of its major counterparts in the European session on Thursday as investors prepared for the releases of the preliminary data on the U.S. GDP growth in the first quarter later in the day and the Federal Reserve's preferred measure of inflation - the March core PCE price index - on Friday.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, fell 0.23% from the previous close to 105.61.
Today’s release is expected to show a 2.5% QoQ expansion in the U.S. economy in the first quarter of 2024 after a 3.4% QoQ advance in the previous quarter, while Friday’s publication is predicted to show a further deceleration in the Fed’s preferred inflation measure to 2.6% YoY in March from 2.8% YoY on February.
If data comes stronger than anticipated this could prompt markets to trim their expectations of the Fed rate cut this year to just 25 basis points, supporting the U.S. currency.