Market Analysis: US Dollar Falls on Weaker Data, Nasdaq Surges to 2021 Peak
Friday, 1 March 2024, 21:57
Key Economic Figures:
- US February ISM manufacturing 47.8 vs 49.5 expected
- US January construction spending -0.2% vs +0.2% expected
- US February UMich final consumer sentiment 76.9 vs 79.6 expected
- US Feburary S&P Global final manfacturing PMI 52.2 vs 51.5 prelim
Fed's Comments:
- Fed's Barkin: High inflation report
- Fed's Kugler: Signs of slower price adjustments
- Fed's Goolsbee: Noticing unusual housing inflation
- The Fed's Daly: No comments on monetary policy
Market Movements:
- Gold up $40 to $2083
- US 10-year yields down 6.8 bps to 4.18%
- WTI crude oil up $1.51 to $79.78
- S&P 500 up 0.8%, Nasdaq up 1.1%
- Bitcoin up 2.1% to $62,750
Overall, the market reacted to softer US economic data by demonstrating a dovish tone, resulting in a decline of the US dollar and various market movements. The week concluded with significant shifts in Treasury yields, gold prices reaching record highs, and notable Bitcoin movements. The evolving economic landscape poses potential challenges and opportunities across different asset classes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.