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The dollar index (DXY) is down 0.31% following the August core PCE price index report, showing a 0.2% month-over-month increase and 2.9% year-over-year, aligning with expectations. The University of Michigan’s September consumer sentiment index was revised lower to 55.1, a four-month low, from anticipated stability at 55.4.
August personal spending rose by 0.6%, surpassing the 0.5% forecast, and personal income increased by 0.4%, above the expected 0.3%. Richmond Fed President Tom Barkin remarked on decreasing economic uncertainty, with an 86% probability of a 25 basis point rate cut anticipated at the next FOMC meeting on October 28-29.
In Europe, the ECB reported a rise in August 1-year CPI expectations to 2.8%. USD/JPY fell 0.11%, while December gold prices increased by $30.90 (0.82%) due to lower dollar strength and increasing safe-haven demand amid economic uncertainty.
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