BREAKING: USD drops after soft PCE data

The US data pack for February, including PCE inflation data, was released today at 1:30 pm BST. PCE data turned out to be softer than expected with headline measure dropping from 5.4 to 5.0% YoY (exp. 5.1% YoY). Core gauge also decelerated - from 4.7 to 4.6% YoY - while market expected it to stay unchanged. Personal spending data missed expectations slightly, while personal income turned out to be slightly better than expected.

US, data pack for February

Headline PCE: 5.0% YoY vs 5.1% YoY expected (5.4% YoY previously)
Core PCE: 4.6% YoY vs 4.7% YoY expected (4.7% YoY previously)
Personal Income: 0.3% MoM vs 0.2% MoM expected (0.6% MoM previously)
Personal Spending: 0.2% MoM vs 0.3% MoM expected (exp. -0.1% MoM previously)

Market reaction to the release can be seen as dovish - USD pulled back while equities gained. EURUSD jumped back towards 1.09, USDJPY dropped below 133.00 mark and US500 is testing 4,100 pts area.

USDJPY at H1 interval. Source: xStation5

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