Daily digest market movers US Dollar retreats despite sticky inflation data

Despite US data indicating rising inflation, the DXY remains on the back foot.

The market is pricing in a more hawkish stance from the Fed, which could lead to less cuts in the near term.

This hawkish stance is likely contributing to the recent strength of the US Dollar against other currencies.

Data is showing that the economy keeps doing well with no recession in view.

The Q3 Gross Domestic Product (GDP) was reported at  2.8% as expected.

Initial Jobless Claims improved to 213K, better than the expected 217K.

Durable Goods Orders rose by 0.2% in October, lower than the expected 0.5% but higher than September's -0.4%.

The PCE Price Index rose by 0.2% MoM and 2.3% YoY as expected. The core PCE annual figure increased by 2.8% YoY, meeting forecasts as well.