The US economic docket will feature Personal Consumption Expenditures Price Index data, the Federal Reserve's preferred gauge of inflation, for June later in the day, alongside Personal Income and Personal Spending figures. Finally, the University of Michigan will release revisions to July Consumer Sentiment Index data. According to the US Bureau of Economic Analysis' first estimate, the United States' Gross Domestic Product expanded at an annual rate of 2.8% in the second quarter.
policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.
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