The US Dollar (USD) is trading marginally softer on the session. Trade is relatively quiet on the face of it, with the North American holiday schedule (Memorial Day next Monday) after Canada’s day off yesterday perhaps affecting participation, Scotiabank's Chief FX Strategist Shaun Osborne notes.
This week’s data flow has been quite dovish for the Federal Reserve. After the soft April CPI, PPI dropped by 0.5% month-on-month, against expectations of a 0.2% rise, with significant upward revisions for March data.
US President Donald Trump announced during the Asian trading hours on Thursday of “a big news conference (Thursday) tomorrow morning at 10:00 a.m. (14 GMT) in the Oval Office. concerning a major trade deal with representatives of a big, and highly respected, country.”