US PMI data exceeded expectations, the US dollar strengthened, investors followed Powell's speech

As Fed Chairman Powell is about to deliver a speech at Jackson Hall annual meeting, investors digested stronger than expected US economic data and the US dollar strengthened. The U.S. PMI announced on Thursday exceeded expectations, boosting the dollar. Deutsche Bank analysts said the data prompted investors to lower expectations of the Fed's interest rate cut, making investors nervous before Powell's speech. Analysts pointed out that investors will pay close attention to whether Powell will pay more attention to weak employment data than stable labor market idle indicators and solid economic activity and inflation data.