Foreign Exchange Market Update

May 28, 2026

United States

Consumer prices in the U.S. increased slightly in April. The personal consumption expenditure (PCE) price index rose by 0.4% in April after climbing by 0.7% in March. The annual rate of growth of the PCE price index accelerated to 3.8% in April from 3.5% in March.

The monthly increase in consumer prices came as prices for goods grew by 0.7%, while prices for services rose by 0.3%. Excluding food and energy prices, the core PCE price index crept up by 0.2% in April after rising by 0.3% in March. The annual rate of growth by the core PCE price index ticked up from 3.2% to 3.3% in April.

Personal income edged by less than 0.1% in April after climbing by 0.5% in March. Meanwhile, personal spending grew by 0.5% in April after jumping by 1.0% in March. With spending climbing and income virtually unchanged, personal income as percentage of disposable personal income plunged from 3.2% in March to 2.6% in April. 05/28/2026 - 10:41:00 (RTTNews)

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rose slightly in the week ending May 23rd. The Labor Department said initial jobless claims climbed to 215,000, an increase of 5,000 from the previous week's level of 210,000.

The report said the less volatile four-week moving average also rose to 209,000, up 6,250 from the previous week's average of 202,750. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 15,000 to 1.786 million in the week ending May 16th. The four-week moving average of continuing claims also crept up to 1,772,750, an increase of 2,500 from the previous week's average of 1,770,250. 05/28/2026 - 10:03:00 (RTTNews)

U.S. economy grew less in the first quarter of 2026. Real gross domestic product (GDP) shot up by 1.6% in the first quarter, reflecting a downward turn from the previously reported 2.0% surge. The slower-than-previously growth was primarily reflected in investment and consumer spending. The GDP growth in the first quarter still reflects an acceleration compared to the 0.5% increase in the fourth quarter of 2025.

The faster growth reflected upturns in government spending and exports and an acceleration in investment that were partly offset by a deceleration in consumer spending.

The personal consumption expenditure (PCE) price index increased 4.5% in the first quarter. Meanwhile, the surge in the core PCE price index, which excludes food and energy prices, decreased from 4.3% to 4.4%. 05/28/2026 - 11:23:00 (RTTNews)

New orders for U.S. manufactured durable goods soared in April. Durable goods orders spiked by 7.9% in April after jumping by 1.3% in March. The increase in orders for durable goods partly reflected a spike in orders for transportation equipment, which soared by 21.5% in April after jumping by 1.7% in March. Orders for non-defense aircraft and parts led the way higher, skyrocketing by 165.9% in April after plunging by 23.0% in March. Excluding the surge in orders for transportation equipment, durable goods orders shot up by 1.1% in April.

A 3.5% surge in orders for fabricated metal products and a 1.9% jump for primary metals helped offset a pullback in orders for computers and electronic products. Meanwhile, orders for non-defense capital goods excluding aircraft, a key indicator of business spending, slumped by 1.1% in April after spiking by 3.9% in March. Shipments in the same category, which is the source data for equipment investment in GDP, rose by 0.4% in April after jumping by 1.3% in March. 05/28/2026 - 11:02:00 (RTTNews)

Eurozone

Euro traded at 1.1659 against USD at 9:00 AM PST

Italy's producer price inflation quickened further in April amid soaring energy costs. The producer price index climbed 6.8% year-over-year in April, faster than the 4.2% increase in March. The upward trend was driven by 22.8% higher costs for energy. Prices for intermediate goods increased 2.8%, and those for capital goods rose by 1.3%. Costs for consumer goods moved up 0.9%. Excluding energy, produce price inflation was only 1.7%. Monthly, producer prices increased 0.3%, slower than the 4.4% rebound in March. 05/28/2026 - 08:47:00 (RTTNews)

France's producer prices declined in April after a rebound in March. Producer prices declined 2.1% monthly in April, following a 1.9% rise in March. Prices for mining and quarrying products, energy, and water declined sharply by 10.9% after a 0.7% increase previously. Meanwhile, prices for manufactured products rose 0.7%, slower than the 2.3% rise in the previous month. Yearly, producer prices increased 2.1% in April after remaining flat in March. 05/28/2026 - 07:51:00 (RTTNews)

Spain's retail sales grew at the slowest pace since late 2024. Retail sales increased 0.8% yearly in April, weaker than the 4.1% rise in March. This was the weakest growth since November 2024. On an unadjusted basis, retail sales increased 0.3%, which was much slower than the 3.9% increase in April. Month-on-month, retail sales declined 1.5%, in contrast to the 1.2% increase in the previous month. Food sales decreased 0.3% from last month, and non-food sales fell 1.7%. 05/28/2026 - 06:31:00 (RTTNews)