Below is the full statement from the FOMC rate decision:For release at 2:00 p.m. EDTRecent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained...
The Dot Plot sees the end of year Fed funds rate at 5.6%. The 2023 EOY rate at 5.1%.
At the June 2023 meeting the Fed projected the following median estimates for GDP, unemployment, PCE inflation, and core PCE inflation:FOMC median projections from June 2023In September 2023, the Median projections now show: Expectations are for GDP, unemployment,...
The FOMC keeps the target Fed Funds range at 5.25% to 5.50%
The Fed kept rates unchanged at the September 2023 meeting.Highlights:Target rate 5.25% – 5.5%2023 end of year target rate: 5.6%, unchanged from June2024 end of year target rate: 5.10% from 4.6% in JuneEconomic activity has been growing steadily.Job gains have...
BOC Sept minutes: BOC didn’t want to raise expectations of a near-term reduction in rates
The Bank of Canada's Governing Council did not want to set expectations for a rate reduction in the near future, as per the September 6th announcement minutes.The Council's discussions revolved around either maintaining the current rates or increasing them.Given the...
USD moves to new lows ahead of the FOMC decision
The strongest to the weakest of the major currenciesThe USD is the weakest of the major currencies and it is trading to new lows vs most of the major currencies in the current hourly bar. The only currency that the USD is not making a new low is the USDCAD, but it is...
AUDUSD is the biggest mover today with a gain of 0.74%. What are the technicals saying?
The AUDUSD is moving higher today with the pair being the biggest mover of the day (up 0.74%). The move to the upside has seen the price move above a swing area between 0.6480 and 0.6487. On the top side, the next key target comes against swing highs from the week of...
European major indices close higher. Encouraged by the weaker UK inflation data today.
The major European stock indices are closing higher on the day. The indices are encouraged by the lower than expected UK CPI inflation data today. That has traders paring back expectations for the BOE rate hike tomorrow. The expectations are now 50-50 for a rate hike....
NASDAQ index trades at new session lows. Down on the day.
Major US stock indices are trading mixed with the NASDAQ index trading to a new session close down -35.45 points or -0.26% at 13643.01. Meanwhile the Dow industrial averages still higher by about 190 points or 0.56% at 34706.The S&P index is in between those two...
Deutsche Bank now sees the Bank of England keeping rates unchanged at 5.25%
Deutsche Bank now sees the Bank of England keeping rates unchanged at 5.25% on Thursday. They previously saw an increase of 25 basis points. The UK's inflation rate unexpectedly slowed, leading to speculation that the Bank of England (BoE) might pause its interest...
USDCHF moves lower after ceiling area stalls the rally this week. Key support approached.
The USDCHF formed a ceiling last Friday and into this week near the 0.89824 level. The high prices over those days stalled against that level on Friday, Monday and again today. Eventually, the buyers gave up and turned to sellers. The price today has moved lower in...
Algorand Foundation Announces Build-A-Bull Hackathon in collaboration with AWS
The Algorand Foundation, the organization focused on growing the ecosystem for the world's most advanced, secure and reliable layer-1 blockchain, announces the opening of registration for Build-A-Bull, a global virtual hackathon with $200,000 (USD) in prizes. The...
EIA weekly crude inventory stocks -2.135M vs. -2.200M estimate
Crude all inventories -2.135 million versus -2.200 million estimate. The private data yesterday showed a -5.3 million draw.Distillates -2.867M versus a build of 0.217M estimateGasoline -0.831M versus a build of 0.317M estimateweekly refinery utilization -1.8% versus...
USDCAD stalls at the 200 day MA today. Now works back down toward 100 day MA.
The USDCAD yesterday moved below its 100 day moving average and 50% midpoint of the move up from the July low at 1.3397 and 1.3393 respectively after stronger-than-expected CPI data out of Canada. However, sellers turned to buyers, after the failed break, and the...
US stocks higher but off levels implied by the stock futures
The premarket levels employed by the futures were higher than the opening levels, with the NASDAQ index lagging at the open. A snapshot of the market currently shows:Dow industrial average up 94 points or 0.28 percent at 34614.59S&P up 10.37 points or 0.23% at...
Stock futures are pointing to a higher opening in the US
The US stock futures are implying a higher opening for the major indices when the opening bell rings at 9:30 AM ET.Dow industrial average +114 points after yesterday's -106.57 point declineS&P index up 15.30 points after yesterday's -9.5 a point declineNASDAQ...
ECBs Makhluof: I do think we are there or thereabouts at top of ladder on rates
ECB Makhluof speaks on ECB policyECB's Makhluof is speaking and says: I do think we are there, or thereabouts, at top of the ladder on ratesMy view at the moment is that March 2024 is probably too early for 1st rate cutNot saying at our next meeting that we are going...
Kickstart your forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD
It is FOMC day with the expectation for no change in policy by the US central bank. The focus will be on the details of the dot plot and central tendencies along with the statement in the Q&A from Chair Powell. Traders can have their bias, but with the Fed thought...
WSJ Nick Timiraos: There is a lot of optimism on a soft landing. We are there right now.
> Central Banks > WSJ Nick Timiraos: There is a lot of optimism on a soft landing. We are there right now. Central Banks WSJ Timiraos speaking on CNBC <!--> --> <!--> --> Nick Timiraos on CNBCThere's a lot of optimism on a soft landingBut there...
Bank of England Preview: GBP Hangs on by a Thread
POUND STERLING ANALYSIS & TALKING POINTSUK CPI throws a spanner in the works.BoE could go either way tomorrow.May swing low under threat at 1.2308. Recommended by Warren Venketas Get Your Free GBP Forecast Get My Guide GBPUSD FUNDAMENTAL BACKDROPThe British pound...
Dollar Demonstrates Resilience Once Again
Here's a riddle for adults: countries stop using it, analysts predict its decline and regression, but it continues to strengthen. What is it all about? If you answered the U.S. dollar, you are absolutely right.Despite the expressed plans by BRICS leaders to increase...