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Major US indices are trading marginally higher

Major US indices are trading marginally higher

The major stock indices are moving to the upside in early US trading. The gains are being led by the NASDAQ index up about 0.5%. The Dow Industrial Average is up around 0.25% and trying to snap a 5 day decline. The NASDAQ soared by over 200 points yesterday on the...

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EURUSD bias remains to the downside after US data dump

EURUSD bias remains to the downside after US data dump

The EURUSD was moving higher in pre-data trading with the price moving toward resistance levels on the hourly chart. The US data was largely stronger than expected, turning the USD back to the upside (the EURUSD lower). That move kept the bias pointing to the downside...

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US dollar climbs as inflation continues to run hot

US dollar climbs as inflation continues to run hot

The US dollar jumped on a stronger PCE inflation reading as the odds of a June Fed hike crossed 50%.USD/JPY led the way in the rally, hitting a session high of 140.31, to marginally crest yesterday's peak and set a new high for the year. Since then though, it's...

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US April durable goods orders 1.1% versus -1.0% expected

US April durable goods orders 1.1% versus -1.0% expected

Durable goods increasesPrior 2.8% (revised to 3.3%)U.S. April durable goods orders increased by 1.1%, outperforming the consensus of a 1.0% decrease, and following a 3.3% increase in March (previously reported as 2.8%).Durable goods orders excluding transportation...

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US April PCE core inflation 4.7% vs 4.6% expected

US April PCE core inflation 4.7% vs 4.6% expected

Prior was +4.6%PCE core MoM +0.4% vs +0.3% expectedPrior MoM +0.3%Headline inflation PCE +4.4% vs +4.2% priorDeflator MoM +0.4% vs +0.1% priorConsumer spending and income for April:Personal income +0.4% vs +0.4% expected. Prior month +0.3%Personal spending +0.8% vs...

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US April wholesale inventories -0.2% vs +0.0% expected

US April wholesale inventories -0.2% vs +0.0% expected

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...

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Busy US economic calendar tees up the long weekend

Busy US economic calendar tees up the long weekend

US trading may tail off early today ahead of a three-day weekend but that won't be before some critical pieces of economic data. We get four numbers to start the day at 8:30 am ET (1230 GMT) including:April PCEApril durable goods ordersApril advance goods trade...

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HSBC raises BOE terminal rate forecast to 5.25%

HSBC raises BOE terminal rate forecast to 5.25%

The firm now expects the BOE to hike further in August and September, in addition to June <!--> Justin Low Friday, 26/05/2023 | 11:36 GMT-0 26/05/2023 | 11:36 GMT-0 --> <!--> Well, the calls are coming in now after the UK inflation data this week. In...

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US futures nudge a little higher on the day

US futures nudge a little higher on the day

S&P 500 futures (5 mins)Dow futures are also seen up 0.1% and Nasdaq futures up 0.3% at the moment as we start to see light gains on the session now. In trading yesterday, there was a heavy contrast in the mood in Wall Street. The Dow suffered losses once again...

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Dollar continues to sit a little lower in quiet trading

Dollar continues to sit a little lower in quiet trading

The dollar is slightly lower on the day but it doesn't take away from the gains so far this week, as the greenback continues to sit in the driver's seat ahead of the US PCE price data later. The technical levels outlined yesterday (as per below) are still very much in...

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ECB’s Lane: No sense of certainty on terminal rate

ECB’s Lane: No sense of certainty on terminal rate

Uncertainty in inflation dynamics is highECB shouldn't predict where rate hikes will end upHe's not trying to give much away but so far, other policymakers at the ECB have hinted that we should expect rate hikes in June and July with one more in September also up in...

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ECB’s Lane: Food inflation will reverse later this year

ECB’s Lane: Food inflation will reverse later this year

Energy price fall will feed into core prices but timeframe is uncertainThere is some upside risks to wage growthReal wage growth correction has to be a gradual processTwo years ago, they were certain that inflation is just 'transitory'. In 2022, they were certain that...

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ECB’s Vujčić: Inflation momentum is still persistent

ECB’s Vujčić: Inflation momentum is still persistent

It is questionable if we will be able to get to 2% in the next two yearsHonesty is such a rarity in the profession nowadays, so the above comments are certainly a breath of fresh air. But if you really want to look at it in one way, it could be suggestive to mean that...

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