The FOMC statement from March 20, 2024:Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.The...
Morgan Stanley expects US CPI to surprise to the downside in April
This is worth thinking about as we await the FOMC decision. From Morgan Stanley:We expect inflation data “to reverse to downside surprises in April. .. Several data series indicate a rapid deceleration in rents. .. Financial Services inflation is linked with stock...
AUDUSD corrects higher and tests MA and retracement levels ahead of the FOMC decision.
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Preview: Five things to watch for in the FOMC decision
It's Fed day and the market is nervous.The US dollar has strengthened and equities have sunk on fears the Fed could introduce more-hawkish language. Here is what to watch for:1) How likely are hikes?The market started out the year by pricing in more than 150 basis...
European equity close: UK slides with the continent on holiday
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Surge in construction job openings comes to an end with a sharp tuble lower in March
JOLTs job openings for constructionThe JOLTs job openings declined by -325K in the month of March. Within that report, there was an oversized decline in the Construction sector. More specifically, the construction sector showed a decline of -182K job openings for...
Timiraos: Higher wage growth dashes chance of the Fed setting the stage for a summer cut
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Oil prices fall to a six-week low after US inventory data
US oil inventories are filling ahead of driving season.May is typically the strongest month of the year for WTI crude oil prices as the industry switches from building inventories to drawing them as Americans hit the road. Today's numbers showed there will be more oil...
USDCAD modestly corrects lower after the break higher yesterday. What next?
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US weekly EIA oil inventories +7265K vs -1100K expected
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EURUSD moves up to test 200 hour moving average. Finds sellers on the first look
The weaker US I sent dated pushed the EURUSD higher and up to the 200-hour moving average target at 1.06897. Also near that level is the underside of the channel trend line that was broken during yesterday's trade. The high price reached 1.06907 just above that target...
Gold buyers make a stand but they’ll need a cooperative Fed
gold dailyGold yesterday fell below last week's low and looked like it could be in store for a deeper correction but buyers reappeared today, lifting it $21 to $2306.Naturally, the focus is on the Federal Reserve interest rate decision later. There is angst throughout...
JOLTs job openings for March 8.488M versus 8.686M estimate. Lowest since Feb 2021
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US March construction spending -0.2% versus +0.3% expected
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US April ISM manufacturing 49.2 vs 50.0 expected
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US stocks are little changed in early US trading
US stocks 13 minutes into the open art showing mixed results (but little changed):Dow industrial average is up 14.54 points or 0.04% at 37830.47S&P index is down -10.65 points or -0.21% at 5025.05NASDAQ index is down -0.25 points at 15657.57.The small-cap Russell...
US April S&P Global final manufacturing PMI 50.0 vs 49.9 prelim
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The USDCHF broke yesterday to the upside. What keeps the buyers in control?
The USDCHF continued its run to the upside after the breakout yesterday. The pair moved even higher today and got closer to the next target near the 50% midpoint of the move down from the 2022 high, but has backed off in early US trading. What would keep the buyers in...
Canada April S&P Global manufacturing PMI 49.4 vs 49.8 prior
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Kickstart the FX trading day for May 1 w/a technical look at the EURUSD, USDJPY and GBPUSD
As the US session gets underway, the USD is tilting a little to the downside despite stronger ADP jobs report. Of course, the FOMC rate decision and comments from Fed Chair Powell is the highlight for the day. That decision will take place at 2 PM ET with Fed chair's...