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The Federal Reserve, facing the ongoing challenge of high inflation, decided to hold its benchmark interest rate steady during its latest Federal Open Market Committee (FOMC) meeting. The decision was influenced by concerns about persistently high inflation, with Chair Jerome Powell emphasizing the need to be “highly attentive to inflation risks.” Key Highlights Market Reaction…
Strengthening Dollar Amidst Inflation Concerns The U.S. dollar is experiencing a rebound, primarily driven by the latest Employment Cost Index, which rose by 1.2% in Q3, indicating the fastest pace of increase since the same quarter in 2022. This surge in employment costs contributes to a broader narrative that the U.S. economy remains robust, characterized…
The U.S. economy’s growth in the first quarter of 2024 was more subdued than expected, marking a slowdown from the robust growth seen in previous quarters. The advance GDP estimate of 1.6% annualized growth released by the Bureau of Economic Analysis (BEA) fell short of economists’ consensus of 2.5%. This deceleration becomes more pronounced when…
Currency traders are reading what they want from US data as immediate reaction to the Advanced GDP figures see a strong push by the greenback. Note we have the headline figure coming in at 1.6% quarter-on-quarter well short of the consensus forecast of 2.5% quarter-on-quarter though previous results did see an upside adjustment to 3.4%…
US Flash Manufacturing PMI saw a dip below 50 at 49.9, technically signalling a contraction, against consensus forecast of 52.0 while Flash Services PMI also fell short to read 50.9 against the consensus forecast of 52.0. As a response we are seeing across the board dollar weakness with Cable making the most of the situation…
Financial markets start the Asian Trading Day in turmoil following reports of an attack by Israel on Iran with a quick pop higher by Gold, Oil, and the Swiss Franc. Immediate reports indicate a limited strike using drones into central Iran. Nuclear facilities remain unaffected. Look for Iranian response to the attack otherwise we could…
Major dollar pairs saw a quick drop with the close of London though we see little catalyst behind the move with a mostly light calendar day. Prior to the drop we have seen the greenback in mostly choppy trading with technical impetus fueling an EURUSD attempt at consolidation, GBPUSD failure to hold early gains, and…
Yen pairs saw a sudden drop across the board at the open of New York with USDJPY seeing lows of 153.89 from 154.76 in two minutes, EURJPY dropped to lows 163.772 from 164.554, and GBPJPY with lows of 191.856 off 192.794. Note market was highly wound up over extremely Overbought USDJPY, EURJPY, and GBPJPY and…
Consumer Price Index (CPI) report has delivered a clear message to the markets: inflation remains persistently high, with the Bureau of Labor Statistics announcing a 3.5% year-over-year increase in March, surpassing both last month’s figures and market expectations. This acceleration, driven notably by rises in housing and gasoline prices, suggests that the Federal Reserve’s path…
