US Dollar struggles to capitalize on upbeat data ahead of PCE inflation
Here is what you need to know on Friday, January 27: The US Dollar Index managed to post small daily gains on Thursday following the robust macroeconomic data releases from the US but seems to be struggling to gather further bullish momentum early Friday. The benchmark 10-year US Treasury bond yield holds steady above 3.5% […]
AUD/USD hit a 5-month high and stays above 0.7100 ahead of Wall Street’s close
Higher-than-expected Australian inflation data increased the odds of a rate hike by the RBA. Sentiment shifted mixed as Wall Street’s fluctuated between gainers/losers. AUD/USD Price Analysis: A daily close above 0.7100 will pave the way for further gains. The Australian Dollar (AUD) rose to a fresh five-month high at 0.7122 against the US Dollar (USD) […]
USD/CAD stumbles below the 20/100-day EMAs, eyeing 1.3400
US Existing Home Sales continue to deteriorate and weigh on the US Dollar. Retail Sales in Canada dropped, though improved in November, compared with October. Fed’s Patrick Harker supports 25 bps rate hike increases to the Federal Funds rate. USD/CAD is registering moderate losses during the North American session, falling from daily highs nearby 1.3500 […]
GBP/USD climbs towards 1.2390, bouncing from lows hit at the 1.2330 area
GBP/USD is almost flat due to the US Dollar erasing its earlier gains and on a risk-on impulse. Data in the US showed that the housing market remains dampened, a headwind for the US Dollar. Fed’s Waller: Supports 25 bps rate hikes, though does not expect rate cuts by year-end. GBP/USD seesaws during the North […]
Pound Sterling Price News and Forecast: GBP/USD climbs towards 1.2390
GBP/USD seesaws during the North American session, around the 1.2360-1.2390 region, around the London Fix, unable to gain a clear direction. Risk appetite increased, which usually favors the Pound Sterling (GBP), but soft UK economic data weighed on the GBP/USD. At the time of writing, the GBP/USD exchanges hands at 1.2391. Read More… GBP/USD is on the back […]
Seeing path to soft landing for US economy
US Treasury Secretary Janet Yellen told the NPR on Friday that inflation has been quite moderate for the last six months but noted that rent indexes were still rising. Yellen further added that she was expecting rent indexes to come down substantially in next six months and said that she sees a path to loft […]
UoM Consumer Confidence Index improves to 64.6 in January vs. 60.5 expected
Consumer confidence in the US continued to rise in early January. US Dollar Index holds in daily range above 102.00 after the data. Consumer sentiment improved in the US in early January with the University of Michigan’s (UoM) Consumer Confidence Index rising to 64.6 from 59.7 in December. This reading came in better than the […]
S&P500 needs solid earnings to go past key resistance [Video]
US inflation came in line with expectations. The kneejerk market reaction to the data was surprisingly negative, but the major US stock indices extended rally, while the US dollar dropped sharply. The S&P500 ended the session at a very important technical level – the index is now testing the ceiling of the 2022 bearish trend […]
US annual CPI inflation drops to 6.5% % in December as expected
The US Bureau of Labor Statistics reported on Thursday that inflation in the US, as measured by the Consumer Price Index (CPI), declined to 6.5% on a yearly basis in December from 7.1% in November. This reading came in line with the market expectation. On a monthly basis, the CPI declined by 0.1% following November’s […]
JOLTS Job Openings little changed at 10.45 million in November
Job openings in the US declined margianlly in November. US Dollar Index continues to rise toward 104.50. The data published by the US Bureau of Labor Statistics (BLS) revealed on Wednesday that the number of job openings on the last business day of November was 10.45 million, compared to 10.51 million in October and the […]