EUR/USD drops from around the 20-day EMA as sentiment deteriorates
The EUR/USD losses its grip around the 20-day EMA and edges lower as the North American session progresses, amidst a firm US dollar, following the release of a US hot inflation report on Thursday, while mixed US economic data, and hawkish Fed commentary, bolstered the buck. At the time of writing, the EUR/USD is trading at 0.9724. Friday’s price action witnessed the EUR/USD opening around the highs of the day of 0.9808, above the 20-day EMA, but buyers unable to hold the fort paved the way for further losses. The US Commerce Department reported that Retail Sales stagnated in September, with figures coming at 0% ... (full story)
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The US September retail sales report is not terrible, but it doesn’t exactly instill confidence either. Headline sales came in on the softer side at 0% month-on-month versus ...
tweet at 1:39pm: U.S. Treasury’s Yellen: - Seeing Swings in Capital Flows and ‘Strong Movements’ in Capital Markets - Attentive to Spillovers of Macroeconomic Tightening From Advanced Economies to the Rest of the World tweet at 1:39pm: US TREASURY SECRETARY YELLEN: INFLATION IS HIGH IN MANY COUNTRIES, AND GLOBAL GROWTH IS SLOWING. tweet at 1:49pm: US Treasury’s Yellen: - Debt Problems Growing More Acute for Low-Income Countries - One Barrier to Progress on Debt Issues Is ‘Predator’ Country China
US year-ahead inflation expectations rose in early October for the first time in seven months and the long-term outlook also crept up, a potentially worrisome development for the ...
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Think back to this time last year. Inflation was still “transitory”, the S&P 500 began its final bull run to 4,800, Tesla squeezed to $1,200 (pre-split), Ethereum approached ...
tweet at 3:14pm: Fed’s Bullard: - September Inflation Warrants More “Frontloading” Though Not Necessarily Higher Overall Rates - Appropriate That Rates Reach Range of 4.5%-4.75% by Year’s End, With Any Further Hikes in 2023 Being “Data Dependent” tweet at 3:15pm: Fed’s Bullard: - Current Inversion of Yield Curve a “Nominal Inversion” Involving Expected Inflation, Not Indicator of Recession Risk - “Would Not Predict” That Policy Rates Need to Hit 5%; if That Becomes Necessary It Is Because Inflation Is Not Slowing As Hoped tweet at 3:19pm: Fed's Bullard - There is potential for a soft landing given the strength of the labor market and companies reluctance to lay off people -Markets are not overly stressed, but are transitioning to higher interest rates
tweet at 3:33pm: ECB'S NAGEL: IT IS CRITICAL TO TIGHTEN MONETARY POLICY. tweet at 3:34pm: ECB’s Nagel: - We Are in a Very Difficult Situation - Important to Tighten Monetary Policy - Not Thinking About the Neutral Rate - ECB Balance Sheet Is Too Large, Needs to Shrink - ECB Balance Sheet Shrinkage Should Start Next Year