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EUR/USD forecast: Sentiment sours ahead of FOMC minutes
The EUR/USD managed to bounce off its earlier lows as US traders entered the fray, ahead of the publication of FOMC minutes later on. The single currency had initially sold off along with European stocks and commodity dollar. But thanks to ongoing hawkish rhetoric from the ECB, traders were happy to buy the dip this time. A close above 1.0850 would enhance the EUR/USD forecast for the bulls from a technical point of view. But on a macro front, all eyes remain firmly fixated on the US debt limit situation and poor risk appetite. Risk appetite sours Risk appetite soured further in the first half of Wednesday’s ... (full story)
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post at 10:32am: WTI Oil Jumps 2.3% to $74.57 After Huge Weekly Drop in U.S. Crude InventoriesCrude Inventory Data Shows Surprise Draw of 12.5 Million Barrels U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending May 19, 2023, which was 79 thousand barrels per day more than the previous week’s average. Refineries operated at 91.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 1,010 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 3.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 763,000 barrels per day, and distillate fuel imports averaged 156,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 12.5 million barrels from the previous week. At 455.2 million barrels, U.S. crude oil inventories are 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.1 million barrels from last week and are about 8% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories increased 3.1 million barrels from last week and are 32% above the five year average for this time of year. Total commercial petr
post at 10:21am: YELLEN: EVEN IN RUN-UP TO POSSIBLE DEFAULT, THERE WILL LIKELY BE SUBSTANTIAL FINANCIAL MARKET DISTRESS post at 10:24am: YELLEN: MOST IMPORTANT LESSON LEARNED FROM 2011 DEBT CEILING EPISODE IS THAT HOUSEHOLD AND BUSINESSES CAN LOSE CONFIDENCE, IMPAIR ECONOMIC PERFORMANCE post at 10:24am: YELLEN: WE ARE COMMITTED TO NOT HAVING MISSED PAYMENTS, NOT INVOLVED IN PLANNING FOR WHAT HAPPENS IF THERE IS A DEFAULT
post at 10:14am: YELLEN: HIGHLY LIKELY TO RUN OUT OF SUFFICENT CASH EARLY JUNE post at 10:15am: US TREASURY SECRETARY YELLEN: IT IS HARD TO BE PRECISE ABOUT WHICH DAY RESOURCES WILL RUN OUT. post at 10:19am: YELLEN: WE SIMPLY HAVE TO RAISE THE DEBT CEILING #News #Markets #DEBT #capitalhungry post at 10:20am: US TREASURY SECRETARY YELLEN: PAYMENT PRIORITIZATION IS NOT OPERATIONALLY FEASIBLE. post at 10:20am: US TREASURY SECRETARY YELLEN: I'M SEEING STRESS IN THE FINANCIAL MARKETS, INCLUDING BILL AUCTIONS.
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The Chinese government on Wednesday defended its ban on products from U.S. memory chipmaker Micron Technology Inc. in some computer systems after Washington expressed concern, ...
Thank you, Peter, and thank you for the opportunity to speak to you today. I confess I am not an expert on Santa Barbara County's diverse economy, beyond my abiding interest in the excellent wines you produce. But you will hear more about the regional outlook from the other two speakers and so I'll focus my remarks on a broader perspective of the U.S. economy and how the data is shaping my policy views.1 Let me cut to the chase—in my view, data since the last meeting of the Federal Open Market Committee (FOMC) has not provided sufficient clarity as to what we should do with our policy rate at the next meeting. We still have some major data releases coming up in the next three weeks and I'll also be learning more about evolving credit conditions, both factors which will inform me on the best course of action. Between now and then, we need to maintain flexibility on the best decision to take in June. Starting with the economy, activity has slowed from its pace in the latter half of last year. Real gross domestic product (GDP) is estimated to have grown at a modest rate last quarter, and different data available for the current quarter could be interpreted as suggesting growth is slowing or even accelerating a bit. Real GDP grew at an annual rate of 1.1 percent in the first three months of the year. The consensus of private sector forecasts tracked by the Blue Chip survey is for annualized growth of only a tenth of a percent or two above zero this quarter. By contrast, the Atlanta Fed's GDPNow projection, based on a range of data, is for a 2.9 percent growth rate. Retail sales and industrial production rose in April, though those gains followed two months of declining or flat readings. At the same time, April was the second month non-manufacturing businesses expanded modestly, according to respondents of the Institute for Supply Management survey. Despite this slowing in activity from last year, we have a very tight labor market and high inflation. We also are at a period of higher-than-usual uncertainty about how credit conditions are evolving in response to the recent bank failures and stress among some other mid-size banks. Let me talk about each of these three key issues and then conclude with how I see these factors playing into my June policy decision. post at 12:09pm: Waller Does Not Expect Data in Next Couple of Months to Make It Clear Terminal Interest Rate Has Been Reached Waller Says He Does Not Support Stopping Rate Hikes Unless There is Clear Evidence Inflation is Moving Down to 2% Target post at 12:10pm: Waller Says He’s Concerned About Lack of Progress on Inflation Waller Says He’s Concerned Inflation Won’t Come Down Much Unless Growth of Average Hourly Wages Nears 3% Waller: Says April PCE Inflation, May CPI Data Will Be ‘Critical’ post at 12:10pm: *Fed’s Waller: Don’t Halt Hikes Until It’s Clear Inflation is Tamed *Fed’s Waller: Incoming Inflation Data Key for June Rate Call post at 12:11pm: FED'S WALLER: PRUDENT RISK MANAGEMENT MAY SUGGEST SKIPPING A HIKE IN JUNE, AND LEANING TOWARD A JULY HIKE DEPENDING ON INFLATION DATA AND IF BANKING CONDITIONS HAVEN'T TIGHTENED EXCESSIVELY.
The Foreign Exchange market has come a long way from its early days of voice/telephone trading. Before the late 1980s, the FX market was primarily broker-dealer oriented, with ...
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- Posted: May 24, 2023 10:45am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 1,542