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US Dollar Forecast: GBP/USD Recovery Stalls Ahead of 50-Day SMA
GBP/USD struggles to hold its ground going into the Federal Reserve interest rate decision amid the pickup in the US Employment Cost Index (ECI), but the exchange rate may further retrace the decline from the April high (1.2710) if it shows a limited response to the negative slope in the 50-Day SMA (1.2617). The recent recovery in GBP/USD seems to have stalled ahead of the moving average as it slips to a fresh weekly low (1.2466), and it remains to be seen if the Fed will sway the near-term outlook for the exchange rate as the central bank is anticipated to retain the status quo. Join David Song for the Weekly ... (full story)
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- From @financialjuice|May 1, 2024|1 comment
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- From think.ing.com|May 1, 2024|1 comment
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- From federalreserve.gov|May 1, 2024|22 comments
Recent indicators suggest that economic activity has continued to expand 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. In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‑backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation e post: FOMC STATEMENT COMPARE pic.twitter.com/eNQfsvqMI8 post:
FED VOTE IN FAVOR OF POLICY WAS UNANIMOUS. post: *FED HOLDS BENCHMARK RATE IN 5.25%-5.5% TARGET RANGE *FED: LACK OF FURTHER PROGRESS TOWARD 2% GOAL IN RECENT MONTHS post: THE FED DOES NOT EXPECT IT WILL BE APPROPRIATE TO CUT RATES UNTIL IT HAS GAINED GREATER CONFIDENCE INFLATION IS MOVING SUSTAINABLY TOWARD 2%.
- From cnbc.com|May 1, 2024
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- From youtube.com/federalreserve|May 1, 2024|2 comments
The Federal Reserve conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the ...
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- Posted: May 1, 2024 1:45pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 3,644