Daily
Price action on the US Dollar Index is interesting. Monday may have charted a hanging man (green arrow), which is considered a bearish candlestick. A hanging man comes after a sustained up move and has a buying tail and small body. Tuesday’s follow through was a long-legged doji, which indicated indecision by both bulls and bears. So far for today’s session we have a bearish candle (still to complete). No doubt, CPI data out today will alter the picture. However, it is interesting to note that price action seems to be indicating that inflation weakness is still a worry, despite yesterday’s PPI number. The MACD histogram is ticking down and may be indicative of weakness ahead. The CPI release in our view is very important and will reflect Fed policy going forward.
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Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
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GBP/USD remains on the defensive around 1.2500 ahead of BoE
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Gold fluctuates in narrow range above $2,300
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SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
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Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.