Ipek Ozkardeskaya
Swissquote Bank Ltd
America had another ‘bad news is good news’ moment yesterday; softer-than-expected ADP and growth data further fueled expectations that the Federal Reserve (Fed) is – maybe – good for a pause.
The S&P500 gained for the 4th consecutive session yesterday, as US 2-year yield settles below the 5% level. The softening Fed expectations are weighing on the US dollar, but keep in mind that the seasonality is on the dollar’s side in Septembers!
In Europe, the latest inflation numbers showed that inflation in both Spain and Germany ticked higher in August for the second month warning that the aggregate CPI number may not confirm a fall to 5.1% in headline inflation due to rally in energy prices. Later, the US core PCE data will say the last word before tomorrow’s jobs data.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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