Price action in commodity and fixed Income markets this past week continue to signal the need for higher rates despite central banks desire to ease monetary policy. Global manufacturing PMI’s are rising again, business sentiment is improving, and US labor markets remain robust. Easing financial conditions and forward guidance by central banks on rate policy is providing a powerful boost to underlying economic conditions at a time when short term inflationary pressures are again rising.
While central banks are keen to at least begin the process of normalizing policy, we think for now patience is warranted. Central banks Core inflation rates both in North America and Europe hover near or just above 3% while Headline inflation rates have declined more drastically. The decline in headline rates has been good news but is unlikely to continue. Energy markets have rallied aggressively and will now begin to meaningfully exert upward pressure on main CPI indexes in the coming months. Europe, in particular, could be susceptible. Headline inflation in Europe has experienced a sharp deceleration recently due to favourable base effects in energy. This is unlikely to continue as past base effects wane and recent upward movements in the price of Oil start to show up in the number
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Options market signals sharp decline in Bitcoin, Ethereum prices while meme coins see gainsThe crypto options market is known to provide early signals to corrections in the spot market.
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GBP/JPY RSI Signals Bullish Stance, MACD Points to Balanced MarketThe daily RSI on the GBP/JPY reveals a strong bullish posture, while the MACD shows a shift towards a more balanced market. The hourly chart discloses the RSI regularly exceeding overbought thresholds. In Wednesday's session, the GBP/JPY is trading at the 191.65 level, showing a 0.57% uptick. The market sentiment for GBP/JPY is majorly bullish, but there is a high likelihood that investors may start taking profits as the cross reached overbought conditions on the hourly chart. On the daily chart, the Relative Strength Index (RSI) pointing north above 50 indicates that buyers currently have a slight advantage in the market. While there are no extreme levels, suggesting overbought conditions, the RSI reveals a generally strong bullish posture. On the contrary, the Moving Average Convergence Divergence (MACD) is generating decreasing red bars, hinting at the presence of negative momentum and pointing toward more balanced market conditions.
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AUD/JPY Advances Amid Mixed Market Signals and Intervention ConcernsAUD/JPY advances, navigating through mixed market signals and intervention concerns, marking a 0.38% increase. Technical indicators point to the first significant resistance at the Tenkan-Sen, with potential to test year-to-date highs. Downside risks remain, with support levels identified at the Kijun-Sen and the 50-day moving average.
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