Source: Bloomberg Fed’s chair Jerome Powell said inflation has accelerated but expects it will return to the 2% target as supply stabilizes. SPY is up 1.43%, EURUSD is down 0.20%. The remarks came from Powell’s written testimony to the House Select Subcommittee on the pandemic crisis quoting increased oil prices and spending as the economy reopens.Investors will … [Read more...] about Fed’s Chair Says Inflation on Course Towards Central Bank’s 2% Target
Forex News
GBP/USD Turns Bearish After Hawkish As U.S. Indices Remain Under Pressure
The U.S. dollar turned bullish on Thursday following a hawkish FED report that signaled rate hikes.The British pound remains under pressure amid a resurgent greenback also weighed down by COVID-19 concerns.EUR/JPY also turned bearish amid euro weakness and the Japanese yen that continues to hold firm against the major.Concerns about rate hike are the catalysts weighing heavily … [Read more...] about GBP/USD Turns Bearish After Hawkish As U.S. Indices Remain Under Pressure
Wells Fargo Analyst Projects Treasury Yields Surpassing 2% by Year End
Source: CNBC Wells Fargo’s Michael Schumacher projects US 10-year Treasuries to end this year at a high of about 2.20%. 10 Year Treasury is down -0.004%, DXY is up +0.28%. Despite Treasury yields falling temporarily this week following Fed’s decision on rates, Schumacher says uncertain high inflation outlook will see it rise this year. Schumacher attributes the biggest … [Read more...] about Wells Fargo Analyst Projects Treasury Yields Surpassing 2% by Year End
U.K.’s May Retail Sales Volumes Decreased by 1.4%
Source: Office of National Statistics U.K.’s retail sales volumes in May 2021 came down by 1.4% after April’s sharp increase following relaxation of retail restrictions. FTSE 100 is down 0.80% GPBUSD is down 0.23% Food stores and non-store sellers witnessed the highest monthly decrease in sales volume in May of 5.7% and 4.2% respectively as restrictions for … [Read more...] about U.K.’s May Retail Sales Volumes Decreased by 1.4%
USD/CHF: Dollar Surges Ahead of Jobless Claims Report
Switzerland’s trade balance grew 31.14% (MoM), increasing imports over exports in May 2021. The SNB maintained its interest decision at -0.75, retaining the world’s lowest funds rate into Q3 2021.Weekly US continuous jobless claims are expected to beat consensus estimates at 3.43 million. The USD/CHF pair grew 0.75% on June 17, 2021, from the previous day's close. It … [Read more...] about USD/CHF: Dollar Surges Ahead of Jobless Claims Report
