Global macro overview for 22/05/2017
May 22, 2017 8:28 amVideo
Latest News
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
Global macro overview for 22/05/2017:
In the late Friday comments, St Louis Federal Reserve President Bullard said, that since the last FOMC meeting in March the job market conditions have deteriorated significantly and the inflation is not growing as strong as expected. After the March interest rate increase, the inflation is not rising as fast and the long-term yields are in decline. This is why he suggest the FOMC is moving too fast for rising interest rates at the next meeting. Bullard is a well-known supporter of low interest rates, belonging to the doves’ camp, so he thinks one interest rate hike per year should be enough for the current economic conditions. This is why his dovish comments are no surprise, but the impact on FOMC Chairperson Jannet Yellen might be quite important. Interestingly, earlier this year FOMC announced two of three interest rate hikes in 2017.
Let’s now take a look at the US Dollar index technical picture on the H4 time frame. Since the last interest rate hike, the index keeps making lower highs and lower lows and now is trading quite close to the important support at the level of 95.91, when the results of the US presidential election were announced. So far the lowest low has been made at the level of 97.07 and now the price is trying to bounce above the technical resistnace at the level of 97.31. Nevertheless, to reverse the trend, the bulls would have to push the price above the level of 98.48 and then above the level of 99.90.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: