Global macro overview for 03/05/2016
May 3, 2016 6:32 amVideo
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Global macro overview for 03/05/2016:
In his recent remarks on Monday at the Milken Institute Global Conference, John Williams, president of the Federal Reserve Bank of San Francisco, reiterated his view that the US economy is ready for higher interest rates. In his opinion, the gradual return to more normal interest rate levels over the next couple of years would make more sense as that would be a sign of strength for the global economy. Moreover, he added that the biggest systemic financial risk is the possibility that “broad sets of assets are going to see big movements downward” as interest rates rise. Nevertheless, he insisted on the fact, that the Fed has made an amazing progress in the recent years, and they are prepared for the ongoing global headwinds. In conclusion, the hawkish tone of Williams’ speech might shed some light on the Fed’s possible further policy towards interest rates hike, but please remember that he is known for being the leader of the Fed’s hawks camp for years now.
Let’s now take a look at the US Dollar index technical picture on the daily timeframe. The market is trading right at the level of 92.47, which is the 38% Fibo support and technical support as well. As the long-term of the US Dollar index is bullish, now might be the time for the bulls to step in, reverse the short-term trend and push the prices higher. Growing bullish divergence supports the view.
The material has been provided by InstaForex Company – www.instaforex.com
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