Russell Shor

Last week’s FOMC minutes indicate a small recession near year end. Headline CPI declined but core inched up slightly. University of Michigan Inflation Expectations came in higher than previous. China’s GDP beat forecast and UK inflation expected to decrease into single digits. Other regions reporting CPI include Canada, EU, and Japan. Friday sees flash PMIs reported. Banks kicked off Q1 earnings last week with Netflix and Tesla to release this…

Yesterday, the EURUSD slipped from its bullish channel between the upper blue and red bands. Today, it is looking to reclaim that position. The daily RSI is above 50. The longer it maintains on the bullish side of 50, the greater the chances of higher prices ahead.

GBPUSD has slipped out of its bullish channel and is now trading in the neutral zone between the two blue bands. However, today’s candle (still to complete) shows positivity, with price trading off the low for the day. The daily RSI is above 50 and needs to be watched. If it maintains on the bullish side of 50, the bullish channel, between the upper blue and red bands, may be…

Tesla is set to release its first-quarter earnings on Wednesday, with investors interested in the impact of recent price cuts on margins and demand for the company's electric vehicles. Analysts predict adjusted earnings of 86 cents a share and sales of $23.8 billion for the quarter.

FXCM’s USDOLLAR basket reacted off its key support level at 12,750. The catalyst for the reaction were comments by Fed Governor Christopher Waller.

In March, retail sales decreased by 1%, surpassing economists' predictions for a 0.4% decline. This suggests that consumers are feeling the impact of a more challenging economic climate. There was a decline in purchases of big-ticket items such as motor vehicles. This suggests that higher interest rates are causing the economy to lose momentum at the end of the first quarter. The previous month's data was revised, indicating that retail…

JPMorgan chase, Wells Fargo, and Citigroup beat Q1 estimates.

The USDJPY appears to be charting a head and shoulders top. The pattern is yet to complete, as per the pattern completion gap, but its RSI is on the bearish side of 50. If it maintains on this side of 50, the USDJPY will likely be under pressure.

FXCM's USDOLLAR basket finds itself near the 12,750 level, which is regarded as an important level of support.

The Bank of Canada kept its overnight rate at 4.5%, in line with expectations. It was the first major central to pause its hiking cycle. In its rate statement the BoC said that the “Governing Council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2% target.”

Headline CPI came in lower-than-expected printing at 5% y/y (5.2% y/y - forecast) and 0.1% m/m (0.3% m/m – forecast). Core CPI, which strips out volatile items such as food and energy, came in at 5.6% on an annual basis and 0.4% m/m. The numbers are still above the Fed’s 2% target, but these are signs of moderating inflation