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Following the blowout jobs report, markets are largely data driven. This week sees a slew of important data. Out of the US inflation, retail sales and industrial production. On the UK front, the calendar has jobs, CPI and retail sales and the EU will see GDP on Tuesday. Diplomatic relations between the US and China are deteriorating rapidly following last week’s shooting down by the US of a Chinese balloon…
The 517K non-farm payroll surprised the market. This beat the most bullish forecasts. However, not all may be as it seems.
Powell’s interview saw market volatility, but prices popped with the Fed chair not sounding any more aggressive about raising interest rates.
Watch today’s US Open for commentary on the blockbuster US jobs report, the recent central banks blitz and the impact on EUR/USD, NAS100 and other asserts
065 – What a difference a week makes in the markets
Watch today’s US Open for commentary on the Fed’s feeble pushback against market expectations for a pivot, the BoE’s dovish hike and the ECB’s explicit guidance for another 50 bps rate increase
Job Openings and Labour Turnover came in yesterday ahead of expectations. It printed at 11.01m, ahead of the 10.28m forecast. JOLTS data is lagging and includes full-time and part-time vacancies. This makes its interpretation murky.
The US Federal Reserve downshifted again with a 25 bps rate increase, maintained guidance for more tightening and Chair Powell was hawkish, but not forcefully so
Watch today’s US Open for insights on the upcoming central banks blitz, as the US Fed, the Bank of England and the European Central Bank announce their monetary policy decisions
Fed: 25 bps (priced in). Will the Fed send a strong message? Fed funds futures still pricing a pivot.
Advance GDP for Q4 printed at 2.9% q/q. This is lower than the previous 3.2% for Q3, but higher than the forecast of 2.6% q/q. Durable goods came in at 5.6% m/m - much higher than the expected 2.4% m/m. However, the data is hiding weakness. Consumer spending was lower than expected at 2.1% (2.9% - forecast), and there is a noticeable buildup in inventories. Given the weaker consumption, the…
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