Inflation Print Gives Support to USDOLLAR
Initial jobless claims came in at 205K, slighter higher than the 200K expected, and were constant week over week. At the same time, core durable goods and core PCE were released, with both numbers beating consensus. Core durable goods m/m printed at 0.8% (0.6% - forecast) and core PCE m/m was 0.5% (0.4% - forecast). The dollar has been under pressure this week, but these provided some support. FXCM's USDOLLAR basket has moved up and away from the S1 pivot. Its EMAs are looking to cross up and the stochastic has already turned (aqua ellipses). If the EMAs successfully cross and form angle and separation, greenback bulls may be coming back in from the sidelines. A movement by the stochastic to the 80 level, and maintenance of that level, will be bullish, denoting an underlying positive momentum on the hourly time frame.
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Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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