US Open– 28 February 2023 (Video)
Watch today’s US Open for commentary on the recent hotter than expected US PCE inflation, the EU/UK trade agreement over Northern Ireland and more
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Watch today’s US Open for commentary on the recent hotter than expected US PCE inflation, the EU/UK trade agreement over Northern Ireland and more
Join FXCM senior market specialists, Russ and Nik, as they discuss the themes driving the markets for this week. In this podcast, the two analysts discuss the Fed minutes that were released last week and how they differed from Fed Chair Powell’s press conference. Core PCE also came in ahead of expectations, with inflation being a primary driver. Join the discussion for these and more.
Yesterday’s GDP data show that the US economy decelerated at a higher pace than previously reported. Q4 GDP was revised to 2.7%, which is down from the previously reported number of 2.9% and lower than Q3’s 3.2%. The revision is due to lower consumer spending and exports, with personal consumption expenditure up 1.4% compared with the prior forecast of 2.1%.
Watch today’s US Open for commentary on Nvidia’s AI-boosted forward guidance, the FOMC minutes and yesterday’s RBNZ policy decision
The FOMC minutes show that the Fed sees a slowing of inflation, which may support a peak in the federal funds rate this year. However, the minutes were penned before notable data. January’s jobs report was strong, showing an increase of 517,000 in nonfarm payrolls. Inflation was also higher than consensus, with the headline CPI printing at 0.5% m/m.
The RBNZ delivered a smaller hike than the previous record 0.75% move, but remained hawkish and maintained its view that more tightening is needed
Watch today’s US Open for commentary on the UK PMI beat that lifted GBP/USD, hawkish minutes by the Reserve Bank of Australia, the narrowing differential between the Fed and the ECB and more
Last week’s CPI and PPI release show a stickiness to inflation. The market seems to be coming around to the Fed’s view whilst several Fed officials talk up interest rates. This week the Fed’s minutes will be released on Wednesday and Friday sees the all-important core PCE release. Join FXCM senior market specialists Russ and Nik as they discuss these and more.
Sticky inflation persists. The prices of median goods and services have ticked up. This slow change of prices is a headache for the Federal Reserve. They will worry that inflation expectations have anchored to an elevated level.
Watch today’s US Open for commentary on the latest data from the US that put pressure on Wall Street, the lower than expected UK inflation and its impact on GBP/USD, the recent earnings releases and more
Watch today’s US Open for commentary on the just released US CPI inflation data and the reaction of EUR/USD and NAS100, insights on Disney’s recent quarterly results and more
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