The US30 has had an indecisive week so far as Jackson Hole looms

  • US30
    (${instrument.percentChange}%)


As we head into the cash open, the US30's weekly candle indicates uncertainty. It has a buying and a selling tail, suggesting that neither bulls nor bears have managed to seize control. The current price is very close to where the index opened for the week. This candle is still active and will look different by market close, but the week has been relatively indecisive until this point.

This hesitation is not a surprise. Market participants are grappling with mixed signals from the Fed. Yesterday St Louis Fed Chair, James Bullard, suggested another 75bps cut and that the central bank "should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation." On the other hand, Kansas City Fed President, Esther George, acknowledged the case for hiking but pointed out that "we have to be very mindful that our policy decisions often operate on a lag. We have to watch carefully how that's coming through."

These come before the Fed Jackson Hole symposium in Wyoming next week. So naturally, all eyes will focus on Fed Chair Jerome Powell's thoughts to help clarify the central bank's stance.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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