The EUR/USD pair remained steady around 1.0715 despite the US Federal Reserve’s announcement and comments from Fed Chair Jerome Powell. According to the economic calendar data, the Federal Reserve kept the target range for the federal funds rate unchanged at 5.25%-5.50% at its May meeting for the sixth time in a row, as ongoing inflationary pressures. Also, a tight Labor market suggest that progress towards returning inflation to its natural level of the 2% target this year has stalled. Policymakers acknowledged that while inflation has moderated over the past year, it remains high, and there has been a notable lack of further progress ...
ASX: MINERAL RESOURCES LIMITED – MIN Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with MINERAL RESOURCES LIMITED – MIN. We have determined that wave ((2))-red has ended, and wave ((3))-red can be opened to push higher.ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis ASX: MINERAL RESOURCES LIMITED – MIN 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minuette degree, purple) Mode: Motive Structure: Impulse Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple Details: ...
The Fed news brought some volatility, but the market went sideways. Which direction is next?Yesterday’s trading session was quite volatile and it was to be expected given the FOMC Rate Decision and the Fed Chair Powell’s Press Conference. The S&P 500 rallied after 2:00 p.m. to give back all the gains, ultimately closing 0.34% lower. At the highest point of the day, it was gaining 1.20%.On previous Friday, the index hit a new medium-term low of 4,953.56. This marked its lowest level since late February, with a decline of over 311 points or 5.9% from the record high of 5,264.85 on February 28. Last week, stock prices rebounded as tensio...
S&P 500 withstood strong ADP employment change, overlooking soft landing incompatibility and focusing on the no stagflation angle as that was what helped sink stocks Tuesday (ignore crude oil inventories). Both manufacturing PMI and JOLTS supported soft landing, yet stocks didn‘t rally before FOMC.Such was the daily chart and sectoral reasoning yesterday. And then comes the FOMC statement, not bringing in any major surprise. Given the stubborn and not really retreating inflation, the pushed farther away odds of a rate cut (Nov now the base case), the expectations were for not really dovish Powell, especially since he acknowledged no rea...
At Tuesday’s close, the Dow Jones Index (US30) added 0.23%, while the S&P 500 Index (US500) was down 0.34%. The NASDAQ Technology Index (US100) closed negative 0.33%. US stock indices traded mixed on Wednesday. Stock prices rose after bond yields fell, and Fed Chairman Powell said it was unlikely that the Fed’s next move would be a rate hike. However, the broader market gave up its gains and declined to close on the prospect of higher long-term interest rates. The broader market also came under pressure after Wednesday’s ADP employment change report for April rose more than expected, indicating a strengthening US ...
USDJPY’s price action has shifted, raising questions about the future direction of the currency pair. This analysis examines the technical situation and explores potential scenarios.USDJPY Breaks Key Levels Uptrend Faces Hurdle: A key technical development is the break below the rising trend line on the 4-hour chart and the crucial support level at 153.58. This suggests a potential completion of the upside move that began at 146.47 and reached a high of 160.21. Potential Scenarios Further Decline Likely: In the coming days, further decline is still possible with the next target zone potentially reaching the 151.50 area. Initial Resist...
USDJPY Elliott Wave Analysis Trading Lounge Day Chart, U.S.Dollar/Japanese Yen(USDJPY)?Day ChartUSDJPY Elliott Wave Technical AnalysisFUNCTION: Trend MODE:impulsive STRUCTURE:black wave 5 POSITION: red wave 5 DIRECTION NEXT HIGHER DEGREES: black wave 5 ( started) DETAILS black wave 4 looking completed at 152.970 . Now black wave 5 is in play. Wave Cancel invalid level: 152.970 The USD/JP...
Markets were on pins and needles as to if Powell would be open to the possibility of a rate hike. Pexels He hardly sounded hawkish Wednesday. A dovish message hardly helps cool down the positive wealth effect coming from equities and home prices. It could rather be helping inflation remain sticky.A day prior to the conclusion of the two-day FOMC meeting, the employment cost index for the March quarter was released, and it came in hotter than expected. Private-industry total compensation increased 4.1 percent from a year ago. The series peaked in 2Q22 at 5.5 percent, which was a 38-year high, and has been north of four percent for 11 quarter...
Overview: The US dollar is mixed, but the spotlight is on the Japanese yen. It appears that with the market challenging Monday’s intervention, Japanese officials entered the market shortly after the US equity market closed yesterday, as the Asia Pacific session go underway and sold dollars again. Image via Marc To MarketInitial estimate suggests the intervention amount was two-thirds of Monday’s amount, the timing caught the markets wrongfooted. Tokyo markets are closed Friday and Monday, but yesterday’s operation will likely make the market cautious about challenging Japanese officials without good cause. Most emerging m...
Do billionaires have a right to exist?America has driven more than 650 species to extinction. And it should do the same to billionaires.Why? Because there are only five ways to become one, and they’re all bad for free-market capitalism:1. Exploit a Monopoly.Jamie Dimon is worth $2 billion today… but not because he succeeded in the “free market.” In 2008, the government bailed out his bank JPMorgan and other giant Wall Street banks, keeping them off the endangered species list.This government “insurance policy” scored these struggling Mom-and-Pop megabanks an estimated $34 billion a year.But doesn’t entrepreneur Jeff Bez...