Author: FX
Share: Hello Traders, in this article we will analyze our forecast for META in the short term cycle. Since the short term peak of META from 05.22.2023 to end wave (iii) we have been expecting a pullback within wave (iv) to take place. Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a react to take place. We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85%…
AI imageHigher interest rates aren’t yet hitting the consumer hard or bringing inflation back to target, according to today’s April PCE report. Inflation rose 4.4% y/y in an acceleration from 4.2% previously while personal spending surged 0.8% in the month.Bank of America has reaffirmed its base case expectation that the Federal Reserve will not implement a rate hike in June, though the bank maintains an inclination towards a hike in the future, noting that it’s a “close call”. According to BofA, three conditions need to be met for a Fed rate hike: 1) strong economic data, 2) an increase in…
We put up five short-term FX strategies this week, with three directional calls arguably playing out as we hoped to a degree. Check out our quick recap to see how they played out and how we may be able to improve in the future! Forex Setup of the Week: Simple NZD/USD Correction Play – May 21, 2023 NZD/USD 2-Hour Forex Charts by TV At the start of the week, expectations were pretty high that the Reserve Bank of New Zealand would raise interest rates, and with bullish momentum in NZD/USD, we were eyeing the potential for more upside moves in…
US non-farm payrolls have beaten the consensus 13 times in a row and the market will try to stretch that unprecendented streak a week from today.Overall, the week promises a number of key economic data releases that could move the market but the week starts quietly on Monday due to Memorial Day holiday. Tuesday, May 30, will see the release of the House Price Index for March, and the S&P CoreLogic measure, along with the Confidence Board Consumer Confidence for May. Thomas Barkin, a non-voter from Richmond, will speak at 1:00 PM ET.Wednesday, May 31, will begin with MBA Applications…
GBP/USD Prices, Charts, and AnalysisGilt yields push sharply higher on renewed UK rate hike expectations.IMF does a 180 on UK growth prospects.Little in the way of UK data next week. Recommended by Nick Cawley How to Trade GBP/USD UK headline inflation fell back into single digits, figures showed this week but failed to meet analyst expectations, while the core reading rose to levels last seen over three decades ago. While elevated energy prices started to fall out of the reading, food prices, in particular, continued to rise, putting the squeeze on consumers. The financial markets are forecasting that the Bank…
Share: Oil price recovers after the steep sell-off on Thursday due to mixed messaging from OPEC+ members. Russia’s Novak says production cuts are unlikely whilst Saudi Oil Minister seems to imply the opposite. US Dollar corrects after strong rally, giving Oil a backdraught. Oil price steadies on Friday after the previous day’s tumble, as traders weigh conflicting messages from two of the largest members of OPEC+ and the US Dollar weakens. Russia’s Deputy Prime Minister Alexander Novak said that he did not think further cuts would be announced, when only a few days earlier, the Saudi Oil…
Sundry Photography/iStock Editorial via Getty Images 8×8 Inc. (NASDAQ:EGHT) soared 14% as an investor said it planned to talk to management about certain topics, including potential strategic transactions such as business combinations. Sylebra Capital reported owning a 12.4% holding in 8×8 (EGHT), according to a 13D filing on Friday. Separately, Sylebra Capital also reported in a different 13D filing an 8.7% stake in RingCentral (NYSE:RNG) and also said it planned to have discussions with its management about potential strategic transactions, including business combinations. Earlier Friday, RingCentral (RNG) was upgraded to buy at Needham, citing stabilizing growth and improved free cash…
Share: US economic strength shown by the latest round of data raises prospects of a June Fed rate hike, boosting the US Dollar. Wall Street climbs despite a rise in Fed’s gauge for inflation, with Core PCE hitting 4.7% YoY. Rising US Treasury bond yields and Fed hawkish commentary could hurt Gold’s recovery. Gold price recovers some ground but remains shy of reclaiming the $1950 figure after solid economic data in the United States (US) suggests the Federal Reserve (Fed) could opt to hike again in June. Consequently, US Treasury bond yields are rising, while the US Dollar…
Share: In an interview with CNBC on Friday, Federal Reserve Bank of Cleveland President Loretta Mester said that the Personal Consumption Expenditures (PCE) Price Index released on Friday underscored the slow progress on inflation. Breaking: US Core PCE inflation increases to 4.7% vs. 4.6% anticipated. “It’s probably not wise to sort of pre-guess what the meeting outcome will be,” Mester said when asked whether another rate increase is warranted at the upcoming FOMC meeting. Key takeaways “Tighter monetary policy is still feeding into the economy.” “I may have to revise up my inflation forecast.” “Everything is on the table…
Share: Gold price is under pressure amid dwindling rate cut expectations. Nonetheless, economists at Commerzbank see only limited further downside potential. Development of physical demand in Asia is hardly likely to influence prices “Hopes of any rate cuts in the US in the near future have been dampened this week, thereby weighing on the Gold price. A new US labour market report will be published at the end of next week. If it shows a further cooling, as many observers anticipate, this would likely reduce rate expectations, especially if a compromise were to be reached in the US…