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The major European indices are all closing lower on the day. The biggest decliner was Italy’s FTSE MIB with a fall of -1.74%. Spain’s Ibex was the best performer with only a decline of -0.70%. Below is a summary of the changes for the indices:
Europe (Euro Stoxx 50): 5,537.50, -88.10 (-1.57%)
Germany (DAX 40): 24,241.47, -369.79 (-1.50%)
France (CAC 40): 7,918.01, -123.35 (-1.53%)
United Kingdom (FTSE 100): 9,427.46, -81.93 (-0.86%)
Spain (IBEX 35): 15,476.49, -108.32 (-0.70%)
Italy (FTSE MIB): 42,047.49, -744.11 (-1.74%)
For the week, the indices also moved lower:
This article was written by Greg Michalowski at investinglive.com.
The EURUSD raced higher with the dollar selling after US China tensions increased with Pres. Trump saying that massive tariffs would need to be imposed on imported goods from China in response to their export controls on rare earths.
The move to the upside saw the pair extend toward key resistance at the near converged 100-hour moving average and 100 day moving average near 1.1631 to 1.1633. The high price reached 1.1630 and has backed off a bit. The current price is trading at 1.1613.
The holding of those to moving averages comes as no surprise as risk can be defined and limited against the levels.
The successful test of the moving averages increases that level as a key risk-defining level. Stay below keeps the sellers in play. Move above and the bias could see more upside momentum with the swing area between 1.1645 and 1.16596 the next key hurdle.
This article was written by Greg Michalowski at investinglive.com.
If you don’t know what inflation is doing, you can’t fight it.
The BLS has announced that despite the government shut down, they will look to release the CPI data on Friday, October 24 at 8:30 AM. They added that no other releases will be rescheduled or produced until the resumption of the regular government services..
Fed’s Waller spoke earlier on inflation and the economy (and policy). Below is a summary of his comments on inflation, and also the importance of the CPI data:
Tariffs and inflation: Waller said the inflationary impact of tariffs is a one-time effect and should be looked through by policymakers.
CPI importance: He stressed that upcoming CPI data will be crucial for the Fed’s next meeting.
Inflation swings: If inflation rises temporarily and then falls back, it should not influence monetary policy.
Policy stance: The Fed still needs to cut rates, but will do so cautiously and gradually, in quarter-point steps, rather than aggressively.
This article was written by Greg Michalowski at investinglive.com.
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