News

Fed’s Musalem does not speak on the economic outlook in speech text.

Waller also does not comment on economy or Fed policy in his remarks.

This article was written by Greg Michalowski at www.forexlive.com.

Daily Pivots: (S1) 1.1377; (P) 1.1462; (R1) 1.1507; More… Intraday bias in EUR/USD remains mildly on the downside. Pull back from 1.1572 short term topping could extend lower. But downside should be contained by 38.2% retracement of 1.0176 to 1.1572 at 1.1039. On the upside, break of 1.1572 will resume larger up trend. In the […]

The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

Daily Pivots: (S1) 1.3298; (P) 1.3360; (R1) 1.3395; More… Intraday bias in GBP/UD remains mildly on the downside, as pullback from 1.3422 short term top would continue lower. But downside should be contained by 38.2% retracement of 1.2099 to 1.3422 at 1.2917. On the upside, firm break of 1.3433 will resume larger up trend. In […]

The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

Chicago Fed Pres. Goolsbee is speaking and says:

• Increase in productivity growth appears to be a technology driven boom

Fed Governor Waller and St. Louis Fed Pres. Musalem are speaking at a St. Louis Fed event at around 9:35 AM ET.

US stocks are higher in premarket trading. The futures are continuing it premarket moved to the upside off of trade turf hopes and Pres. Trump saying he won’t sack Too Late Powell.

• Dow Industrial average was 802 points
• S&P index up 138 points
• NASDAQ index +567 points

This article was written by Greg Michalowski at www.forexlive.com.

This Wednesday, S&P Global will unveil its preliminary April Purchasing Managers’ Indices (PMIs) for the United States, drawing on surveys of senior private sector executives to offer an early read on economic momentum.

The 191-nation fund credited higher tariff revenue for a somewhat smaller deficit projection.

The USDCHF surged higher on Wednesday following comments from former President Trump on China and on Fed Chair Powell (he will not be fired… today), pushing the pair through recent highs and up to test the 38.2% retracement of April’s trading range at 0.82809. That level held, and the pair rotated back lower.

This comes after USDCHF was the first major pair to move back above its 200-hour moving average on Tuesday—a technically bullish signal that held through yesterday’s end of day.

With the price now lower after the 38.2% target stalled the rally, the focus now shifts to the swing area between 0.82307 and 0.82399. Those levels were swing highs from April 15 and April 17 respectively. Staying below this zone keeps sellers in control, with the 100- and 200-hour moving averages acting as key downside support on further selling.

Buyers had a few days of corrective price action. The 38.2% target was tested, and held. The price did it’s ABCs but only that on the correction. Sellers still in play but being above the 100/200 hour MAs give the buyers hope too.

Key levels:

• Resistance: 0.82809 (38.2% retracement)

• Support: 0.82307–0.82399 (swing area), then 100/200-hour MAs

Buyers had their shot off lows

This article was written by Greg Michalowski at www.forexlive.com.

The market has an insider trading problem, or at least the perception of one.

This administration started with a memecoin pump and it’s been downhill from there as Trump’s tweet about a crypto reserve was clearly front run. Earlier this month there was a suspicious pump from Trump before he abandoned the ‘reciprocal tariffs’ and now this.

Yesterday, Treasury Secretary Scott Bessent indicated to a private JPMorgan meeting that “markets would breathe a sigh of relief” because it was inevitable that China tariffs would be lowered. Then, after the close Trump dropped his attacks on Powell and said he would make a deal with China, even if China didn’t come to the table.

Markets were up big yesterday before the Bessent news and now futures are up 2.6% today.

I’m always suspicious of people who point to curious options trades around macro events but it’s getting hard to ignore. There are selective disclosures and unusual options trades that leave everyone with a pit in the stomach whenever there is a move without news. That’s a tough environment to have any conviction in.

We’re close to a consensus that every move is insider trading and that means that the only trades worth taking are for one hour or one year.

This article was written by Adam Button at www.forexlive.com.

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is trading flat to marginally higher around 99.20 at the time of writing on Wednesday after a pop in early Asian trading towards the 100.00 big figure got completely erased.

EUR/USD trades broadly stable around 1.1400 in Wednesday’s North American session after dipping to near 1.1300 earlier in the day. The major currency pair bounces back as the US Dollar (USD) gives up intraday gains.