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Daily Pivots: (S1) 142.75; (P) 143.36; (R1) 144.20; More… USD/JPY’s is staying in established range despite today’s rebound. Intraday bias remains neutral. On the upside, above 146.27 will target 148.64 resistance first. Firm break there will resume the rebound from 139.87. Nevertheless, break of 142.10 will bring deeper fall back to 139.87 low. In the […]
The post USD/JPY Mid-Day Outlook appeared first on Action Forex.
It’s looking like a strong rebound for US stock markets after yesterday’s late-day selloff. Futures levels:
That’s a nice rebound. In focus will be Tesla shares after yesterday’s plunge: they’re up 3.8% premarket. Another mover is Lululemon, down 18% after lowering guidance on poor macro and Broadcom down 2.9% on earnings.
I didn’t see much in the non-farm payrolls report to spark this kind of buying but the fast majority of the lift came after the data, indicating some real angst about the economy.
This article was written by Adam Button at www.forexlive.com.
Eurozone retail sales rose just 0.1% mom in April, falling short of expectations for a 0.2% mom rise. Modest gains in food, drink, and tobacco sales (+0.5%) and a solid rebound in automotive fuel purchases (+1.3%) were offset by a -0.3% decline in non-food product sales. Across the EU, retail sales rose a more robust […]
The post Eurozone retail sales inch up 0.1% mom April, mixed national trends appeared first on Action Forex.
Deutche Bank is out with a note highlighting that the focus on jobs might be the wrong one. The big change in the US economy is in immigration, which has cratered this year — falling more than 90% from the January 2022 to June 2024 average.
They note that this is equivalent to an annual slowdown in labor force growth of more than 2 million people.
Last year we were writing that the US was benefitting from a goldilocks
mix of high employment growth and low wages precisely because of high
immigration numbers. If recent immigration trends continue, it must follow that
over the course of the year the reverse will happen. As the 2022 energy shock
showed, a negative supply shock is not good news for a currency.
Between this and trade, you have some big structural changes happening in the economy under the surface. Add in a out-of-control deficit and it’s not a great recipe.
This article was written by Adam Button at www.forexlive.com.
This is the first hint at a timeline for China-US talks, and it’s a rapid one. That’s a good sign that both sides are aiming for some kind of deal before long.
But let’s hope that Navarro isn’t invited because that’s not the guy to make a deal with China.
This article was written by Adam Button at www.forexlive.com.