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All eyes on FOMC Minutes

17 August 2022 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

USDIndex slipped from August highs at 106.80 to support at 106.20, Yields rallied and then slid into close, yield curve still 44 bp inverted. Stocks moved higher after better than expected results from WMT (+5.11%) and HD (+4.06%) lifted sentiment. The DOW gained +0.71% and the  S&P500  closed over 4300 for the first time since April. Asian markets followed through too, (Hang Seng +0.84%, Nikkei +1.16%) on mixed data. Oil pushed to 6-mth low at $85.50, Gold sank to $1780 and BTC moved back to $24K area. 

AUD fell after Q2 wages data missed, JPY fell after huge trade balance, and NZD rallied following hawkish outlook from RBNZ following expected 50 bp rate hike. NZ rates now 3%, and Governor Orr – lower GDP & growth but no recession ahead for NZ.

UK CPI – hotter again – 10.1% vs 9.8% & 9.4% last time. CORE CPI also higher at 6.2% vs 5.8% & RPI 12.3% vs. 11.8%.

Today – EZ Employment Flash, GDP, US Retail Sales, Business Inventories, FOMC Minutes, Earnings from Carlsberg, Uniper (miss), Target & Cisco.

Biggest FX Mover @ (06:30 GMT) GBPAUD (+0.53%). Continues recovery from Friday’s low at 1.7020 to over 1.7300 now.  MAs aligning higher,  MACD histogram positive & signal line rising, RSI 66.57 & rising, H1 ATR 0.00295, Daily ATR 0.01520.




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