US Existing Home Sales, Jerome Powell’s speech, US Durable Goods Orders, German Ifo Business Climate, US Final GDP, US Unemployment Claims are the highlights of this week. Here is an outlook on the main market movers coming our way. Last week U.S. Federal Reserve two-day policy meeting concluded with a decision to maintain current monetary policy. However, Fed Chair Yellen stated the Federal Reserve may increase rates by as much as 2% until ...
Existing home sales likely rose a solid 4.4% to 5.26 million units in May. May existing (previously-owned) home sales are expected to post a solid 4.4% gain to 5.26 million units, more than reversing the April dip. Pending sales of existing homes, a leading indicator, have seen a steep upward trajectory since January and touched a post-recession high in April. In addition to steady growth in mortgage purchase applications in March and April, the momentum ...
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, AUD/USD, and USD/CAD. EUR/USD: has already had big moves following USDJPY. This price action is likely to continue. It feels like the market still likes to be short and while this could be justified with Greece in mind, it is definitely not a one-way street anymore. Stay flexible and try to catch some of the wild intraday moves. ...
The impact of the Eurogroup’s failure to achieve a Greek settlement over the weekend will be temporarily supplanted as investors turn their attention towards tomorrow’s FOMC announcement. We remain USD bulls as the FOMC should strike a more constructive tone raising rate hike expectations. Latest soft US data have not changed our opinion. To the contrary, our call remains for Fed lift-off in September with a bias towards further FOMC ...
It appears that well supported BoE rate expectations continue to keep currency downside limited from current levels. In that respect it must be noted that medium-term inflation expectations, as measured by 5Y forward breakeven rates, remain close to multiweek highs. Unless forward looking indicators suggest moderating price developments it appears unlikely that the BoE will turn more cautious anytime soon. ...
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