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EUR/USD continues to grind higher as Greece continues to dominate the headlines. "The main focus was the June Fed meeting where early year expectations of a hike this month now feel a long time ago. There was speculation that Yellen shifted her 2015 dot lower, although as our US economist noted it is hard to tell. With the Fed still in data-dependent mode, more convincing evidence of a Q2 growth pick-up is needed. This week’s May durable ...
"USD: Increasing Sensitivity to Inflation. Neutral We remain medium-term USD bulls, but we continue to believe USD will struggle in the near term. The FOMC meeting this week has changed the near-term outlook as a more dovish than expected Fed has made front end yield differentials less USD supportive. We believe inflation readings will have more importance with employment bouncing back but core inflation remaining low. Should inflation start materially ...
US Dollar Ready to Turn to Haven or Feed on FOMC Rate View While there may be a lot of volatility for the Dollar moving forward, the medium-term fundamentals carry a positive slant whether general market conditions improve or deteriorate. Japanese Yen Unlikely to Break Out Until Greece Moves The Japanese Yen finished the week modestly higher versus the recently-downtrodden US Dollar, but the lack of a clear breakthrough from a highly-anticipated US Federal Reserve meeting ...
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 ...
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