A look at the day ahead in U.S. and global markets from Mike Dolan
Having briefly cracked the 5,000 point milestone for the first time on Thursday, Wall Street’s S&P500 (.SPX), opens new tab looks set to hold the line and sustain near 5% gains for the year so far – while a thin Friday
JPY and CHF officials have recently voiced more policy clarity which has underscored rate differentials as a more predominant driver. EUR and USD officials have been more well we’ll see maybe sooner but probably later not sure how much we’re following the data but sometimes the data is questionable but have to see…
These revisions seem like the outcome can only be skewed towards worse than what was reported. Better seems like a non starter as better has already been priced into rates markets which the employment number took care of in brief order, and even if the revisions show more improvement, who’s gonna believe it….
JP, thanks for the alert. Here is the full story
The markets will keep a keen eye on Friday’s annual revisions to the seasonal adjustment factors for U.S. consumer price data. The annual revisions to the CPI are usually a non-event. However, the markets were spooked last year after large revisions to the seasonal adjustment factors sowed doubts about overall progress on inflation.
Will Annual Revisions to U.S. Consumer Prices Surprise Again?
couple headlines off zh that caught my eye, fwiw:
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“Boy, Markets Do Not Want To Sober Up When They Read The News”
As long as we get January March May June(?), or even second-half 2024 *deep* rate cuts from the Fed, markets will remain drunk
Biden Admin Is “All Gas, No Brakes” On Economic Reflation; Nomura Warns “Running It Hot” Into Election Wrecks Powell’s Plan
…beware of “animal spirits 2.0″…and the ides of March.
EURUSD Daily view
Resistances are at 1.07900 and 1.08450/500 – break of would open the road for Up Trend and the test of Major 1.11000 area. That would be a game changer.
Supports are waiting at 1.07550 and 1.07150 , break of targets directly ( ideally ) 1.06100 over period of 2-3 days.
Outcome for tomorrow – if we get a close bellow 1.07700 tonight, there is a higher possibility for immediate continuation of the down move. There is always a possibility to see uptick up to 1.08200 , and then down.
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