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Cable on the ropes as price threatens fall to one-month lows

Cable on the ropes as price threatens fall to one-month lows

Information is not investment advice

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Fibonacci Levels

 XAU/USD: Gold facing further downside at 23.6% retracement area. Bears have returned recently.

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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US Market View

U.S. stocks are seen opening marginally higher Monday, remaining near record levels, heading into a week that includes a keenly-awaited Federal Reserve meeting. The Fed’s two-day policy meeting, ending Wednesday, will likely limit activity in the early part of the week. The central bank is not expected to take any immediate action, but investors will be focusing on the statement to see whether the policy makers open discussions about how and when to taper the $120 billion in monthly central bank bond purchases. While inflation is currently running red hot, U.S. employers have added fewer than half of the 2 million jobs that Fed chief Jerome Powell had suggested he was hoping for after the Fed's April policy meeting.

The dollar consolidated gains on Monday after posting its biggest weekly rise in six weeks as traders cut their bearish bets before a much-anticipated Federal Reserve meeting that might signal a change in the outlook for U.S. monetary policy. The U.S. central bank begins a scheduled two-day policy meeting on Tuesday. Recent data pointing to a surge in inflation has raised concerns that price pressures following the post-COVID economic reopening could force policymakers into an earlier tapering of currency-depreciating stimulus. While consensus expectations are the Fed will remain on hold until 2023, some believe the failure of the dollar to weaken in recent days despite inflation-adjusted U.S. bond yields softening further signals a broader caution among investors.

The dollar consolidated gains on Monday after posting its biggest weekly rise in six weeks as traders cut their bearish bets before a much-anticipated Federal Reserve meeting that might signal a change in the outlook for U.S. monetary policy. The U.S. central bank begins a scheduled two-day policy meeting on Tuesday. Recent data pointing to a surge in inflation has raised concerns that price pressures following the post-COVID economic reopening could force policymakers into an earlier tapering of currency-depreciating stimulus. While consensus expectations are the Fed will remain on hold until 2023, some believe the failure of the dollar to weaken in recent days despite inflation-adjusted U.S. bond yields softening further signals a broader caution among investors.

 

 USA Key Point

  • Novavax COVID-19 vaccine shows 90% overall efficacy in Phase 3 trial.
  • Eurozone April industrial production +0.8% vs +0.4% m/m expected.
  • ECB's Simkus: Too early to talk about end of PEPP.
  • UK PM Johnson to make statement on virus restrictions later today.
  • ECB's Holzmann: ECB in a 'dangerous zone' as inflation concerns rise.

 

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