
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
2021-02-01 • Updated
CHF/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver faces a remarkable buying pressure after a significant breakout. Further upside move is most probably ahead.
A positive tone was observed in the Asia-Pac region and US equity futures recovered from the early stumble seen at the reopening. Italia Viva’s Renzi is pushing for Finance Minister Gualtieri to be replaced in discussions to forge a new coalition government led by PM Conte. This positive start to the European day comes despite two PMI releases from China showing economic activity slowed in January as restrictions took a toll in some regions.
Manufacturing PMI data is scheduled for release in Europe later Monday, and this should detail a similar loss in economic momentum for this region as coronavirus lockdowns bite. German retail sales slumped 9.6% on the month in December.
Looking ahead, highlights from the macroeconomic calendar include EZ, UK, US final manufacturing PMIs, US construction spending, ISM manufacturing, Fed's Bostic, Rosgengren speeches.
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
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