The US Fed Becomes More and More Dovish

The US Fed Becomes More and More Dovish

Wednesday and FBS team are here with the new news portion too.

Retail sales in the US were released better than the forecast, +0.7% vs. 0.4% in the forecast. According to the Census Bureau, Retail sales in July were $696B. The situation mainly improved in Sporting goods, hobby, musical instruments&book stores, Clothing&Clothing accessories stores. The biggest drawdown was in Furniture&home furniture stores; Electronics&appliance stores.

EURUSD has not changed much on Tuesday. The pair fell by 0.04%.  The price has broken the trend line, but now bulls may try to return the price to the previous support line, which became a resistance. The target is at 1.09700. 

BofA and Goldman Sachs think the Fed will decrease the rate in June 2024. Meanwhile, according to CME Fed Watch Tool, the probability that the Fed will pause on the 20th of September is 90.5%. FOMC position becomes more and more dovish.

American Banks are afraid that the rating of the sector may be decreased. Banks rely heavily on the sale of bonds to fund their operations, and the rating agencies are making it clear that these issues could become more expensive - after the downgrade of the US, so do the ratings of banks.

RBNZ decided to keep the rate at 5.5%, as expected. RBNZ statement: core inflation is still too high, and the rate should remain restrictive shortly.

The UK inflation decreased to 6.8%. The final numbers were the same as expected.

The Cable bounced from its support level 1.26800. The price is trying to break the 23.6% Fibo correction level. The nearest resistance level is at 1.28170.


XAUUSD is bouncing from 200MA. The trend is still bearish, but the correction is still possible. It depends on if the Bulls succeed in breaking the current trend line. Are you bullish or bearish on XAUUSD? Leave your comments.

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