MACRO ANALYSIS: MNI US Macro Weekly: Doves' Wings Clipped Ahead Of FOMC
Mar-14 16:37
- We have published and e-mailed to subscribers the MNI US Macro Weekly offering succinct MNI analysis across the range of macro developments over the past week.
- Please find the full report here: https://media.marketnews.com/US_macro_weekly_250314_1c2704d212.pdf
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FOREX: USD/JPY, EUR/JPY North of Key Pivots on Light Volume
Feb-12 16:32
USD/JPY has resumed the day's rally, creeping through earlier highs just after the London close in price action still dominated by the dollar and the extended post-CPI reaction. Curiously volumes are light on the latest leg higher in the pair, although remain higher than average across the day as a whole after the CPI-bump in activity.
- A close at current or higher levels would mark the strongest session for the pair this year, and the strongest since December 19th (prices would have to rise to ~Y155.10 today to match). We noted earlier today the corrective nature of the EUR/JPY and USD/JPY rallies, however both prices have now topped key pivor resistance at 154.51 in USD/JPY and 159.93 (and 160.00) in EUR/JPY, the 50-day and 20-day EMAs respectively- a strong bullish technical signal on both charts.
FED: US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 2.45%)
Feb-12 16:32
- US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 2.45%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 38.51% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 2.85% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 58.64% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.38
FED: Powell: Not Quite There On Inflation, Want To Keep Policy Restrictive
Feb-12 16:17
Fed Chair Powell tells the House Financial Services Committee today's CPI data for January suggests the Fed isn't "quite there" in terms of reaching the 2% inflation target:
- "I would say we're close, but not there on inflation. And you did see today's inflation print which says the same thing. I mean, we made great progress toward 2% last year, inflation was 2.6%, so great progress, but we're not quite there yet, so we want to keep policy restrictive for now."
- Note that Powell still characterizes policy as "restrictive" (in his prepared statement he reiterated that after 100bp of Fed funds cuts, policy was "significantly less restrictive than it had been").
