Articles
Japan Retail Trade (YoY) registered at 3% above expectations (2%) in May
398504 June 27, 2024 07:51 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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Japan Foreign Investment in Japan Stocks declined to ¥-85.5B in June 21 from previous ¥80B
398503 June 27, 2024 07:51 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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ANZ Roy Morgan New Zealand Consumer Confidence falls back to 83.0 from previous 84.9
398501 June 27, 2024 07:12 FXStreet Market News
ANZ”s Roy Morgan New Zealand Consumer Confidence fell to 83.0 from the previous month’s 84.9 as the measure of consumer sentiment retreated in June, sticking close to multi-year lows in the sentiment index.Â
As noted by ANZ’s Chief Economist Sharon Zollner, “consumer pessimism is consistent with the broader economic data that shows households are tightening their belts in the face of restrictive monetary conditions, a stagnant housing market, and a softening labour market.” Chief Economist Zollner continued, “slowing CPI inflation and expectations that fixed mortgage rates are likely to decline from here will be providing some relief, but this is clearly only a partial offset to the relatively lengthy list of headwinds.”
Economic Indicator
ANZ – Roy Morgan Consumer Confidence
The Consumer Confidence released by the ANZ is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).
Last release: Wed Jun 26, 2024 22:00
Frequency: Monthly
Actual: 83
Consensus: –
Previous: 84.9
Source: ANZ
About New Zealand’s Roy Morgan Consumer Confidence
The Consumer Confidence released by the ANZ is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).
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GBP/USD slumps to familiar lows in midweek action as Greenback bids reignite
398499 June 27, 2024 06:56 FXStreet Market News
- Rate cut hopes slowly bleed confidence on data-thin Wednesday.
- Risk-off market flows take a step higher, but remain subdued amid low-tier data.
- The latter half of the trading week kicks off a flurry of top-tier data releases.
GBP/USD backslid into familiar near-term lows on Wednesday as tepid market flows bolstered the US Dollar. The Pound Sterling remained pinned on the low side as the pair struggled to stay above 1.2600.
Wednesday brought little of note in scheduled releases, with the UK absent from the economic calendar and US New Home Sales Change in May clocking in a -11.3% decline MoM compared to the previous monthÂ’s 2.0%, revised sharply from the initial print of -4.7%.
Forex Today: Investors look at US PCE
Thursday kicks off a flurry of meaningful data after spending most of the early week in the doldrums. The Bank of EnglandÂ’s (BoE) latest Financial Stability Report will be published early during the London market session, followed by US Durable Goods Orders, revisions to first-quarter Gross Domestic Product (GDP), and weekly Initial Jobless Claims.
US QoQ is expected to tick upward slightly to 1.4% from the initial print of 1.3%, while MayÂ’s US Durable Goods Orders are expected to print a -0.1% contraction compared to the previous monthÂ’s revised 0.6%. US Initial Jobless Claims for the week ended June 21 are expected to tick slightly lower to 236K from the previous 238K, but the figure is expected to come in above the four-week average of 232.75K.
Friday will round out the trading week with the UKÂ’s own quarterly GDP revisions, expected to hold steady at 0.6% QoQ, with MayÂ’s US Personal Consumption Expenditure Price Index (PCE) inflation. Core PCE Price Index inflation is expected to tick down YoY to 2.6% from the previous 2.8% as market participants hope for further signs of easing inflation to help push the Federal Reserve (Fed) towards rate cuts sooner rather than later.
According to the CMEÂ’s FedWatch Tool, rate market bets of a September 18 rate trim from the Federal Open Market Committee (FOMC) have slowly bled out confidence. They are approaching 60% odds of at least a quarter-point rate cut on September 18 after peaking just above 70% last week.
British Pound PRICE This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the New Zealand Dollar.
| Â | USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|---|---|---|---|---|---|---|---|
| USD | Â | 0.12% | 0.17% | 0.58% | 0.08% | -0.11% | 0.57% | 0.36% |
| EUR | -0.12% | Â | 0.07% | 0.53% | 0.01% | -0.20% | 0.50% | 0.32% |
| GBP | -0.17% | -0.07% | Â | 0.39% | -0.06% | -0.28% | 0.42% | 0.24% |
| JPY | -0.58% | -0.53% | -0.39% | Â | -0.49% | -0.66% | 0.04% | -0.22% |
| CAD | -0.08% | -0.01% | 0.06% | 0.49% | Â | -0.18% | 0.48% | 0.30% |
| AUD | 0.11% | 0.20% | 0.28% | 0.66% | 0.18% | Â | 0.70% | 0.52% |
| NZD | -0.57% | -0.50% | -0.42% | -0.04% | -0.48% | -0.70% | Â | -0.19% |
| CHF | -0.36% | -0.32% | -0.24% | 0.22% | -0.30% | -0.52% | 0.19% | Â |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
GBP/USD technical outlook
The Cable has extended a two-week backslide as the pair tumbles from the last swing high to 1.2860, shedding the 50-day Exponential Moving Average (EMA) at 1.2671 and is now within touch range of major technical support from the 200-day EMA at 1.2600.
A supply zone priced in above 1.2800 is firmly crimping bullish momentum, and an extended bearish decline will push the GBP/USD down to AprilÂ’s swing low into 1.2300.
GBP/USD daily chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Consumer discretionary and comms on sectors in the green today
398498 June 27, 2024 06:45 Forexlive Latest News Market News
Looking across US equity sectors we only had two sectors in the green, that being Consumer Discretionary (+1.45%) and Communication Services (+0.01%) which was basically flat.
The rest of the sectors were pressured with energy (-0.98%) and financials (-0.63%) taking the biggest punch.
Worth noting that despite the shaky price action the YTD performance is still green for all sectors apart from real estate.
US equity sector performance NY close
Ethereum primed for 40% gain following ETF launch
398495 June 27, 2024 06:21 FXStreet Market News
- Ethereum could see a 40% rally two months after spot ETH ETF goes live, says StoneX.
- SEC Chair says spot Ethereum ETF approval process “going smoothly.”
- Ethereum may need to shed 4% of its value before staging a comeback.
Ethereum is down 1% on Wednesday following brokerage and financial services firm StoneX predicting a 40% gain for the largest altcoin two months after ETH ETFs go live. Meanwhile, Securities & Exchange Commission (SEC) Chair Gary Gensler provided positive updates that the spot ETH ETF approval process is going smoothly.
Daily digest market movers: 40% ETH price growth, ETH ETFs launch
A recent analysis by StoneX predicts that the launch of spot Ethereum ETFs could trigger a 40% growth in ETH’s price two months after they go live. In a wider time frame, StoneX’s model predicts that ETH’s price will be between $2,142 and $12,621 over the next two years.
The company mentioned that its “conservative” predictions are due to the belief that NFTs won’t see more mainstream attention as they did in 2021. The analysis also suggested that video games and real-world assets (RWA) — which many believe will boost TVL and user adoption — may not see tangible growth.
Prospective spot ETH ETF issuers filed their amended S-1 registration statements with the SEC last week following comments from the agency. The SEC approved issuers’ 19b-4 applications on May 23 but also needs to greenlight their S-1s before ETH can begin trading.
The StoneX analysis follows Bloomberg analyst Eric Balchunas’s suggestion that ETH ETFs will capture lower net flows than Bitwise CIO Matt Hougan predicted because “ETH futures ETF were a borderline flop.”
Hougan predicted that spot Ethereum ETFs will attract up to $15 billion in net flows by the end of 2025. He arrived at the $15 billion figure by analyzing Ethereum’s relative market cap compared to Bitcoin, international crypto ETFs volume, Grayscale Ethereum Trust conversion, and the Bitcoin “carry trade.”
Yeah, I thought about that. It’s a fair question.
The largest ETH futures ETF (EETH) is only ~5% the size of the largest BTC futures ETF (BITO). I didn’t adjust things downwards for two primary reasons:
1) My gut just says futures products are different;
2) At Bitwise, ourÂ…
— Matt Hougan (@Matt_Hougan) June 26, 2024
Meanwhile, SEC Chair Gary Gensler commented in a Bloomberg event on Tuesday that the process of launching spot Ethereum ETFs is “going smoothly.” He stated that the products going live depend on asset managers making full disclosures in their registration statements.
ETH technical analysis: Could Ethereum shed 4% of its valueÂ
Ethereum is trading around $3,350 on Wednesday, down nearly 1.2% in the past 24 hours. ETH’s total liquidations in the past 24 hours have reached $21.82 million, with long positions accounting for 61% of liquidations and shorts 39%.
ETH open interest (OI) has been declining — although at a slow pace — sitting at $15.09 billion today. This indicates that traders are more cautious, especially as wider bearish sentiment seems to be overshadowing bullish sentiment around the potential launch of spot ETH ETFs.
Ethereum’s 30-day Market Value to Realized Value (MVRV) ratio is at -7%, indicating all addresses that purchased ETH within the last 30 days are at an average loss of 7%. Historically, ETH often rebounds when the 30-day MVRV reaches -15% to -17%.
ETH/USDT 4-hour chart
As a result, ETH may need to shed 4% of its value to collect liquidity around the fair value gap of May 20, extending from $3,110 to $3,457 before a fresh rise. The $3,203 key support level could prove crucial in the potential decline to help ETH bounce back up.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the assetÂ’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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Could profit-taking from FLOKI holders lower its price?
398493 June 27, 2024 06:17 FXStreet Market News
- Trading bot that will burn FLOKI tokens announcement fails to impact its price.
- FLOKI’s In-the-Money Addresses reveal a sharper correction may occur if the market continues its downward movement.
- FLOKI’s Token Age Consumed shows long-term holders may have been taking profits.
FLOKI is down nearly 6% on Wednesday, as key on-chain metrics and speculations suggest that investors may enter a profit-taking spree if its price encounters a steep decline.
FLOKI holders are likely to take profit if price declines further
The FLOKI team recently launched a Telegram trading bot that will buy and burn FLOKI tokens with 50% of its generated fees. The aim is to make FLOKI deflationary over time. While the move should have signaled a bullish sentiment, FLOKI is down by almost 6% in the past 24 hours as its on-chain metrics reveal a potential further plunge.
FLOKI’s In/Out of the Money data reveals investors may have been shedding their holdings gradually.
In/Out the Money measures the average purchase cost of an asset against its current price. An address/coin is in the money if the current price exceeds its average purchase cost and out of the money if vice versa.
According to data from IntoTheBlock, after FLOKI reached an all-time high of $0.0003449 on June 5, 99% of its holders were in the money. This is similar to its rally on March 1, when 99.3% of holders were also in the money. Although the percentage was the same, the number of in-the-money wallets at the March high was 74K, while that of June increased to 78K.
Additionally, only 76.8% of FLOKI holders are currently in profit. Combining the above data points indicates that FLOKI holders may have gradually been taking profits. Also, with the rise in addresses following its last rally, a sharper correction may ensue if the market downturn persists.
FLOKI Global In/Out of the Money
FLOKI’s Token Age Consumed (TAC) metric in the last two weeks also aligns with this view.
Token Age Consumed tracks the movement of previously dormant coins. A spike in the TAC chart indicates that long-term holders are moving their tokens.
According to data from Santiment, between June 5 and 19, FLOKI’s TAC hovered around 20 trillion while its price declined by almost 50%, indicating that long-term holders may have been taking profits.
With several crypto community members speculating that the meme coin cycle has ended, FLOKI could see more profit-taking if its price declines further.
Meanwhile, a recently launched Solana meme coin, DORAE, crashed 99% after an insider — potentially the coin’s developer — dumped 2.5M of its supply for $1.45 million worth of Solana, according to Lookonchain.
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Australian Dollar firm after May’s CPI readings
398492 June 27, 2024 06:17 FXStreet Market News
- Australian Dollar is a top performer from the session, favored by hot CPI figures from May.
- Following May’s hot CPI figures, the market closely watches further inflation indications for potential RBA action.
- If the RBA holds hawkish, the downside for the Aussie is limited.
Wednesday’s session observed an incline in the Australian Dollar (AUD), as it rose to the mark of 0.6690 against the US Dollar, before retracing back to the 0.6650 mark. The recently released Australian inflation data, which came in higher than expected, benefited the Aussie against its peers, but the Greenback itself is also trading with vigor.
In Australia, despite signs of a weaker economy, the stubbornly high inflation acts as a hindrance to the Reserve Bank of Australia’s (RBA) potential rate cuts, potentially limiting downside pressure on the Aussie.
Daily Digest Market Movers: Aussie shows resilience amid hot CPI figures
- On the data front, Australia’s May Consumer Price Index CPI ran hot. The headline came in at 4.0% YoY vs. 3.8% expected and 3.6% in the previous month.
- This marked the third consecutive month of acceleration to the highest since November, moving further above the 2-3% target range
- As a result of these developments, the swaps market is now pricing in nearly 40% odds of a 25 bps rate hike on September 24, extending to nearly 50% for November 5.
- In the last meeting, Governor Bullock affirmed the RBA “will do what is necessary” to bring inflation back to target and foresees a longer period before inflation gets sustainably back in the target range.
- Accordingly, with the RBA ruling out rate cuts and with markets potentially considering rate hikes, the downside on the Aussie is set to remain constrained.
Technical analysis: AUD/USD looks to retain buyer interest at 20-day average
From a technical standpoint, the outlook remains fairly neutral with no clear directions. The Relative Strength Index (RSI) continues to stay above 50 but remains flat. The Moving Average Convergence Divergence (MACD) continues in the negative sphere with a series of red bars. Anticipation builds around buyers retaining the AUD/USD above the 20-day Simple Moving Average (SMA), a key defensive line that could dictate the future momentum of the pair.
Inflation FAQs
Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.
The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.
Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.
Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.
Gold price prolongs its agony and sinks below $2,300
398490 June 27, 2024 06:12 FXStreet Market News
- Gold drops pressured by strong USD and rising Treasury yields.
- DXY hits new monthly peak at 106.13, 10-year yield is up 5.5 bps.
- FedÂ’s Bowman hints at steady policy and possible hikes if inflation falters.
- Upcoming PCE report expected to show mild inflation decline.
Gold price slumped more than 0.91% on Wednesday as the Greenback soars, underpinned by high US Treasury yields, ahead of the release of the Personal Consumption Expenditures (PCE) Price Index report on Friday. Investors are beginning to price out less easing by the Federal Reserve (Fed), sponsoring the buckÂ’s last leg up. The XAU/USD trades at $2,297 after hitting a daily high of $2,323.
The US Dollar Index (DXY) hit a new monthly high of 106.13 due to the jump in US yields. The 10-year Treasury note yield gains five and a half basis points (bps) at 4.304%.
Fed Governor Michele Bowmanstated on Tuesday that monetary policy will remain steady for “some time” and added that a rate hike would be needed “should progress on inflation stall or even reverse.”
Focus this week will be on the FedÂ’s preferred gauge for inflation, the May PCE, which is expected to drop from 2.7% to 2.6% YoY, while core PCE is foreseen at 2.6% YoY, down from 2.8%.
Other data will be released, such as the Gross Domestic Product (GDP) Q1 2024 final reading, Durable Goods Orders and Initial Jobless Claims.
Daily digest market movers: Gold price extends its losses on strong US Dollar
- On Monday, San Francisco Fed President Mary Daly leaned dovish as she said, “At this point, inflation is not the only risk we face,” expressing worries about the labor market.
- Fed Governor Lisa Cook was neutral on Tuesday, saying that inflation was most likely to fall “sharply” next year, adding that it would be necessary to ease policy to keep the Fed’s dual mandate more balanced.
- On Thursday, the US economic docket will feature the release of Q1 GDP, expected to end at 1.4% QoQ, down from last yearÂ’s Q4 3.4%.
- Durable Goods Orders for May are expected to contract from 0.7% to -0.1%.
- According to CME FedWatch Tool, odds for a 25-basis-point Fed rate cut in September are at 56.3%, down from 59.5% last Tuesday.
- The December 2024 fed funds rate futures contract implies the Fed will ease policy by just 35 basis points (bps) toward the end of the year.
Technical analysis: Gold price respects Head-and-Shoulders neckline, prints new low below $2,300
Gold price remains bearishly biased as the Head-and-Shoulders chart pattern remains in play. The XAU/USD spot price has been unable to crack the neckline, validating the chart pattern, which hints that further downside is expected.
Therefore, the XAU/USD next support would be $2,300. Once cleared, the non-yielding metal would fall to $2,277, the May 3 low, followed by the March 21 high of $2,222. Further losses lie underneath, with sellers eyeing the Head-and-Shoulders chart pattern objective from $2,170 to $2,160.
Conversely, if Gold reclaims $2,350, that will expose additional key resistance levels like the June 7 cycle high of $2,387, ahead of challenging the $2,400 figure.
Economic Indicator
Personal Consumption Expenditures – Price Index (YoY)
The Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The YoY reading compares prices in the reference month to a year earlier. Price changes may cause consumers to switch from buying one good to another and the PCE Deflator can account for such substitutions. This makes it the preferred measure of inflation for the Federal Reserve. Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish.
South Korea BOK Manufacturing BSI climbed from previous 72 to 78 in June
398489 June 27, 2024 06:10 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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