The Pattern Pulse - 25 April 2024
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- April 25, 2024
Dovish Shift It was another disappointing week for the pound, pencilling in its worst-performing week of the year (-1.1%). March is poised to end the month considerably off best levels, fuelled by the recent shift in MPC votes with the Bank of England (BoE) now edging ever closer towards easing policy (this was a surprise
READ MORECompared to last week’s bumper slate of event risk, this week will be considerably more subdued, influenced not only by limited global asset drivers but also by liquidity thinning ahead of the long Easter weekend. Core PCE Data The headline event for the week will be the US Core PCE data (the Fed’s preferred measure
READ MORELast week, the price of WTI oil settled considerably off its best levels, consequently delivering a Japanese shooting star candlestick formation on the weekly chart (bearish). Despite bottoming in late 2023 and printing a series of higher highs and higher lows on the daily timeframe, daily technical resistance also made a show last week. The
READ MOREA Correction Was Inevitable at Some Point Against the US dollar (USD), the price of Bitcoin (BTC) has been on a tear in recent weeks, refreshing all-time highs of $73,845. The recent correction, however, has some traders questioning how low the market can drop. Based on the current uptrend, in place since bottoming at $15,581
READ MORE8-1 Vote in Favour of Bank Rate Hold Following the Fed holding its Fed funds target rate at 5.25%-5.50%, and the Swiss National Bank (SNB) surprising markets this morning and cutting its overnight Policy Rate by 25bps, the Bank of England (BoE) followed the Fed and left the Bank Rate on hold at 5.25% (a
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Targeting Support Daily Timeframe – Following yesterday’s FOMC event—rates were left unchanged at 5.25%-5.50%, and the Fed’s dot plot showed officials still project three rate cuts this
READ MOREIt was all about the FOMC yesterday. In a unanimous decision, the Fed held the benchmark lending rate at 5.25%-5.50% for a fifth consecutive meeting (this is the highest rate in more than two decades), as widely expected. The majority of Fed officials also still favour three rate cuts this year, which was moderately dovish
READ MOREFollowing the Reserve Bank of Australia (RBA) standing pat on rates and the Bank of Japan (BoJ) raising its Policy Rate by 10bps, consequently putting a cap on NIRP, as well as ending YCC, the focus shifts to today’s FOMC rate decision at 6:00 pm GMT. Fed Funds Rate to Remain at 5.25%-5.50% It is
READ MOREEarlier this morning, UK inflation numbers hit the wires. The Consumer Prices Index including owner occupiers’ housing costs (CPIH), which is essentially an extension to the Consumer Prices Index (CPI), slowed to 3.8% in the twelve months to February, down from January’s reading of 4.2%. The CPI year-on-year rate saw consumer prices cool to 3.4%
READ MOREFollowing a raft of mixed messages from the Bank of Japan (BoJ) and stronger-than-expected wage negotiations for corporate Japan, the central bank stepped up overnight and ended eight years of negative interest rate policy (NIRP) as well as putting a cap on yield curve control (YCC). The BoJ raised its Policy Rate by 10bps for
READ MOREXJO WEEKLY Price structure: Breakout retest The key reversal bar stands out as a retest of the 7632 breakout level. This is the key level for the buyers to hold this week. The underlying Primary trend remains UP. A further decline below the 7632 level puts the 7300 level as support to hold. Seasonally, in late
READ MOREAt the centre of things this week are rate announcements from major central banks, including updates from the US Federal Reserve (the Fed), the Bank of England (BoE), the Bank of Japan (BoJ), the Swiss National Bank (SNB) and the Reserve Bank of Australia (RBA). We also welcome inflation numbers from Canada and the UK,
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