Time and time again, the market will reverse at key Fibonacci levels. And it’s important that every professional trader learns the Fibonaccis because it helps spot market pivots before they occur.
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Federal Reserve Chair Jerome Powell said that the central bank is likely to continue raising interest rates in 2023.
As per Powell, previous hikes haven’t been in effect for long enough to slow down economic activity or inflation.
He further noted that there was a long way to go in the fight against rising prices, predicting the core consumer price index (CPI) wouldn’t get back to 2% until 2025.
Elsewhere, treasury yields surged this week.
The yield on the 2-year Treasury, which tends to track market expectations of future Fed action, is approaching highs set in March.
With Q2 coming to an end, we’re seeing a lot of market movements and it will be interesting to see how these trends shape up in the coming days.
Click here to see how our analysts are trading this market.
The current Fed’s funds rate is in a range of 5% to 5.25% and markets are busy tracking economic data to gauge future asset movements.
These changes can impact the Forex, especially the pairs involving the USD, JPY, and EUR. Learn how we can potentially trade them.
With that, let’s delve into the top stories that moved the markets this week:
1. The Commerce Department revised GDP figures higher. The final estimate shows the U.S. economy grew at 2% in the first quarter of 2023. This was up from the second estimate of 1.3% and well above expectations for 1.4% growth.
2. In news from the labor market, filings for unemployment benefits fell 26,000 to 239,000 for the week ending June 24 - their biggest drop since October 2021.
3. After a 2.7% drop in May, pending home sales hit their lowest level of the year in June and are now down 22% on an annual basis.
4. The Fed released results of its stress test this week which showed all 23 of Wall Street’s biggest banks passing the test. It showed that all of the firms can withstand a global recession and turmoil in real estate markets.
Join our upcoming free workshop to learn more on how these rate hikes can move markets in the coming days. Reserve your spot >>
See you there!!!
To your success, Tad DeVan
Senior Currency Strategist
Market Traders Institute |
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