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DXY Macro View 17/02 - Range or Rage?
NFIB Small Business Index dropped in January 3.2 points to 101.2, lowest since 2016. But remains high compared to historical averages. The drop was likely due to uncertainty arising from the government shutdown. NFIB uncertainty index rose 7 points to 86. Labour shortages remain a challenge. Expectation for future improvements in economic growth and higher sales both dropped in January. Plans to increase employment and inventories also slipped.
Consumer prices were unchanged in January for the third consecutive month. Core prices rose 0.2% in January for the 5th consecutive month. Inflation will dip are expected over the next few months due to drop in both energy and food prices the past months. A weaker dollar is expected to lend some support to core goods prices while rising labour costs and a willingness among businesses to raise prices should underpin services inflation. The latest 2.2% y-o-y rate of US core inflation suggests no immediate pressure on FOMC to raise rates again soon.
Retail sales dropped 1.2% in December, against expectations of modest increase. With seasonal factors expecting a jump in December, the adjusted numbers were depressed more than usual.
Industrial Production in January dropped 0.6% unexpectedly where manufacturing is under pressure.
DXY chart past week 96.70 levels from resistance has turn support. Reaches 97.25 levels but unable to break up any further. Overall suggestion upcoming week might be looking to test 96.70 levels going forward before any clear direction.
Indicators:
Parabolic SAR – Bearish
MACD – Bearish
Stochastic – Moving towards oversold
Overall - 3/3 - Bearish
Disclaimer:
Any opinions, news, research, analyses, prices or other information contained in this content is provided as general market commentary and does not constitute investment advice. ForexBriefcase will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Consumer prices were unchanged in January for the third consecutive month. Core prices rose 0.2% in January for the 5th consecutive month. Inflation will dip are expected over the next few months due to drop in both energy and food prices the past months. A weaker dollar is expected to lend some support to core goods prices while rising labour costs and a willingness among businesses to raise prices should underpin services inflation. The latest 2.2% y-o-y rate of US core inflation suggests no immediate pressure on FOMC to raise rates again soon.
Retail sales dropped 1.2% in December, against expectations of modest increase. With seasonal factors expecting a jump in December, the adjusted numbers were depressed more than usual.
Industrial Production in January dropped 0.6% unexpectedly where manufacturing is under pressure.
DXY chart past week 96.70 levels from resistance has turn support. Reaches 97.25 levels but unable to break up any further. Overall suggestion upcoming week might be looking to test 96.70 levels going forward before any clear direction.
Indicators:
Parabolic SAR – Bearish
MACD – Bearish
Stochastic – Moving towards oversold
Overall - 3/3 - Bearish
Disclaimer:
Any opinions, news, research, analyses, prices or other information contained in this content is provided as general market commentary and does not constitute investment advice. ForexBriefcase will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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