FOMC Minutes Show Stern Resolve, Warning; Gold Reaches New 6-Month High; Amazon, Salesforce Announce Major Job Cuts
The FOMC meeting minutes releases yesterday show the Fed is focused above all on combating inflation, while it warns against any “unwarranted” easing of monetary policy, pushing back against speculation that the Fed will begin cutting rates during the second half of this year by saying rates should remain elevated for “some time. The long-term bullish trend in precious metals continues, with the price of spot is also bullish, but less so.
In the Forex market, we currently see counter-trend retracements in the major currency pairs, especially in the . Yet the strong long-term technical trend against the US Dollar remains. The market is currently consolidating so the outlook for today looks very unclear. Yesterday’s release of Swiss CPI data showed a month-on-month decline of 0.2% compared to the decline of 0.1% which had been expected. It is a small difference but gives slight weight to the sentiment that inflation globally is falling.
More major companies are announcing major job cuts, with Amazon announcing it will shed 18,000 jobs after Salesforce announced it would be making major cuts.US ISM Manufacturing PMI data and US JOLTS Job Openings data produced no real surprises, although the JOLTS data was a bit better than had been expected.It is estimated that 6Total confirmed new coronavirus cases worldwide stand at ov
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