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Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

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  • Gold price action tumbles lower as the US Dollar strengthens broadly following the Fed. Get your $XAUUSD market update from @RichDvorakFX here:
  • Fed's Powell: - No sense of panic in regard to inflation - I do not believe wage increases are causing price inflation
  • Fed's Powell: - High inflation prints not "what we were looking for" - Spike in inflation driven solely by supply side shock
  • Fed's Powell: - We expect RRP activity to remain elevated - Repo facilities performing as expected
  • Fed's Powell: - MBS and tapering were brought up by a number of FOMC participants - We will taper both (MBS & Treasuries) at the same time most likely
  • Fed's Powell: - Strong capital requirements are a "must" for banks, especially the largest banks - Capital requirements allow banks to continue to perform during severe downturns
  • The July FOMC press conference is hammering home this point: the labor market mandate is now on equal footing with the inflation mandate (which is atypical); and Powell is now making the case that the labor mandate is *more important* to normalization than the inflation side.
  • Fed's Powell: - Fed has not made a decision on when taper will commence - Variety of opinions with in the Committee on when tapering should begin
  • Fed's Powell: - Transitory means not impacting longer-run inflation patterns - We must be extremely careful when it comes to the inflation mandate
Dow Jones, FTSE 100, DAX Technical Forecast

Dow Jones, FTSE 100, DAX Technical Forecast

Justin McQueen, Analyst

S&P 500, DAX Analysis and News

  • Dow Jones| Longest Losing Weekly Streak in 8 years
  • FTSE 100 | Key Fib Keeps the Index Above 7200
  • DAX | 12000 Break May Pave the Way for Further Losses

Source: Thomson Reuters, DailyFX

Dow Jones| Longest Losing Weekly Streak in 8 years

The Dow Jones looks set for the longest weekly losing streak in 8 years (5th consecutive week). As it stands, the outlook is relatively weak for the Dow Jones, does a close below 25500 could see losses extend towards the 25000 level. To negate the bearish momentum, eyes will be on for a break above 25700, which opens up the doors for 26100.

Dow Jones Price Chart: Daily Time Frame (Sep 2018 – May 2019)


FTSE 100 | Key Fib Keeps the Index Above 7200

Marginal losses for the FTSE 100 as the decline in the Pound kept the index afloat. The key fib leve situated at 7200 remains pivotal for the index, which has held firm thus far. On the topside, a break above 7400 is needed to ease the bearish momentum. Given that next week will likely get of to a quiet start, the index could be somewhat rangebound.

FTSE 100 Price Chart: Daily Time Frame (Apr 18 – Jun 19)


DAX | 12000 Break May Pave the Way for Further Losses

Despite the DAX closing lower by 1.5% for the week, the index has managed to remain in an uptrend, hugging the trendline support from the 2018 low. However, failure to hold above 12000 could see support zone tested at 11800. For the softer outlook to fade a closing break above 12300 is needed. Reminder, given market holidays on Monday, volumes will most likely be lighter thus markets may be vulnerable to overextended moves.

DAX Price Chart: Daily Time Frame (Oct 2017 – May 2019)



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--- Written by Justin McQueen, Market Analyst

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Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.