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BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

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  • - Sees inflation slightly exceeding 2% target this year - Don't expect inflation to be running out of control - The Fed has the tools to deal with unwanted higher inflation
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.42%, while traders in Germany 30 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4n1rSAR7VD
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.20% Oil - US Crude: 0.88% Gold: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eTA7lkr4LN
  • Among the exceptions, Bitcoin continues to power ahead and IG client sentiment data are sending a bearish signal on GBP/JPY. Get your $GBPJPY market update from @MartinSEssex here:https://t.co/YbeAlUh70c https://t.co/QStrfTiK5D
  • - Supply shortages could limit GDP upside - Expecting consumer-price pressures this year - Long-term disinflationary forces should modulate prices
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.27% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.20% 🇨🇭CHF: 0.15% 🇦🇺AUD: 0.15% 🇬🇧GBP: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SOlcl3sqbU
  • Fed's Barkin: - Hopeful that US is on brink of completing recovery - Expecting "really strong" spring and summer - Real-time indicators suggests US is "in midst of boom" #Fed $USD
  • Fed's Harker: - No reason to withdraw support yet, recovery remains in early stages - Good reason to expect recovery in 2021 - US GDP should grow 5-6% this year - Expecting unemployment rate to continue to decline #Fed $USD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.25% US 500: 0.11% FTSE 100: -0.07% Germany 30: -0.08% Wall Street: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/az0ACroYJd
  • Hey traders! Get your Tuesday market update on what event risks we are witnessing - Chinese trade figures, UK data & US CPI from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/cj5gu1zwKT
Smooth Sailing Ahead for ‘Unbreakable’ S&P 500

Smooth Sailing Ahead for ‘Unbreakable’ S&P 500

David Rodriguez, Head of Product
Smooth Sailing Ahead for ‘Unbreakable’ S&P 500

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SPX500 Retail CFD speculators remain extremely short the SPX500 contract, which tracks the fair value of S&P 500 futures. Until we see a much larger shift in sentiment, we’ll call for further S&P gains.

Trade Implications SPX500 Last week we noted that an important shift in retail positions warned that an S&P 500 break below 1948 would set up a much larger correction. Of course, that never materialized, and we continue to marvel at the fact that equity markets seem almost “Unbreakable”.

Warning signs abound, but until we see more concrete signs of a correction we see little reason to go against the impressive uptrend.

See next currency section: EURJPY - Euro Gains Favored as it Holds Key Lows versus Yen

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Smooth Sailing Ahead for ‘Unbreakable’ S&P 500

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