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  • Macklem Q&A - Expect inflation to go up to 3% before pulling back - Would not over rotate on one month's inflation data
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.61% Silver: -0.06% Oil - US Crude: -3.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cupf2HmOUY
  • The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98). Get #crudeoil market update from @DavidJSong here:https://t.co/6r9Iger50J https://t.co/LC27xlCypr
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇨🇭CHF: 0.30% 🇯🇵JPY: 0.14% 🇦🇺AUD: 0.02% 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FMpuAZcLAz
  • BoE's Bailey - We don't think higher inflation will persist - We are watching inflation very carefully - US inflation number yesterday was very high - Will watch very carefully for how much of savings are spent by households
  • BoC's Macklem: - Important to get a bounce back of all sectors - Canada is still about 700K jobs below where it should be
  • BoC's Macklem: - We do expect inflation to rise to around 3% - Increase in inflation will be temporary - Inflation to come down because some sectors still weak $CAD $USDCAD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.22% US 500: 1.04% Germany 30: 0.09% FTSE 100: 0.05% France 40: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qXutk9LfLr
  • Hey traders! CPI figures were the highlight yesterday morning. What impact is the inflation figure having on the markets today? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/CWXQ2hx2tE
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-13
Dollar and Equities Strategy Heading for Fed Decision

Dollar and Equities Strategy Heading for Fed Decision

John Kicklighter, Chief Strategist

Talking Points:

  • The Dollar's recent volatility - particularly Friday's upside break - may reduce the pressure in a Fed skew
  • A rate hike is unlikely in April but shouldn't be written off; June speculation is the most likely focal point
  • Additional, key event risk may distort the FOMC reaction including UK and US GDP as well as BoJ and RBNZ decisions

See how retail traders are positioned in the Dollar-based pairs heading into the Fed decision or read my 2Q forecast for the USDollar in the Trading Guides page.

Amid a 72 hour deluge of high-level event risk, one particular calendar item stands above the rest: the Fed rate decision. While certainly a key event for the Dollar and US assets, its reach expands far beyond the country's financial borders. The US monetary policy position is the most divergent among the world's largest central banks. This sets the tone in the competitive monetary policy debate that sees accommodative efforts from the likes of the ECB and BoJ - among others - fall under deepening skepticism. It will also carry on its shoulders the whiles of global investor sentiment. Though, delay in normalization is now more likely to be viewed as deteriorating economic conditions and thereby a negative rather than a positive for a little more time at extremely low funding rates. The focus on this event will be on the speculation surrounding a June hike, but don't write off a surprise April move. We focus on the implications and trading strategy around the upcoming FOMC rate decision in today's Trading Video.

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