cryptoearninggamesandroid| Bonda Asia: US dollar falls, commodity prices rise, Australian dollar rises sharply
editor 2024-05-16 15:27:59 Home 43
On May 16, Minneapolis Fed Chairman Kashkari reiterated that the Fed may need to keep interest rates at current levels "for a longer period of time" and questioned how much of a restraining effect interest rates have on the US economy. Kashkali said at an event in North Dakota on Wednesday.CryptoearninggamesandroidI think the biggest uncertainty is the impact of monetary policy on the economyCryptoearninggamesandroidHow much downward pressure. It's an unknown number-- we're not sure yet. This tells me that we may need to stay here a little longer until we figure out where the underlying inflation is going before we come to a conclusion. " Mr Kashkari also said last week that the Fed was likely to maintain current interest rates "for an extended period of time". Since July last year, Fed policymakers have kept interest rates at their current level, the highest level in 23 years. Mr Kashkari, who does not vote on policy this year, says he is keeping a close eye on the housing market and its role in inflation.
Separately, Goolsbee, chairman of the Chicago Fed, said in an interview that he welcomed the slowdown in price growth in April, but said there was still room for inflation to slow further. Inflation "is better than last time, basically in line with our expectations, but still higher than in the second half of last year," Goolsbee said in an interview. So there is still room for improvement. Mr Goolsbee, who does not have a vote on policy this year, also said the road to anti-inflation was bumpy, pointing to housing inflation as a key indicator he was watching. "if the decline in housing inflation seen in April CPI data can be sustained, that would be great. If this cannot continue, then the Fed must investigate deeply and try to figure out what happened, "Goolsbee added." I am still optimistic and the evidence I see is that housing inflation will fall sharply. " Fed officials are understood to have delayed expectations of the first rate cut, stressing the need to keep borrowing costs high for a longer period of time amid disappointing inflation. But Wednesday's CPI and retail sales reports boosted the Fed's expectations of interest rate cuts in the near future. The swap market expects the Fed to cut interest rates at an accelerated pace in 2024, and traders have confirmed their bets that the Fed will cut rates in September and December.
The data that need to be watched today are the initial monthly rate of construction permits in the United States in April, the annualized monthly rate of new housing starts in April, the monthly import price index in April, the number of Americans applying for unemployment benefits in the week ended May 11, the Philadelphia Federal Reserve Manufacturing Index in May and the monthly rate of industrial production in the United States in April.
Gold / US dollar
Gold climbed sharply yesterday, hitting a four-week high and is now trading around 2393. The weakness of the dollar index, weighed down by weak retail sales data, is the main reason for gold's climb. In addition, the lingering risk aversion caused by geopolitical tensions also continues to support gold, a safe haven commodity. However, the expected cooling of the Fed's interest rate cut limits the upside of gold. Today, we will focus on the pressure situation near 2410, with the lower support around 2380.
AUD / USD
The Australian dollar rose sharply yesterday, hitting 0.Cryptoearninggamesandroid.6700 mark and refresh 18-week high, now the exchange rate is traded at 0.CryptoearninggamesandroidAround .6690. In addition to the fact that the weakness of the US dollar index has provided some support to the Australian dollar under the pressure of weak retail sales data, higher commodity crude oil, international copper and iron ore prices are also important factors supporting the commodity currency Aussie. Today, we will focus on the pressure situation near 0.6800, with the lower support around 0.6600.
Us dollar / Canadian dollar
The US dollar / Canadian dollar fluctuated downwards yesterday, narrowly defending the 1.3600 mark and refreshing a five-week high, and is now trading around 1.3610. In addition to the weakness of the US dollar index under the pressure of weak retail sales data, the rebound of crude oil prices supported by positive factors such as the decline in crude oil stocks in the United States is also an important factor to put pressure on the exchange rate to weaken. Today, we will focus on the pressure situation near 1.3700, with the lower support around 1.3500.