Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, Wall Street, and much more. Today, we dive into the US Economic Calendar and expert views on the Fed Rate Path to give you a comprehensive understanding of the current market trends.
As experts in the field, we understand the importance of staying informed and up-to-date with economic data and central bank commentary. According to economists, the US Leading Economic Index (LEI) is predicted to fall by 0.3% in July, following a 0.2% decline in June. This data can impact US dollar demand and offer insights into the US economic outlook, affecting sentiments towards the Fed rate path.
Furthermore, FOMC member Christopher Waller’s commentary should be taken into consideration. In a recent statement, Waller mentioned that favorable CPI reports could support a rate cut soon. Any shift in stance regarding interest rate cuts could influence US dollar demand amid speculations about multiple 2024 Fed rate cuts.
Arch Capital Global Chief Economist Parker Ross also shared his views on the US CPI Report and the Fed rate path, highlighting the importance of core services inflation and its impact on the Fed’s decision-making process.
In terms of short-term forecasts, the USD/JPY trends will be influenced by various factors such as the US LEI, central bank forward guidance, and Services PMI numbers. Investors should remain vigilant and adjust their trading strategies based on real-time data, central bank insights, and expert commentary to navigate the USD/JPY volatility.
Looking at the USD/JPY price action, it is crucial to monitor key resistance and support levels. A break above the 148.529 resistance level could signal a return to 150, while a break below the 147.500 support level may indicate a drop towards 145.891. It is essential to keep an eye on the 14-day RSI, which currently sits at 39.06, indicating a potential drop below 147 before entering oversold territory.
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