True to form, the response was to deny, then deemphasize the importance of the top secret conversation, then put blame on the reporter, and ultimately admit the transgression.
From a fundamental perspective in the US session, data was generally weaker with:
Philadelphia Fed nonmanufacturing tumbling to -32.5 from -13.1 last monthConsumer confidence falling tot 92.9 versus 94.0 estimate, and 100.1 last month.New home sales came in about as expectedRichmond Fed was lower at -4 versus +6 last monthAdriana Kugler noted that progress toward the Fed's 2% inflation target has slowed since last summer, with estimates suggesting the 12-month PCE inflation rate stood at 2.5% in February. She highlighted the return of positive goods inflation as a setback, since earlier declines in goods prices had helped suppress overall inflation and manage expectations. Consumer surveys indicate expectations for further price increases in the near term, driven in part by uncertainty surrounding trade policy. Kugler emphasized the importance of closely monitoring both the pace of price acceleration and shifts in inflation expectations. While she acknowledged some signs of softness in recent economic data, she also noted that the labor market remains stable with low unemployment. Overall, her tone leaned slightly hawkish, though her remarks largely aligned with the Fed's broader message of data dependency and cautious observationWilliam's comments were limited saying only that households and firms are seeing heightened uncertainty.
The fundamental economic news helped to send rates lower on the day:
2-year yield 4.017%, -2.0 basis points5-year yield 4.068%, -2.5 basis points10-year yield 4.315%, -1.6 basis points30-year yield 4.655%, unchangedAlthough the USD is ending the day mostly lower, the price action had it's share of ups and down (or downs and ups) with the exception of the USDJPY which fell for most of the session until the price approached its 100 hour MA at 149.474. The low for the day reached 149.54. Resistance is back at the 150.00 level with the 100 hour MA now support.
The GBPUSD bounced off support at the rising 100 bar MA on the 4-hour chart yesterday and again today. That MA comes in at 1.29108 going into the new trading day. If broken to the downside it would likely shift the short term bias to the downside. Absent that, and the buyers are in firm control.
In the US stock market today the major indices closed higher with the Nasdaq leading the way with a gain of 0.46%
Dow industrial average closed 4.18 points or 0.01% at 42587.50.S&P index up 9.08 points or 0.16% at 5776.65NASDAQ index up 83.26 points or 0.46% at 18271.86.Russell 2000-13.99 points or -0.66% at 2095.37.Looking at other markets:
Crude oil is trading up seven cents or 0.10% at $69.18.Gold is trading up $8.92 or 0.30% at $3019.92Bitcoin is trading up $376 and $87,888Copper is trading up $0.13 or 2.57% to a new record high of $5.22 This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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