Other than that, there were the aftermath of the deals made yesterday in the Middle East from Pres. Trump (and staff) with the tech/chip sector reaping most of the rewards.
AMD closed up 4.68% and is up 19.37% since May 6. NVIDIA rose 4.16%. Shares are up 34% since April 22Super Micro Computers (SMCI) surged nearly 15.69% after announcing a multi-year, $20 billion partnership with DataVolt, a Saudi Arabian data center developer. Shares are up 40.64% since May 9th but is still down some 73% from the 2024 high closing level.Federal Reserve Governor Philip Jefferson stating that the current "moderately restrictive" policy rate is well-positioned to respond to evolving economic conditions. He emphasized that the Fed is closely monitoring hard data for signs of slowing activity, though recent inflation figures suggest continued progress toward the 2% target. However, he warned that the path forward remains uncertain, particularly due to the potential inflationary impact of new tariffs. While the labor market remains solid, Jefferson noted that Q1 GDP figures likely overstated the slowdown in economic activity. He added that whether tariffs cause lasting inflation will depend on their implementation and how supply chains adjust.
Earlier Fed's Goolsbee also spoke to the idea of patience saying:
He is emphasizing that some of the April inflation data likely reflects the lagged nature of how price trends appear in official statistics. He noted that the Fed remains in a wait-and-see mode, choosing to hold off on any policy shifts until clearer information emerges. Goolsbee cautioned against drawing conclusions about long-term inflation trends amid the current short-term volatility, stressing the importance of filtering out noise in the data. He reiterated that the Fed’s role is to act as a steady hand, not reacting to daily movements in markets or political headlines. His comments reinforce the Fed’s patient stance as it continues to assess evolving economic conditions.Einhorn expressed skepticism about the focus on the trade deficit, saying he doesn’t view it as a major problem. On gold, he stated he would be pleased to see it rise to $3,500 or $3,800, but not to $30,000, which he implied would reflect severe economic distress. He criticized the current administration for “building a retreat” and argued that the U.S. is not being perceived as a reliable negotiating partner by other nations.
In the forex, the USD is ending mostly higher vs the major currencies with the exception vs the JPY (the USD was lower vs the JPY)
EUR +0.15%JPY -0.45% GBP +0.38%CHF, +0.39%CAD +0.30%AUD +0.63%NZD +0.69%EURUSD: The pair tested its 200-hour moving average at 1.1261 during the European morning session but failed to hold above it, rotating lower and breaking below the 100-hour moving average at 1.1183. As the session comes to a close, EURUSD is trading near 1.1169. Holding below the 100-hour MA in the new trading day would keep the bearish bias intact and sellers firmly in control.
USDJPY: The USDJPY was down over 1% earlier in the day but rebounded in the US session and is closing here in the rising 100 hour moving average at 146.777. That MA will be a short term barometer into the new trading day.
Looking at the closing levels in the US equities:
Dow industrial average fell -89.37 points or -0.21% at 42051.06.S&P index closed higher on the year for the second consecutive day. Today the price rose modest 6.03 points or 0.10% at 5892.58. The index is up 0.19% for the year.NASDAQ index rose 136.72 points or 0.72% at 19146.81. For the year, the index is down -0.85%.2 year yield 4.057%, +4.0 basis points.5-year yield 4.170%, +4.9 basis points10 year yield 4.542%, +4.3 basis points30 year yield 4.975%, +3.3 basis points
in other markets:
Crude oil is trading down $0.76 at $62.91Gold is trading down $68 or -2.10% at $3181.30. Gold is down 7.8% from its most recent swing high on May 6 as flight to safety flows ease with hopes for more tariff dealsBitcoin is trading down $646 at $103,494. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( Forexlive Americas FX news wrap 14 May: The USD rebounds from earlier declines. Gold lower )
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