Fed chair Jerome Powell is whistling past 2 looming threats to the US economy
Federal Reserve chairman Jerome Powell is overlooking two central risks facing the US economy: the prospect of a trade-war induced slowdown and a key recession warning sign from financial markets. In Congressional testimony this week, Powell was upbeat on growth, arguing workers who need a job can find one, and downplayed a lack of wage growth despite a historically low 4% jobless rate. Powell also refused to state directly whether the world’s major economies are currently in a trade war, even though most economists and trade experts believe President Donald Trump’s protectionist policies, including tariffs on steel and aluminum imports on US allies, are well on their way to sparking such a conflict. Read More @ http://www.businessinsider.com/feds-powell-downplays-trade-wars-flattening-yield-curve-2018-7
Trump lays into the Federal Reserve, says he’s ‘not thrilled’ about interest rate hikes
- President Donald Trump, in a rare statement for Oval Office holders, criticized the Federal Reserve for raising interest rates.
- He said he’s “not thrilled” with rate hikes and worries that the work the administration has done will be nullified. – Read More @ https://www.cnbc.com/2018/07/19/trump-lays-into-the-fed-says-hes-not-thrilled-about-interest-rate-.html
WHAT IS THE USD SAYING?
USD remains cautious after FED Powell cautious words; Ascending Triangle is still in-tact and looking for fresh news for a new breakout.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 4.00pm – Euro will release current account – expected to be weak or no change. Eun still remains vulnerable.
- 8.30pm – Canada will release their CPI data and is expected to no change – we think otherwise. We maintain BUY for CAD.
- 8.30pm – Canada will con-currently release the Retail sales m/m; expected to be good.
The market will end with consolidation and wait for next week ECB Press conference and US GDP data release. Be cautious and always have money management in place.
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