Market Participants Await Tomorrow’s PCE Data

Equities Trade Mixed Ahead of Friday’s PCE Inflation Release

The US dollar rebounded and traded higher against all the other G10 currencies on Wednesday and during the Asian session Thursday. It gained the most versus NOK, SEK, AUD, CAD, and EUR in that order, while it eked out the least gains against NZD, JPY, and CHF.

FTSE 100 — Technical Outlook

Looking at the FTSE 100 cash index on our 4-hour chart, we can see that it is currently stuck between two of its short-term tentative lines, an upside one taken from the low of May 13th and a downside one drawn from the high of May 18th. In order to consider the next short-term directional move, a break through one of those lines is needed.

EUR/USD — Technical Outlook

Yesterday, EUR/USD made its way lower, falling below the 21 and 50 EMAs on our 4-hour chart. However, the pair managed to stay above its short-term upside support line taken from the low of May 5th. As long as the rate continues to balance above that upside line, we will remain positive with the near-term outlook.

As for Today’s Events

Today, we get the second estimate of the US GDP for Q1, which is expected reveal a small upside revision, to +6.5% qoq SAAR from +6.4%, as well as the durable goods orders for April. Both headline and core orders are expected to have slowed to +0.7% mom, from +1.0% and +2.3% respectively. Pending home sales for April and the initial jobless claims for last week are also coming out. Pending home sales are forecast to have slowed to +0.8% mom from +1.9%, while initial jobless claims are expected to have declined slightly, to 425k from 444k.



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