Analyst
The stronger-than-expected U.S. Purchasing Managers' Index (PMI) gives a different impression than the recent weak U.S. economic data. In reality, of course, this doesn't really matter, because the U.S. economy is slowing 100% of the time and is 100% certain to fall into recession.
However, we see that rate hike expectations have now increased slightly, which means that investors are now closer to reality again. The Fed will not announce a dovish turnaround any time soon, as the risks of inflation flaring up again are too high.
We see low trading volume and volatility - although in the FX markets, the latest PMI data from Germany, France, the eurozone and the U.S. (today) caused some reassessment. Surprisingly positive PMI data, which also showed an increase in demand in the U.S. - in contrast to other recent economic data. Average prices for goods and services rose at the fastest pace since September 2022 - which may explain why recent core inflation data (in the US) has been so stubborn.
I expect rate hike expectations in the U.S. to rise again and Fed officials to continue to reiterate that the current monetary policy stance needs to be extended for a while longer to bring prices down.
European PMI data also came in better than expected due to a strong services sector. However, the manufacturing sector showed weakness - a sign of a slowdown. I expect German sentiment data (business climate) on Monday to be worse than the relatively positive expectations.
The EUR/USD is certainly bullish in the medium and long term, but in the short term I expect the EUR/USD to retest the current 1.09100 - 1.09400 bottom range. We are also seeing higher US Treasury yields today which will provide some support to the USD.
When I joined the Rally family, I had zero knowledge about forex. I attended their seminars and lectures and it was a thorough and quality experience. Talking about my success in forex , it’s a steady process , I’ve enjoyed lots of profits and a few losses. I’m grateful for the rally trade foundation I have, I look to grow from under the wings of Rally.
Kobi
I was told I could make money in my comfort zone, then I thought; “this could actually happen in my dreams”. But guess what, I made money and I’m still making money in my comfort zone with RALLY TRADE. To my account manager OLUWASEUN: thank you for keeping to your words and for being nice at the same time, thank you for having my back, you’re the best.To RALLYTRADE: thank you for this opportunity and for letting me know I could do more and better with myself..
Ebere Uzodinma
I am so much impressed not by anybody's action or motivation to pronounce my encounter with rally trade company. I would love to say this company has done so much in my life; personally. I listen to a radio station programme about a seminar/training on how to trade forex, I planned to attend though I don't believe it will work for me. After the training I got a call from one of Rally trade staff, in person of Tamuno who done so much to convince me to go in for the trade. This young girl have been so impacting since I stated the trade and she has never for once ignore my request for support and advice; I so much appreciate you...
Oluwatuyi Timileyin Samuel
THANK YOU, THANK YOU, THANK YOU Rally trade team for the excellent work you are doing. I recommend rally trade for anyone who want to profitably trade Forex on a consistent basis.
Oluwaseun Kayode
I have been with rally trade broker for one year now, they are reliable broker and they have excellent performance in term of training, customer service and prompt payment of profit withdrawal. Morealso, i am also beneficiary of one of their partner program (introducing broker) which I have been receiving payment for monthly commission on it. I recommend Rally trade to d prospective individual and company that intend to trade in forex . Thanks to Rally Trade
Adefuwa Ayodele