{"id":66190,"date":"2022-05-28T04:29:19","date_gmt":"2022-05-28T00:29:19","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=66190"},"modified":"2022-05-30T00:24:29","modified_gmt":"2022-05-29T20:24:29","slug":"market-drivers-us-session-27-may","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-27-may\/05\/28\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 27 May"},"content":{"rendered":"\n

The EUR\/USD reached a fresh four-week high, around 1.0765, but in the last hour, retreated 30 pips, as the New York session come to close, on a positive trading session, courtesy of positive US data. At 1.0735, the EUR\/USD is set to record weekly gains of 1.66% amidst a week full of ECB officials\u2019 hawkish commentary as well as mixed US economic data.

Economic Data<\/strong>
US Core PCE rose by 4.9% YoY, lower than March\u2019s 5.1% figure; traders, investors and market participants now wonder whether the Fed would reduce the rate hiking pace and whether hawkish stance would continue.

On Friday, the US Commerce Department unveiled inflation figures for the country. The Fed\u2019s favorite gauge, the Core PCE for April, increased by 4.9% YoY, aligned with forecasts but lower than the March reading. That eased investors\u2019 concerns regarding the aggressive policy adopted by the Fed, with some policymakers including James Bullard, expecting rates to finish in the 3.25-3.50% range.
<\/p>\n\n\n\n

The University of Michigan\u2019s gauge of consumer sentiment fell to a final May reading of 58.4 from the initial reading of 59.1 earlier in the month, its lowest level in more than 10 years. Economists were expecting a reading of 59.1, according to a Wall Street Journal survey. The May Final Report came in at 58.4, down 6.8 (10.4%) from the April Final. Since its beginning in 1978, consumer sentiment is 31.9 percent below the average reading (arithmetic mean) and 31.1 percent below the geometric mean.<\/p>\n\n\n\n



Other Developments<\/strong>
During the European session, the Bundesbank President and ECB member Joachim Nagel said that he believes the first-rate raise move should come in July, with more to follow in the second half of 2022. He added that inflation would not fall overnight, and it could take some time.

During the week, Atlanta\u2019s Fed President Raphael Bostic, usually a hawk, commented that once the Fed is done with 50 bps increases in the June and July meeting, it might pause as they assess the economy\u2019s reaction.


Next week, the Eurozone macroeconomic docket will feature Headline Inflation for Germany and the Euro area. Both headline figures are expected to rise to new highs, but core EU inflation is foreseen to fall to 3.4%. Another event triggering EUR\/USD traders\u2019 reaction would be the EU Council Meeting.

The US docket will reveal the May ISM Manufacturing and the Business-related PMIs, Fed speakers, and employment data on the US front.
<\/p>\n\n\n\n

Also Read<\/p>\n\n\n\n

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US benefits depend on Pacific trade pact<\/a> <\/p>\n\n\n\n

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Gold steadies around $1850s, hopeful for a catalyst to $1900<\/a> <\/p>\n\n\n\n

USD\/CAD\u2019s selling pressure stands around 1.2780s<\/a> <\/p>\n\n\n\n

Food, energy prices could push the globe into recession<\/a> <\/p>\n\n\n\n

Consumer sentiment at 10-year low amid hot inflation<\/a> <\/p>\n\n\n\n

US household spending rises in April<\/a> <\/p>\n\n\n\n

GBP\/USD retreats on PCE data<\/a> <\/p>\n\n\n\n

Wells Fargo: US momentum in consumer spending continued into Q2<\/a><\/p>\n\n\n\n

WTI poised to end strong trading week around $114<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The EUR\/USD reached a fresh four-week high, around 1.0765, but in the last hour, retreated 30 pips, as the New York session come to close, on a positive trading session, courtesy of positive US data. At 1.0735, the EUR\/USD is set to record weekly gains of 1.66% amidst a week full of ECB officials\u2019 hawkish …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6904,7014,6837,6885,6987,8950,8846],"class_list":["post-66190","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-bitcoin","tag-consumer-sentiment","tag-eurozone","tag-fed","tag-inflation","tag-university-of-michigan-consumer-sentiment","tag-us-core-pce-inflation-data"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=66190"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66190\/revisions"}],"predecessor-version":[{"id":66194,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66190\/revisions\/66194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=66190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=66190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=66190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}