“We’re starting to see the kind of behavior that we should be seeing,” Federal Reserve President Loretta Mester, president of the Cleveland Federal Reserve Bank, said in a recent transaction across the wire.
Her comments to the Associated Press follow a number of today’s economic data, most notably the producer price index and retail sales. All of this points to a disinflationary trend in the data and fuels hopes that the Fed will continue to slow its pace of tightening at its upcoming meetings.
“It’s a good sign that things are going in the right direction…it’s important information about how we think about where policy needs to go.
usd update
The Bank of Japan’s deliberation day US dollar was a volatile spell in the forex space as the release centered around bearish US data followed by a release.
We are seeing the bulls move into the US dollar as follows.
The hourly W formation is a reversal pattern and resistance can prove difficult to crack for the rest of the day.