📈US30 jumps over 1.5%❗

3:31 PM 28 October 2022

Weaker core PCE reading lifts hopes of FED pivot

US30 rose sharply on Friday and heads for a winning week as investors shook off poor earnings from Amazon and digested a slew of macroeconomic data. The Fed's favorite inflation gauge, the PCE price index, showed that annual core inflation came slightly weaker than expected but still pointed that price pressures remain elevated. Meantime, a report from the Commerce Department showed that consumer spending rose more than expected in September. The Fed is expected to raise rates another 75 bps next week, however many analysts expect that the US central bank could start to ease off that pace when it next meets in December.

US30 rose sharply on Friday and broke above key resistance at 32460 pts, which is marked with previous price reactions. If current sentiment prevails, an upward move may accelerate towards the next resistance at 33260 pts. Source: xStation5

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