US President Biden has urged the House to pass the legislation, and it will. AFAIK Friday is the schedule for the cote.
The act is the next leg in Biden's stimulus programme. It includes climate provisions, tax changes, drug pricing provisions, and more. He'll sign it into law once the House passes it.
China's economy continued to recover from lockdowns earlier in the year through July, the best growth in exports will be welcome. Less welcome of course is the miss on imports, this will be read as a sign that domestic demand in the country continues to lag. Consumers in China are wary of the imploding property sector being crushed by heavy loads of debt, a repayment strike from homebuyers not seeing promised homes delivered by developers, and widespread contagion. Government economic support is helping cushion the blows, but not entirely.
China has thrown in the towel of hitting its GDP growth target this year:
From July:
- Even when bitcoin may be in a trading range, trade ideas within a range can be interesting enough to take. In this case, shorting BTCUSD for a 1.5 to 1 reward vs risk.
The US jobs report on Friday helped to initially move the dollar higher, stocks lower and yields higher. However, by the close, the dollar had come off high levels, stocks took back declines. Yields did stay elevated.
What about the expectations going forward?
- The USD as moved sharply higher on the back of better US data (retail sales and Philly Fed index both much stronger than expected). The once flight into safety is also helping. The AUD and CHF are the weakest. The CHF trended lower coming into the day and has given up some of its premarket declines post US data.
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- You can imagine that it would be even higher after this week's CPI but that doesn't mean they're all right. The shoe that's dropping at the moment is natural gas and energy pricing, which is going to hit hard.
- The pair in the Asian session tested a lower upside sloping trendline. The second dip today found early support buyers against the trendline. That was a more bullish clue but the better data today was needed to push higher.
- Charts show seasonal weakness in stocks right now but it's not magic. Sept 11 (market reopened Sept 18) and Lehman's bankruptcy (Sept 15) are in this period. Strip that out and it mostly goes away.
ForexLive Thu 16 Sep 2021 14:46 - Technically, the price action today saw the pair move up and test its topside trendline and 100 hour moving average (blue line in the chart above) in the early Asian session. Staying below those levels gave the go-ahead to push the downside from a technical perspective.
- The USDCHF moved higher on the back of the better US data today and in the process extended above the swing area between 0.9231 and 0.92414. The next target was the July 1, July 2 and July 7 highs between 0.9267 and 0.92742. The high price just reached 0.9270 and backed off.
- Aggressive selling in US equities right after the open in 5 of the past 6 days. What's your best theory on why? https://t.co/VF70xib1Zr ForexLive Thu 16 Sep 2021 14:26
- In any case, the worries are winning. The bleed in stocks continues. What's worse is this is the fifth time in the past six days there has been aggressive selling after a strong open with yesterday as the lone exception.
- More of a 'risk-off' tone is settling over the market with the S&P 500 down 20 points, erasing half of yesterday's rally. Initially stocks and the dollar rose in tandem but the trade is changing.
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- Gold is in a weak seasonal period right now and judging by the price action, there's no much conviction left for gold bulls. They've watched just about every other asset class soar in the past year as gold treads water.
- The US major indices are trading mixed at the start of the US session. The better retail sales have pushed up the Dow. The S&P is near unchanged and the Nasdaq - worried about higher rates on the better growth - is lower.
- In the process, the price moved below a swing area between 1.3790 and 1.38022. That area will now be eyed as close intraday resistance. Stay below 1.38022 and the sellers remain in control. The door is also open for a move toward the 50% of the move up from the August 20 low. That level comes in at 1.37569. However, the price needs to stay below the 1.38022 level to keep the sellers happy, comfortable, and the buyers under pressure.
- A Fed spokesperson says Chairman Jerome Powell late last week directed board staff to take a fresh and comprehensive look at the ethics rules around permissible financial holdings and activities by senior officials.
- The price is looking to test its falling 100 hour moving average at 109.729. A move above that level will have traders looking toward the 100 day moving average at 109.833 and the 200 hour moving average at 109.869.
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