{"id":20029,"date":"2024-08-14T12:31:49","date_gmt":"2024-08-14T20:31:49","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20029"},"modified":"2024-08-14T12:31:49","modified_gmt":"2024-08-14T20:31:49","slug":"key-economic-indicators-shake-markets-as-fed-decision-looms","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/key-economic-indicators-shake-markets-as-fed-decision-looms\/","title":{"rendered":"Key Economic Indicators Shake Markets as Fed Decision Looms"},"content":{"rendered":"
Get Real Time updates and more by joining our Private Facebook Group<\/a>!<\/span><\/div>\n
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Movers and shakers!<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

General:\u202f\u202f\u00a0<\/strong><\/p>\n

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So far this week, two of three important measures of the U.S. economy have been released: Tuesday\u2019s Producer Price Index and today\u2019s Consumer Price Index, both from the Labor Department and both providing the latest inflation data.\u00a0 Tuesday\u2019s report measuring average price changes seen by producers and manufacturers showed wholesale inflation slowing, up just 0.1% month-over-month and falling to 2.2% year-over-year.<\/p>\n

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The Consumer Price Index (CPI), a broad-based measure of prices for goods and services, increased 0.2% for the month, putting the 12-month inflation rate at 2.9%, its lowest since March 2021.\u00a0 Excluding food and energy, core CPI came in at a 0.2% monthly rise and a 3.2% annual rate<\/p>\n

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Many analysts have been calling for the Federal Reserve to start lowering borrowing costs given the descendent inflationary readings this year, to which Central Bank chairman Jerome Powell has replied consistently after every FOMC meeting, to paraphrase, \u201cpatience.\u201d<\/p>\n

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According the\u00a0CME Group FedWatch tool<\/a>, there is now a \u00b164% probability that the Fed will lower the Federal target rate range by 25 basis points down to 5.00-5.25% at their September FOMC meeting.\u00a0 Including tomorrow\u2019s Retail Sales report from the U.S. Census Bureau, there are numerous events on the horizon to give the Fed. more to think about:<\/p>\n

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Metals:\u00a0<\/strong><\/p>\n

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A powerful workers union is behind a current labor strike in Chile.\u00a0 Because it\u2019s virtually paralyzed the world\u2019s largest copper mine \u2013 producing nearly 5% of the world’s copper in 2023 \u2013 keep an eye on those developments and the futures contract with the informal PhD in economics.\u00a0 December copper prices<\/a> are near 5-month lows, just above $4.00\/lb. after falling over $1.00\/lb from a May 20 close at $5.0185 \u2013 a $25,000 per contract move.<\/p>\n

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Energies:\u202f\u00a0<\/strong><\/p>\n

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U.S. natural gas futures<\/a> rose today for the sixth time in seven sessions ahead of tomorrow\u2019s\u00a0 weekly inventory report that\u2019s expected to chip away further at the large storage surplus.\u00a0 September futures have traded \u00b127 cents (\u00b1$2,700) off its Aug. 5 close of $1.942\u00a0\/MMBtu., up to $2.216\u00a0\/MMBtu.<\/p>\n

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Daily Levels for August 15th, 2024<\/h3>\n

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Economic Reports<\/strong><\/div>\n
provided by:\u00a0<\/a>ForexFactory.com<\/a><\/div>\n
All times are Eastern Time ( New York)<\/div>\n
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel Listen to our Market Recap Podcasts on Apple Podcasts     Movers and shakers! By Mark O’Brien, Senior Broker General:\u202f\u202f\u00a0   So far this week, two of three important measures of the U.S. economy have been released: Tuesday\u2019s Producer […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20029","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=20029"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20029\/revisions"}],"predecessor-version":[{"id":20033,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20029\/revisions\/20033"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=20029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=20029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=20029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}