Time for some profit taking ahead of the US CPI? ...Middle East

Last Friday, the University of Michigan consumer sentiment report surprised to the downside with a big drop from 77.2 to 67.4 while the consensus was expecting just a slight tick lower to 76.0. It's not yet clear which weighed more on the sentiment between inflation and the labour market, but it comes after notable misses in the NFP and Jobless Claims data. The inflation expectations jumped to a six-month high, although the long term expectations remain anchored around the 3% level. Overall, an ugly report. The S&P 500 fell after the release but eventually erased half of the losses. In the 1 hour chart above, we can see that we had an incredible run since the FOMC decision with more bullish

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Last updated : 13 May 2024 clock 11:52 AM

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Time for some profit taking ahead of the US CPI? ...Middle East

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