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On October 23, according to CMEs "Fed Watch": the probability of the Fed cutting interest rates by 25 basis points by November is 91.1%, the probability of maintaining the current interest rate unchanged is 8.9%, and the probability of cutting interest rates by 50 basis points is 0%. The probability of maintaining the current interest rate unchanged by December is 2.2%, the probability of a cumulative interest rate cut of 25 basis points is 29.5%, the probability of a cumulative interest rate cut of 50 basis points is 68.3%, and the probability of a cumulative interest rate cut of 75 basis points is 0%.A U.S. bank trade group has filed a lawsuit against the Consumer Financial Protection Bureau over its "open banking" rules.Qualcomm (QCOM.O) said on Tuesday it will work with Google (GOOG.O) to provide a combination of chips and software that will allow automakers to develop their own artificial intelligence voice assistants. Qualcomm has expanded its business into the automotive sector, with its chips powering both car dashboards and autonomous driving systems used by companies such as General Motors (GM.N). Qualcomm said it is working with Google to develop an Android automotive operating system that will run smoothly on Qualcomm chips. Qualcomm also launched two new chips, one called Snapdragon Cockpit Elite for car dashboards and the other called Snapdragon Ride Elite for autonomous driving functions. Mercedes-Benz plans to use Snapdragon Cockpit Elite chips in future vehicles, the company said.Market news: Apple (AAPL.O) is developing a new App Store application designed specifically for games to make its products more attractive to gamers.According to the New York Times: Microsoft co-founder Bill Gates privately said he has donated $50 million to US Vice President Harris.

EUR/USD Is Anticipated To Fall Below 1.0950 Due To Market Optimism Regarding US Economic Prospects

Daniel Rogers

Apr 20, 2023 13:54

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The EUR/USD pair is expected to decline drastically below the near-term support level of 1.0950 during the Asian session. The major currency pair is attracting bids as the US Dollar Index (DXY) has shown a recovery move and surpassed the 102.00 level of resistance.

 

S&P500 futures have extended their losses during the Asian session in anticipation of the Federal Reserve's (Fed) decision to raise interest rates, which could undermine revenue guidance.

 

According to the Federal Reserve's (Fed) Beige Book minutes, economic activity is stable in the majority of districts. However, loans and advances to businesses and consumers have decreased due to stringent credit conditions imposed by commercial banks in the United States in order to prevent uncertainty in an unstable environment.

 

In the interim, Fed policymakers remain optimistic regarding the economic prognosis due to the labor market's tightness. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data. A Fed official added that the demand for labor has not yet diminished and that a robust labor market results in robust consumer spending.

 

Citi Group forecasts a fourth-quarter recession in the US economy due to the constrained US labor market. Previously, it was anticipated that the United States would enter a recession during the third quarter of 2023.

 

Investors are anticipating the release of Eurozone Consumer Confidence data. Preliminary Consumer Confidence (April) data is anticipated to improve from -19.2 to -18.5. This may be the result of persistently declining inflation in the Eurozone, which reduces the burden on households.


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