The dollar flew higher last week as a result of resilient economic news along with a higher PCE than expected. Now the DXY has reached a decision point in price action. This week's NFP will help determine the sentiment around the potential June rate hike. Here is what we are looking at:
EdgeFinder Analysis
USDCAD is one of the EdgeFinder's strongest buys at +6. With retail majority short and opposite COT, this pair looks to be gearing for another higher high. The USD is stronger in every category but seasonality and inflation. However, as we near the end of the month of May, the pair is expected to make some gains which could int turn take UC to a higher buy score.
The Smart Money Tracker also shows us some intuitive insight on both currencies. We saw an increase in long positions and decrease in shorts for the dollar. And on the flip side, CAD is now the most shorted pair on the SMT, replacing the yen.
The pivotal price action level mentioned previously pertains to this chart above on the DXY. Specifically on the 1D timeframe, we can draw a significant trend line that has lasted since the later part of 2022. Friday's candle closed right at this level, but it has yet to break above.
The way Friday's candle closed did show buying pressure, but the index was pretty much break even on the day. This candle also suggests some exhaustion in the rally and may spell a pullback. However, if price breaks above this level and closes, we could be in for another test at the 105.9s.
UJ is also standing tall at a +6 strong buy. This pair will be heavily dependent on the data at the end of this week. So far, the US has seen healthier economic data along with higher inflation (PCE). If NFP comes in higher than expected, it might be the turning point for the dollar further confirming a bullish bias.
A few weeks ago, less promising economic sentiment was crashing the dollar, and the expected end to interest rate hikes did more damage. However, the EF remains bias toward the bulls when looking at this pair.
Retail Spotlight
From what it looks like, the crowd is short the dollar. The past couple weeks have been more mixed, but now sentiment is more definitive. These long/short biases are very strong which may indicate the USD has more room to run higher.
Smart Money Spotlight
After taking a closer look at USDCAD on the SMT, the bullish bias has become clearer. While USD became more bullish, CAD did the opposite on a week-to-week change. Canada now has the most shorted currency on the scanner which took the yen's place for the first time in several weeks. Down at the bottom, the currency pair bias suggests that smart money could be ready to take this pair higher this week.
Fundamental Spotlight
This GDP growth rate on the USD is causing rising concern for stock market bulls. Although a rise in economic output suggests a healthier economy, it encourages the Fed to consider higher interest rates in the June meeting. The Fed's goal is to maintain inflation which rose slightly in last week's PCE. If the economy stays this resilient to higher rates, the Fed may be incentivized to go even higher. Thus, a higher dollar value.
Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD?
EdgeFinder Analysis
GBPNZD is a pair that should be on your radar now. The EdgeFinder still scores at a neutral rating of +2, but sentiment could continue to lean more towards a buy (+3 or higher). The kiwi carries one of the highest rates in the market right now, but that could be subject to change.
Governor Orr spoke on monetary policy going forward and mentioned that he sees no need for another rate hike after this 25 bp move. The rate sits at 5.5% and will likely stay there until the RBNZ decides to cut. Meanwhile, countries like UK which suffers from high levels of inflation has a different plan: continue the hikes as needed to reach their target of 2%.
After Jerome Powell spoke yesterday, the dollar saw a spike in bullishness although the statement was very much a mixed one. Although he considered inflation to be "unacceptably high", the need for more hikes has become very muddy.
It appears that Fed officials are split between a continuation or a pause for next month, but the overall sentiment reads lesser confidence in a need for one. The DXY is up with bond yields today, however price is testing a key resistance level on a long term trend line. Today's price action could determine whether or not the pair has completed its move or not.
Kiwi pairs are starting to see a heavy bearish bias from the EdgeFinder after that recent dovish RBNZ news. NZDCHF is one of the strongest sells of the kiwi crosses, however, it is likely that more will start to turn increasingly bearish over time.
We should pay attention to COT and retail. Right now, there's a heavy long bias from the crowd and a mixed reading from smart money. However, we can check COT over time to see where they might be shifting their interest. Both the trend and seasonality are forecasted lower for the month of June, which suggests further downside for the pair.
Retail Spotlight
After taking a look at retail, it's evident that the reversal traders are heavily against the strong moves from kiwi. Although there might be some temporary profitability, it could be limited as smart money will likely be dumping what they have in NZD.
Smart Money Spotlight
Here is smart money getting less and less bullish over time. The bulls are fading on kiwi, and as we approached this week's news, sentiment fell. Based on historical data, we can expect a lower bias going into next week. If that yellow bar on the Currency Pair Bias chart shows up below 0%, that means investors are leaning towards CHF bullishness.
Fundamental Spotlight
When stacked among the rest, USD and NZD are the strongest in terms of funds rates. however, we still need to consider what is to come for the two hawkish currencies. After interpreting the two statement from this week, we can conclude that both the US and New Zealand are near or at the end of their rate hike journey. Investors are now expecting a pause or a cut, but hardly anyone thinks there will be another rise from the Fed or RBNZ.
As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound.
EdgeFinder Analysis
GBPJPY still maintains its buy score of +3. The factors keeping this pair from being a strong buy are purely fundamental. The UK has a terribly high inflation rate, especially in comparison to that of Japan. That coupled with a lower growth in GDP and higher unemployment, it seems almost pointless to be long.
However, the EdgeFinder likes this pair to the long side. Yes, the score is heavily influenced by technicals right now, but CPI news this week could cause another run higher. The y/y rate is expected to beat expectations and come down below double digit inflation. Seeing the report meet expectations, GBP will likely gain more investor interest.
Looking at another +3 rating, NZDCAD won't seem to quit testing significant resistance on the 1D timeframe. Price is bidding up to resistance around a long term falling trend line and is trying to close above. It looks like the pair is in a flag pattern and waiting to break back to the upside.
One thing that could cause such a breakout is tomorrow's RBNZ decision on interest rates. Expectations are that the bank will raise the discount rate by another 25 basis points. With that in mind, investors might be trying to trade price higher as we go into this event.
If you want to trade a clean sweep, AU is the one for you. The dollar has AUD wiped in every category of fundamentals and technicals. Even with this strong bias to the downside, the pair has not really moved in the past couple months. It is more so a sideways motion rather than down and that is likely due to a heavy level of support propping the pair up.
USD has a handful of events coming up this week that carry copious opportunities for traders in this market. Reasons for the pair to break under to the trend line to the downside could be a meet on GDP, as-expected jobless claims, and PCE meet. Consumption has surprisingly stayed the same for the last two months but expectations are dropping. If PCE sticks or rises, it could look bullish for the dollar.
Retail Spotlight
With a full market view of major and minor pairs, some factors can be obviously pointed out. Investors are harshly short NZD as we go into another pivotal rate decision. The crowd also seems to be majority bullish yen regardless of COT and the BOJ's incredible dovishness.
Smart Money Spotlight
COT uncovers a different story regarding sentiment. JPY is still the most shorted asset on this list, followed by SPX and CAD. The charts below represent AUDUSD which is maintaining a heavily bearish bias week-to-week.
Fundamental Spotlight
Two very different monetary policies coming from Japan and UK which is causing direction in inflation. With a focus on economic growth, CPI is rising in Japan. Meanwhile, the US and UK have set their sights clear on fighting inflation. On this chart, you can visually tell which countries are raising rates.
Unemployment claims came in less than expected this morning showing healthy signs for the US economy. Stocks have been on a tear since then as the NAS100 is up over 1% and SPX500 up 0.2%. Tech stocks look to be having the strongest day in the market.
EdgeFinder Analysis
JP225 is now a strong buy on the EdgeFinder at +6. The index touched all time highs around the $30,800s before returning some of those gains. This market is at a crucial decision point, and today's price behavior will help determine whether or not it will break to new highs and continue an uptrend, or pullback from profit-taking.
Having that said, sentiment for the Japanese stock market is still strong regardless of COT activity who is net short. However, institutions are slowly changing that by cutting back on short contracts and increasing the number of longs. This has been happening for several weeks but at a slow pace.
I'm showing the Historical Backtest feature instead of a score summary because the SPX500 is in a neutral-to-buy rating. Before this, price had been a strong sell of -6. The fact that the score is shifting this much indicates a possible reversal in EdgeFinder sentiment.
After a better than expected jobs number today, we might be seeing hopeful signs within the US economy. Although inflation did rise higher than expected last week, investors are still hopeful for a rate pause this coming June.
The same thing goes for NAS100 which has been ranked a strong sell back in March. As the score shifts - likely due to the trend readings and May's seasonality - so might the EF sentiment. Tech stocks have seen a massive run higher since March as the NASDAQ leads the US indices in gains.
What we need to look for is a perpetuation of a buy score. The EF can easily flip back to the sell side after a heavy bull run. This has been a key factor in the stock markets overall: after higher highs are established, price corrects to lower lows. But, if price can maintain its positive score, we might see some confirmation of more upside.
Retail Sentiment
According to retail sentiment, most of these indices are bullish. GER30 and JP225 are especially bullish while the US30 and UK100 are more mixed. It seems like the best chances investors will have are with the indices that are majority short from the retail side.
To the point I made earlier, here is a clearer visual on what is happening each between institutions on JP225. The net positive growth in long contracts have increased over time suggesting that COT is becoming increasingly bullish.
Fundamental Spotlight
Upon comparing the unemployment rates between Japan and the US, Japan's economy seems to be in a better position overall. The BOJ was adamant about keeping rates below zero while focusing on economic growth. This dovish tone is what is likely causing JP225 to be more bullish than the rest of the indices.
Bitcoin is our latest addition to the EdgeFinder as we now have it in our scoring algorithm for users looking to trade the crypto. This report will cover an in depth analysis on Bitcoin as well as our strongest setups this week.
EdgeFinder Anlaysis
Price action looks overall bearish on our scanner as its score reads -5. Both the trend reading and seasonality agree that lower lows are likely to occur especially now that the dollar is gaining strength from recent CPI and Core CPI news.
The crypto looks a little bearish from sentiment data as well. Retail is mostly long while institutions are mixed. It's also harder for a speculative crypto like Bitcoin to thrive in a high inflation market. This could be an entirely new market for Bitcoin as it has never treaded in these waters before.
Swiss-Yen is on another run to the upside as JPY continues to weaken on dovish sentiment. The EdgeFinder is still scoring this pair as a strong buy at +6 which is telling for any pair. As price bounced from the lows of Thursday’s session, the pair is coming up to test a previous high around 152.24s.
A break in this level would indicate higher highs towards resistance around 154. The reason for the pair's uptrend is likely not due to sentiment data from COT or retail, but rather a BOJ announcement that rates will not be raised and remain negative while Governor Ueda maintains focus on economic expansion.
EURUSD is now a strong sell on the EdgeFinder after taking quite a tumble from recent US inflation data. Price seems to be attempting a recovery from here, although the break under the trend line looks somewhat like a bearish trend reversal. Price could come down to support around 1.05313 where there is a previous bottom.
The 10 year seasonality average and trend reading do not agree, but it seems that sentiment on the retail side is shifting to a more bearish sign for the pair. Analysts and banks alike are projecting higher prices for the pair, however. Both groups believe that price is bullish looking into the next month and quarter with an average quarterly price forecast of 1.1029.
Retail Spotlight
Between the majors, commodities and crypto, retail is leaning towards NZDUSD, USDCHF and USOil bullishness. The crowd's biases start at USDCAD as the strongest sell, while USDJPY and Gold follow behind. Bitcoin is also heavily bullish on the retail side.
Smart Money Spotlight
Smart Money is showing some interesting data for commodities, SPX and JP225. It seems that gold sentiment is back to mixed after reading a stronger bullish reading last week. The Yen is still net bearish in change in open positions last Friday, while the Japanese stock index (JP225) is increasingly bullish. Institutions are scaling out of US stocks while investing in more Japanese stocks.
Fundamental Spotlight
When comparing interest rates, NZDJPY and USDJPY is the highest yielding pair for the carry trade. With an already bearish yen outlook, investors are more enticed to trade and hold positions against the yen as they will receive a payout each day. From looking at this chart alone, it's clearer why the yen is so bearish for the time being.
Gold prices fell on Thursday morning after Producer Price Index came out lower than expected suggesting a decline in inflation. The initial reaction to this news is extremely negative as many factors start playing in to market activity including SVB House hearing, debt ceiling, and other events happening today.
EdgeFinder Analysis
CHF/JPY falls with a rise in risk-off sentiment. Today's PPI numbers seemed to affect the Swiss and Japan markets as well. The pair's score is still a strong buy around +6 with almost all indicators pointing toward CHF strength. The two exceptions being retail sentiment and GDP growth which is scored at neutral.
Price is down over half a percent to start off the NY session, nearing the April lows around 149.077. This could be partially due to the overall rebound in yen which has been beaten down for some time. Because both currencies are considered risk off, traders might be looking for the more stable pick. In this case, EdgeFinder likes CHF more.
Gold tumbled on the news of lower PPI which is a helpful measure of inflation as well as demand for products such as the metal. The sell off came abruptly in the initial reaction, but the metal has paired some losses since. The USD saw an unexpected spike after a lower-than-expected inflation number. Core CPI still remained unchanged which is another concern for interest rate decisions.
One thing gold is good at is its hedge against inflation, but demand must be growing as well. Price hovers around the $2019. If a bottom was established on the current 4H candle, we may see a test to the $2030s again. However, if demand struggles still, we can expect a test at $2000 again.
JP225 remains hot on the EdgeFinder's radar which is reading a +6 strong buy. The index is relatively flat today as we near the middle of the NY session. Trend readings still point upwards despite yesterday's losses. Mixed earnings are keeping price at bay for the time being as stocks near August 2022 highs.
Unusual sentiment also makes it hard to pick sides on the index. COT and retail agree which is not very common. Both are largely short, although institutions are clearly increasing their long positions in the stock market.
Retail Spotlight
The crowd likes oil with a mixed outlook on gold. USD pairs are mixed per usual, but the strongest biases look to be on the Japanese and German stock markets. The problem as we discussed earlier is that institutional activity also agrees with retail sentiment.
Smart Money Tracker
Here's the full view of the Smart Money Tracker with its new features at the bottom. Gold is pulled up on the two new charts. Week to week data suggests a flatline on gold longs with a slight increase in USD longs. The currency pair bias chart shows a declining number of net long biases over the past three weeks. Although gold is the most bought asset on the tracker, a declining net bullish bias is something to consider.
Fundamental Spotlight
The US currently has the advantage between Europe and UK. BOE just announced a rate hike of 25 bp in the hopes of getting back under the double digits that has been pressuring UK's economy. This mild increase in the bank rate is meant to prevent a recession in the UK which seems to be working in the investors' eyes.
The majors are about to experience another wild week of trading. With key inflation data in the US, bank rate decisions across the pond in the UK, and then inflation expectations in New Zealand, investors prepare for a treacherous news week. Here is some other notable events happening in the global markets:
EdgeFinder Analysis
EURJPY is still one of the EdgeFinder's top buy ratings for the week. At +6, the euro beats the yen in almost every category except inflation and unemployment. The Euro-area likely struggles more with inflation due to a more expansive economy than Japan who's central bank is trying to stimulate growth rather than focus on the yen's strength.
More promising news came from COT this week which showed an increase in long positions in the euro. Meanwhile, retail is net short this pair as it looks to be a reversal attempt. Although price is pulling back, smart money does not want to let go of the euro, so price is likely going to attempt a bounce.
Gold on the rise today after a stark sell off in Friday's session. COT showed a confident level in growth in long positions on the Smart Money Tracker after the regionals rebounded from the banking crisis. What looked to be a bearish case for the metal at first is now looking more so like a dip-buying opportunity.
Gold is now the most heavily bought asset by institutions. The metal broke above the $2020s on the 4H and 1D timeframe which suggests bullish pressure going into CPI. Traders could be looking for a retest on the highs of $2060.
GBPJPY is still a +5 on the EdgeFinder as we go into a BOE bank rate decision. Forecasts have put down another expected hike of 25 basis points on Thursday in hopes of driving down the double digit inflation crippling the pound's strength.
Other than inflation and unemployment, GBP has the advantage with a hawkish BOE and expanding economy. The two trend readings point toward more momentum to the upside as the 10-year average seasonality shows historical gains.
Retail Spotlight
The crowd looks heavily biased towards the euro and one pound cross this week. To the short side, it appears that retail is looking to yen strength as GBPJPY, CADJPY, NZDJPY and AUDJPY are at the bottom of the list. Commodities are mixed; oil is mostly long while the gold market is only 40% long.
Smart Money Tracker
Here's a new feature on the Smart Money Tracker page of the EdgeFinder which shows week-to-week activity from institutions. So, you will not only see this week's change in long or short contracts for the current week, but you can also see what they are up to over time. The yellow bars show a net change in long and short contracts to find the net bias. For example, this week's currency pair bias for gold is 13%, or net long of 13%.
Fundamental Spotlight
Something that was mentioned in the livestream today was global inflation. Most notably, inflation in the US, UK, Europe and Japan. UK has the highest levels as well as a stubborn rate path on a 2-and-a-half year chart. With this in mind, it was unanimously agreed that the BOE will need to raise rates this week to help quell the 10% inflation rate.
Yesterday's FOMC resulted in a spike in gold's price. The metal hit $2,067 before pulling back at the start of the morning. Since then, gold has been on a tear to the upside looking to retest the highs. Here is what we can look for going into tomorrow and next week.
EdgeFinder Analysis
Gold is now reading a strong buy on the EdgeFinder after yesterday's FOMC meeting in which a statement of the need for more rate hikes was redacted in the Fed's report. This hinted towards a pause in rate hikes for the time being, and the bulls saw strength in the metal.
Price gapped up on the 1D timeframe showing tremendous demand. This however, could be a sign that it might have moved too much too quickly. Either way, price is facing its most significant level of resistance yet. Things to look out for are tomorrow's unemployment rate which could either strengthen or weaken the score on gold.
CHFJPY is also one of the EdgeFinder's strong buys at +7. Price has come all the way to support on the 1D timeframe which served as a previous double top. It still looks like a healthy pullback for now, but a break under the rising trend line could suggest weakness in the trend.
Additional support lies around a previous bottom around 149.261. The higher high established is a bullish sign for the pair although it could spell short term weakness. As long as COT shows a pursuance of interest in the euro and growing disinterest in the yen, this pair will keep looking strong.
USDCAD is back to a +6 strong buy on the EdgeFinder. The trend projection reads oppositely of the 10 year seasonality average. CAD is also one of the most shorted assets by institutions who are leaning toward a bullish USD.
Tomorrow's NFP and unemployment rates come out tomorrow for the US and Canada. Investors are expecting a higher UE rate for both countries. If both come in higher than expected, it could cause lots of volatility going into the next week.
Retail Spotlight
It appears that retail is mostly long USD with the exception of USDCAD. As for commodities, the crowd is split with strong stances between gold and oil. Because of the recent downturn, traders could be looking to find a reversal on USOil, in which case could be the right move due to COT activity.
Smart Money Tracker
Speaking of COT, USOil remains the top most bought asset on the Smart Money Tracker as it ties with gold. Commodities are hot for the time being likely due to economic uncertainty, banking collapses and mixed Fed interpretations. Canada remains one of the most shorted assets.
Fundamental Spotlight
Above are the two rates of unemployment in the US and Canada. Both are expected to slightly rise in tomorrow's report from last month's numbers. Weaker economic data might be bearish for the USD as investors will anticipate a rate pause from the Fed. Canada may react the same way.
Last week, some extremely dovish news came out from the Bank of Japan. This resulted a plummeting yen, and an increasingly bearish outlook on the already-beaten down currency. Here is why we are short Japanese yen and what setups we see going into this week:
EdgeFinder Analysis
Swiss-yen has been a longer term strong buy on the EdgeFinder. The score has been at +7 for a while now, and will likely continue for some time. This pair is one of the few assets that have a strong fundamental and technical bias towards CHF. In other words, it's a very one-sided score with the exception of COT and GDP.
Retail is strongly bearish, trying to catch a reversal. Smart money isn't too keen on either currency as of now. Regardless, the pair continues to push higher due to how bearish the yen is right now. Aside from COT, the fundamentals and technicals are pointing towards CHF.
The EdgeFinder is spitting out more strong biases against the Yen as UJ is now a +6. Similar outlook for UJ, the pair looks bullish right now. If price can close above that falling trend line, it would look like there is some long potential.
The BOJ announced that they will wait over a year to consider tightening monetary policy. Meanwhile, JPY's CPI came out higher than expected. We are looking at a very weak yen. On the 1D timeframe, UJ's price looks to have a lot of bullish momentum. The next test could potentially be around 137.9 where there is a previous high.
EJ is back to a strong buy on the EdgeFinder after a relatively dovish stance on the Japanese economy. Yen is looking much weaker on the day as a result, and price broke higher above a significant resistance line. A close above this level would be a good confirmation of another run to the upside.
According to a 10 year average on seasonality, EJ will have the most bearish month of the year. However, the 5 year average says something different and actually reads slight bullishness overall. Although historical trends are important, they are also subject to change, hence the 5 and 10 year average difference. What's also very reliable to look at is where smart money is going. Recent activity shows institutions further retreating from the yen while buying up the euro.
Retail Spotlight
The crowd is mixed between euro and the aussie. The strongest biases to the long side are NZDCHF, AUDNZD, and CADCHF. We can tell that retail is uncertain while also heavily bearish CADJPY, GBPJPY, AUDJPY and CHFJPY.
Smart Money Spotlight
Here is a better visual on institutional behavior. What we can see is a continuation of euro longs, declining bullishness on metals and oil, and an extremely bearish reading on yen. The weekly change in activity shows a decrease in long contracts with a large increase in shorts for JPY.
Fundamental Spotlight
Because of the recent rise in core CPI and the lack of monetary tightening, USD and EUR look fundamentally stronger. The chart at the bottom is tracking inflation reports from January of this year. What we can see is a downtrend for both the euro and dollar, but the yen's decrease in inflation is halted.
As we near the end of our trading week, investors wait some heavily anticipated news for the Canadian dollar as well as the USD. Meanwhile, a beaten down USD looks to make higher moves after the recent GDP report. Here are some other important events coming out later today and Friday:
EdgeFinder Analysis
Now, USDCAD is a +6 strong buy rating on the EdgeFinder. The pair is coming out of one of its worst months of the year on a ten year average. May is historically not a positive month either, but price has been able to pair losses from this month, up 1.40% in April. The crowd is largely short this pair, who are trying to trade against the trend. However, price continues to push higher.
UC is near its mid term target of 1.36459 and appears to want to complete its move to the falling trend line. Although USD showed recent weakness, Canada’s loonie is under tremendous pressure as we near lower-than-expected GDP news this Friday. The trend projection shows a steady growth for the next seven days, and COT remains bullish in USD’s favor.
Potential long play on EURCAD as price takes a decent pullback on the 4H timeframe. The pair is currently testing support and is starting to show some rejection. However, should price break lower, more support can be found around 1.49478 that served as support before. The uptrend still looks healthy after the recent upside. A break under that previous bottom level of support might indicate a reversal, however.
The pair has been a neutral rating for some time and used to be sell leaning before the trend reading of +2. Retail is heavily short this pair although smart money is heavily bullish EUR and short CAD. April is historically a bearish month for the pair on both the 5 and 10 year averages, but it seems to be defying the past as price gained nearly 2% this month.
AUDUSD remains a strong sell on the EdgeFinder as price rebounds 0.13% on the day. Although the dollar looks weaker, it is not as weak as the AUD buck. In terms of fundamentals, the USD has the overall advantage with unemployment as the only exception.
Retail is heavily bullish on this pair, but price hasn't made any considerable moves to the upside yet. The EdgeFinder has not given this pair a 0 rating since the start of this year which suggests a heavy bearish sentiment towards the buck.
Retail Spotlight
Retail sentiment looks to be heavily bearish on the euro while strong bullish the AU dollar. These two currencies are something to look out for tomorrow and for next week. CPI is set to come out tomorrow for the EUR while CAD will report GDP. The crowd could be betting on a higher GDP than expected for the Canadian dollar and possibly higher inflation numbers for EUR.
Smart Money Spotlight
Our smart money tracker reveals some interesting changes in institutional positions from last week. Commodities remain the most bought assets while JPY, CAD and SPX are the top shorted. SPX looks especially bearish as sentiment grows to a stronger by the bears. COT may be starting to flip sentiment on gold after last week's activity. Platinum entered the top 3 on the tracker with growing bullishness. CHF may be flipping too.
Fundamental Spotlight
USD advanced GDP came out this morning lower than expected. In comparison to the other currency's reports, the US is showing the most growth, however, 1.1% was a considerable contraction from last quarter's report. In either case of expanding or contracting economy, it may be bullish for USD as the Fed stated no plans of rate cuts going into May or for the remainder of 2023.
