Congestion is a common affliction across the financial markets, but expectations for a CPI volatility punch is high. For crude oil’s and USDCAD’s broad ranges, how much potential is there for this top-level event to force a breakout?

The tech leaders had a remarkable day Thursday with impressive rallies from Apple, Amazon and Google – all breaking above their 200-day moving averages – into the close. That run encouraged by a broad ‘risk’ lift and the surge in Meta after its own earnings, may be in jeopardy Friday after the run of earnings afterhours.

CB Consumer Confidence decreases to 107.1 (vs est 109) - higher interest rates weigh on the business confidence and the short-term employment outlook.

Bears made a noticeable re-appearance this week with a steely focus on 2023 price action, but will bears make a push into the end of the year or wait for the 2023 open?

Markets remained on the move today through ECB and BoE rate decisions. A massive options expiry is on the calendar for tomorrow, which can keep equities on the move into the end of the week.

The Federal Reserve announced its last rate decision of 2022 and it offered the ‘pivot’ that many had expected. A 50bp rate hike ended the pace for four meetings of 75bp through November, but that was expected. The real market impact is found in what the expectations are from the Fed heading into 2023.

Following a further slowdown in US inflation data, the Dollar has extended its slide to test lows not seen in six months. For a number of the ‘majors’ this move has translated into notable technical breaks. However, with the FOMC rate decision still ahead, it would be wise not to assume trend.

The US Dollar is in focus as inflation and the FOMC are in the spotlight over the next two days, and then we hear from the ECB and the Bank of England.

The week ahead is jam-packed with high profile US event risk – anchored by the top listing of a FOMC rate decision. The Dollar is significantly off its multi-decade highs after two months of choppy retreat, but is there enough oomph in what’s ahead to produce an outright bear trend…or perhaps spur recovery?

EUR/USD is working on a key spot of resistance ahead of a big batch of Central Bank meetings next week, but EUR/JPY may be more enticing for Euro bears if it can hold resistance.

The US Dollar is starting the week with a bounce and the FOMC is in the blackout period ahead of the next rate decision.

The US indices – led by the blue chip Dow Jones Industrial Average – were knocked off course of a bullish breakout just a day after the initial launch. The monetary policy backdrop seemed to build upon Powell’s remarks Wednesday, but manufacturing activity brings recession concerns back into the mix. What will NFPs do?

ADP Employment data miss strengthens the case for a slowdown in rate hikes from the Fed. Will Fed Chair Powell dent market optimism of a slowdown later in the day?

The US Dollar has opened the week with a support test, and EUR/USD has pulled back before a test of the 1.0500 level. GBP/USD is showing a rising wedge formation.

The British Pound has shown strength so far this week and both GBP/USD and GBP/JPY sit below key resistance levels with the possibility of breakout.