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Main Events Are Fed Chair Powell Talk and President Trump Press Conference

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In a risk off mood, global equity markets are weaker as investors wait for a news conference later today by President Donald Trump, which could escalate tensions between the U.S. and China.

Consumer spending in April declined 13.6% when down 12.6% was expected.

The 8:45 central time May Chicago PMI is expected to be 40 and the 9:00 May consumer sentiment index is anticipated to be 74.

Federal Reserve ChairmanJerome Powellis scheduled to speak at 10:00. The focus of his talk will likely bethe economy and the central banks stimulus measures. Mr. Powell will also take part in a moderated audience question and answer session.

Overall, stock index futures have been performing well for the news.


The U.S. dollar broke out to the downside falling to its lowest level since March 18.

The euro currency is higher despite news that consumer prices in the euro zone increased at the slowest pace in nearly four years in the year to May. The European Union's statistics agency said consumer prices were only 0.1% higher than a year ago, which is the smallest increase since June 2016.

The European Central Bank is expected to expand its bond purchasing program when its governing council meets on June 4. Also, on June 4 the ECB will release revised forecasts for inflation, which are likely to be lower.

Flight to quality buying is supporting the Japanese yen. The yen is higher in spite of news that Japans April overall retail sales fell 13.7% on the year.


In a flight to quality move futures are mostly higher.

The next Federal Open Market Committee meeting is scheduled for June 9-10. According to financial futures markets there is a 98.6% probability that the FOMC will leave its fed funds rate unchanged at zero to 25 basis points.

Contact Alan for more extensive information on these markets at 312.242.7911 or via email at Thank you.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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About the author

Alan Bush has been a commodity analyst since 1976 focusing on the fundamental and technical aspects of stock index, interest rate and foreign currency markets. He has authored several articles for Stocks Futures and Options magazine and produced the “Futures Tech Focus” program, which is a technically based market outlook.

Alan served on the faculty of Oakton College as instructor of a course entitled, “Principles of Technical Analysis.” He has been interviewed on many national television programs, appearing on the Nightly Business Report, CNBC, CNN Moneyline, Reuters Television and Web FN. In addition, he has been frequently quoted in The Wall Street Journal, USA Today, The Bond Buyer and the Chicago Tribune and has been regularly interviewed on Chicago’s WMAQ radio business reports.

Alan can be reached at (312) 242-7911, or via email at

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