> US September consumer confidence 103.0 vs 105.5 expected US consumer confidence from the Conference Board <!--> Adam Button Tuesday, 26/09/2023 | 14:00 GMT-0 26/09/2023 | 14:00 GMT-0 --> <!--> Prior was 106.1Details:Present situation index 147.1 vs...
Italy to cut GDP target this year and next
GDP forecast to +0.8% from 1.4%, according to Reuters citing sources familiar2024 to be lowered to 1.0% from 1.5%There was a brief moment this year when Italian GDP was defying forecasts but it looks like that chapter has closed. If there's any good news is that the...
US stocks open lower with the NASDAQ index leading the way
The major US stock indices are raising their gains from yesterday when the Dow rose 43.04 points, the S&P rose 17.40 points and the NASDAQ and dextrose 59.51 points. Today, the snapshot of the market 6 minutes into the open is showing:Dow Industrial Average down...
Buyers are making a play in the USDCAD today. Price moves above 38.2% retracement.
The USDCAD buyers are making a play with a move above the 38.2% retracement of move down from the September high at 1.34987. The price is also trying to extend above a swing area between 1.3488 and 1.35024. Getting and stay above that area would have traders looking...
US equity futures point to a bleak open
Treasury yields are starting to tick higher but are still down on the day. Today's dump in stocks looks more like a delayed reaction to the rout in bonds yesterday combined with uneven flows as we head towards quarter end.In any case, S&P 500 futures are down 30.0...
US July CaseShiller 20-city house price index +0.9% m/m vs +0.7% expected
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FHFA US July home prices +0.8% vs +0.3% prior
Data from the FHFA:Prices m/m +0.8% vs +0.3% prior (revised to +0.4%)Prices y/y +4.6% vs +3.1% prior (revised to +3.2%)Note that these numbers are from July, before the latest jump in interest rates. We're still waiting on the similar data set from CaseShiller, which...
Kickstart your FX trading on September 26 w/ a technical look at EURUSD, USDJPY and GBPUSD
To kickstart your trading day in the Forex, I take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective:For the EURUSD, it moved to a new low going back to March in trading today and extended to a low price of 1.05692 before rebounding back higher. The...
Philly Fed September non-manufacturing index -16.6 vs -13.1 prior
Prior was -13.1Firm-level business activity -5.5 vs -0.5 priorNew orders -9.2 vs -16.0 priorFull-time employment +6.4 vs +8.1 priorWage and benefit cost index 40.3 vs 33.7 priorThis is a mixed bag with the headline worsening but new orders improving.MoneyMaker FX EA...
GBP/USD Price Forecast: Pound Collapses Below 1.22
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The US economic calendar picks up today
US Consumer ConfidenceThe US economic calendar heats up today and it may be the last busy day for awhile with the potential of a US government shutdown on October 1. That would stall the publication of federal statistics.As for today, we get the Philly Fed...
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ForexLive European FX news wrap: Dollar steady, yields stay in focus
Headlines:Markets:EUR leads, AUD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 4.3 bps to 4.498%Gold down 0.2% to $1,910.67WTI crude down 0.9% to $88.90Bitcoin down 0.2% to $26,229It was a quiet session for the most part,...
USDJPY Technical Analysis – Approaching key levels
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
The ribbon that ties everything together for the Fed
We all know that for the Fed to keep with its higher rates for longer policy, it needs the US economy to keep as solid as it is now in the months or even year ahead. In that lieu, I would argue that the most confounding thing about the US economy in the last year has...
Intraday Momentum Trading Explained
Momentum trading is grounded in the idea that securities that have recently performed well will continue to do so in the short term, while those that have underperformed will continue to lag. A key issue in momentum trading is to identify the trend as early as...
AUDUSD Technical Analysis – Key support in sight
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
A slight breather in bond selling for now
It was holding as high as 4.562% in early European morning trade, so the drop here is much welcome for risk trades. But again, it might just prove to be a temporary respite considering the technical breakout since last week. Stocks are still finding it tough to gather...
Stocks are at risk as rates market gets everyone to sit up – BofA
BofA says that it sure looks like markets are starting to sit up as the gap between the optimistic scenario priced in by equities and the much uglier economic situation indicated by bonds is getting bigger. And maybe that is finally translating to diverging moves...
Gold continues to consolidate but shows signs of resilience
The yellow metal is down just a touch today but in the big picture, it is holding up relatively well despite a breakout in Treasury yields since last week. Of note, gold is still keeping above the pivotal $1,900 mark as price action continues to consolidate for the...