Biden is set to welcome Xi Jinping and his team. There will be brief statements and pictures, then they will hold private meetings. The talks are expected to continue for 4 hours and we will get read-outs afterwards.Biden:Our meetings have always been candid,...
Bitcoin nears the highs of the year in a 5% rally
Bitcoin dailyBitcoin fell yesterday in a move that was strangely at-odds with the raging rallies in risk assets elsewhere. Some of the selling was because of confusion and bad reports about ETF filings. In any case, BTC found support ahead of the early-November lows...
USD/JPY and Treasury yields break through key retracement levels
USDJPY 10 minsUSD/JPY has cut through the 61.8% retracement of yesterday's fall. This is a bit of a tricky one to draw but the rule of thumb is that if the 61.8% level breaks, it will complete the retracement and given the tailwinds for USD/JPY, I think that's the...
Fed’s Daly encouraged by falling CPI but warns against declaring end of hikes
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
US Dollar Forecast: Fed Pivot Ahead? – Setups on USD/JPY, GBP/USD, AUD/USD
US DOLLAR, USD/JPY, GBP/USD, AUD/USD OUTLOOKThe broader U.S. dollar regains ground after Tuesday’s selloffDespite today’s moves, the path of least resistance may be lower for the greenback, especially against some of its top peersThis article delves into crucial...
USDJPY swings amidst 100/200 hour MA battle
USDJPY sets up between 100/200 hour MAsThe USDJPY rallied hard in the early US session with the pair moving from a low near 150.00, above the 200-hour MA at 150.77 and then up to the high of a swing area between 151.17 to 151.33. Just above that is the 100-hour AM at...
US 10 year yield rebounds. What next?
Yesterday US 10 year yield moved down 19.1 basis points. Today there is a rebound with the yield now up around 9.8 basis points at 4.543%. 10 year yield pushed lower but rebounds higher todayTechnically, the fall yesterday took the yield below a swing level at 4.484%...
Atlanta Fed GDPNow model project Q4 growth at 2.2%
Atlanta Fed GDPNow Q4 estimateThe Atlanta Fed GDPNow model is projecting growth in Q4 at 2.2% in it's recent calculations. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.2 percent...
NZDUSD surges above 100-day MA helped by lower CPI data. Can the momentum continue?
The NZDUSD raced higher yesterday on the back of the lower CPI data yesterday. The run to the upside took the NZDUSD above its 100-day MA (blue line on the chart at 0.60017). The run to the upside reached up to high today of 0.6054. That was between a swing area...
European equity close: Third day of gains
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Australian dollar offers a clue on what’s helping to drive market sentiment today
AUDUSD 10 minsAUD/USD is tracking back towards the highs of the day as US equities near the best levels of the day.This pair (and NZD) is leading the rally against the US dollar for the second day and I think that's telling. AUD is often driven by China sentiment and...
USDCHF struggles to break key resistance at 0.8900, faces hurdles ahead
The USDCHF tumbled yesterday, and in the the process fell below a key cluster of support near at 0.8900. At the level is the:100-day moving average50% midpoint of the move up from the July lowNatural support at the levelSwing level from different lows and highs going...
EIA weekly oil inventories +3600K vs +1793K expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
US weekly oil inventories coming up next, with a twist
US EIA weekly oil data released today will include the new 'transfers to crude supply' series, which should help to cool some of the large swings and unusual numbers in this pair over the past two years.Expectations for today's report Headline crude +1793kDistillates...
USD gains strength, EURUSD and GBPUSD hit new lows as yields rise
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
US Sept business inventories +0.4% vs +0.4% expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
USD/JPY climbs above 151.00. What’s next
USDJPY 10 minsUSD/JPY is at the best levels of the day, up 66 pips to 151.05.The pair was hit with a double-whammy yesterday with a squeeze lower followed by a broad rout in the US dollar. Today, the bulls are beginning to wade back in with Treasury yields up 6-9 bps...
Major US stock indices trading higher to start the day
As the trading gets underway in the US, the major US indices are higher, but off their implied premarket starting levels.A snapshot of the market 11 minutes into the open is showing:Dow industrial average up 86.39 points or 0.25% at 34914.10S&P index up 14.57...
AUDUSD attempts to break key resistance levels but falls short
The AUDUSD buyers took a shot to the upside earlier today, and in the process extended above a swing area high near 0.65228. The price also moved above and away from its 38.2% retracement of 0.65086. The high price reached 0.6542, but rotated back to the downside. The...
US equity futures lose some ground but still positive
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...