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Summary points of an extended piece from JP Morgan Global Economic Research on the 'fate of the global expansion'.Global corporate profit gains slowed less than expected due to upside surprises to real GDP and inflation While this resilience is supporting job and...
Global Chief Economist at Morgan Stanley Seth Carpenter on Federal Reserve Chair Powell at the Kansas City Jackson Hole gathering coming up. says Powell will likely discuss future policy direction at the event thinks Powell won't promise any immediate changesbut...
Mortgage interest rate remarks from Lawrence Yun,s chief economist at the National Association of Realtors in the US. He outlined a couple of scenarios:If the Fed says inflation is contained, then mortgage rates are likely to slide down to about 6% by year-endIf the...
The GBP was the strongest of the major currencies after higher-than-expected CPI data was released in the UK session. The AUD was the weakest. The USD moved higher today and just below the GBP for the strongest of the major indices. The dollar index (DXY) moved to the...
Reserve Bank of New Zealand official, including Governor Orr and Chief Economis COnway are appearing before a parliamentary committee, parliament's Finance and Expenditure Committee.Orr:Confident that inflation pressures are easingEconomy is going through a necessary...
The Australian labour market survey for July 2023 is due at 11.30 am Sydney time, which is 0130 GMT and 9.30 pm US Eastern time Expected and priors can be found here:Commonwealth Bank of Australia is expecting the unemployment rate slightly higher than consensus at...
It was another down day (with a nasty close). The NASDAQ index once again led the way lower with a decline over 1%. The final numbers are showing.Dow Industrial Average fell -180.67 points or -0.52% at 34765.73S&P index fell -33.53 points or -0.76% at...
Expectations are that Australia's labour market will remain tight. So far there is little sign that wages are triggering spiralling inflation though. The latest we've had from the RBA have been pauses at a 4.1% cash rate and messaging that if the hiking cycle is not...
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,...
Major stock indices are not doing well heading into the close. The Dow Industrial Average is the best performer with a decline of -0.44%. The S&P index is down -0.64% and the NASDAQ index is down -0.98%.Looking at the hourly chart, the NASDAQ is trading at its...
AUDUSD making new lowsIn an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly...
Crude oil settles at $79.38Down -$1.61 or -1.99%The high price reached $81.43.The low price reached $79.28There is support near the $79 level. Move below that level and it would open the door for further downside potential. The swing high from July 14 comes in at...
The Federal Reserve meeting minutes of 4 the July 2023 meeting:Uncertainty of U.S. economic outlook remains elevated; future Federal Reserve policy decisions to be driven by the totality of data from the July 25-26 meeting.Most participants said inflation risks could...
EURUSD looks to test the 61.8% retracementThe EURUSD is moving to a new session low and in the process is looking to test that 61.8% retracement of the move up from the May 31 low. The low comes in at 1.08801.On Monday, the price moved below that retracement level to...
USDJPY moves above the 145.90 high of swing areaThe USDJPY is trading to a new session high and in the process is breaking above the 146.000 level for the first time since November 10. The high price is also extending above a swing area between 144.98 and 145.90....
Last week I wrote about 'the tell in USD/JPY', highlighting the powerful combination of factors that had created a bid and was likely to sustain one.The pair has now rallied for eight straight sessions and is knocking on the door of 146.00. Last week ended with the...
The US dollar is near the highs of the day across the board as broad market sentiment deteriorates. The bond market is the crux of the problem as Treasury yields edge higher again. US 10s are up 1.8 bps today to 4.23% after earlier falling to 4.18%.The surprising...
The peak of Atlantic hurricane season begins in mid-August but so far this year has been light with just four named storms. Forecasters note that the waters in the Caribbean are much warmer than normal, which is conductive to strong storms. Now we're just waiting for...
Buyers and sellers are battling it out in the USDCHF. There is resistance between 0.8805 and 0.8819. The high price today stalled within that area. On the downside, the USDCHF is back down testing another swing area between 0.8779 and 0.8782. Move below that level and...
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,...