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,...
Atlanta Fed Q3 GDPNow tracker raised to a sizzling 5.8% from 5.0%
It's early in the quarter but the trend is unmistakable as the Atlanta Fed tracker continues to point to strong growth in Q3. In the latest update, the GDPNow measure was boosted to 5.8% from 5.0%."After this morning's housing starts report from the US Census Bureau...
AUDUSD is oversold technically, but can the buyers muster the needed momentum higher?
The AUDUSD is oversold technically. If you looked at the hourly chart, the RSI (relative strength index -see chart below) is diverging after reaching oversold levels and extending to a new low going back to November 2022 today. That is a signal that the market may be...
PBOC-backed paper: Recent yuan fluctuations are normal
Expectations on the yuan exchange rate are stableThere is some growing angst about the decline in the yuan, particularly as a reason not to ease further. One reason to float this paper might be to tell Chinese people not to worry about the currency. If that's the...
EIA US weekly oil inventories -5960K vs -2320K expected
Weekly US oil inventory is due at the bottom of the hour and the consensus is:Prior crude +5851KGasoline -261K vs -1260K expectedDistillates +296K vs -473K expectedRefinery utilization +0.9% vs +0.4% expectedProduction estimate 12.7 mbpd vs 12.6 mbpd priorImpld mogas...
RBNZ kept rates unchanged, remains concerned on inflation, but technicals remain bearish
The RBNZ cap rate unchanged today for the 2nd consecutive meeting. A summary of the decision:The committee has observed that the prevailing interest rate level is curbing spending, subsequently reducing inflationary pressures, as was both expected and necessary. The...
Oil steady ahead of US weekly inventory data
Weekly US oil inventory is due at the bottom of the hour and the consensus is:Crude -2320KGasoline -1260KDistillates -473KThe API data late yesterday showed:Crude -6195KGasoline +700KDistillates -800KGasoline inventories are becoming a problem.Gasoline storage via HFI...
MUFG: GBP positioning strategy after UK’s inflation data surprise
EURGBP dailyFollowing the unexpected surge in the UK's July CPI data as released by the ONS, MUFG offers insights on how to strategize positions in the GBP.Key Points:July CPI Data Surprise:The ONS revealed an unexpected uptick in July's CPI data, coming after the...
Major indices are mixed in early US trading. Dow industrial average higher. NASDAQ lower.
The major US indices are trading mixed in early US trading:Dow Industrial Average is higher. It index is currently up 142 points or 0.41% of 35092S&P index is near unchanged. It's index is up 6 points or 0.14% of 4444. NASDAQ index is lower. It's index is down -28...
USDCAD has more bullish technical overtones on daily chart. Find out why in this video.
The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of...
July US industrial production +1.0% vs +0.3% expected
Prior was -0.5% (revised to -0.8%)Capacity utilization +79.3% vs 79.1% expectedManufacturing output +0.5% vs 0.0% expectedPrior manufacturing output -0.3% (revised to -0.5%)US manufacturing is in a recession but there have been some green shoots pointing towards a...
Kickstart your trading day w/ a technical review/overview of the EURUSD, USDJPY and GBPUSD
Kickstart your trading day with a technical review and overview of some of the major currency pairs. In this video, I take a technical look at the EURUSD, USDJPY, and GBPUSD.EURUSD: For the EURUSD, the pair moved up to test it at 100-day moving average of 1.09313, and...
Target: US comp trends softened in late-May and June before a meaningful recovery in July
Target shares are up 6.2% in the pre-market despite cutting its full-year sales and profit forecast. It's Q2 revenue fell short of estimates but earnings beat.The company now sees full-year earnings of $7-8 versus $7.75-$8.75 previously. Shares have recently slumped...
Canada wholesale trade for June -2.8% versus -4.2% expected
> Canada wholesale trade for June -2.8% versus -4.2% expected Canada wholesale trade for June 2023 <!--> --> <!--> Canada wholesale trade for June 2023Prior month 3.5% revised to 2.9%Wholesale sales (excluding certain categories) dropped -2.8% to...
US July housing starts 1.452m vs 1.448m expected
Prior was 1.434m (revised to 1.398m)Starts +3.9% vs -11.7% priorBuilding permits 1.442m vs 1.463m expectedPermits +0.1% vs -3.7% priorUS home prices have held up better than anticipated this year but builders aren't rushing to put up more homes. They've been using...
Canada July housing starts 255K vs 240K expected
Canada housing startsPrior was 281.4K (revised to 283.5K)Multi-urban starts -12% m/mSingle-detached starts -4% m/mThe drop this month comes after a very strong month in June, which was the best since Sept 2022. There's a real sense of urgency towards building more...
The GBP is the strongest and the CHF is the weakest as the NA session begins
The strongest to the weakest of the major currenciesThe GBP is the strongest and the CHF is the weakest as the North American session begins. The UK CPI came in at 6.8% a bit higher than the forecast of 6.7% (although down from 7.9% last month) and has the pound...
ForexLive European FX news wrap: Pound gains on CPI data, risk mood more tentative
Headlines:Markets:GBP leads, CHF lags on the dayEuropean equities mixed; S&P 500 futures flatUS 10-year yields down 3.4 bps to 4.187%Gold up 0.1% to $1,903.77WTI crude up 0.3% to $81.24Bitcoin down 0.2% to $29,118It was a bit of a mixed session as markets continue...
Ethereum Technical Analysis – Key support area in sight
Like Bitcoin, Ethereum continues to surprise in light of many headwinds that range from economic issues in China and risks of higher rates if inflation remains stubbornly high given the resilience in the labour markets and consumer spending. Ethereum Technical...
China says will strengthen policy coordination in order to meet growth target
To strengthen coordination of various policies to boost growthTo continue to expand policy room to bolster consumption, promote investmentWill make greater efforts to attract and utilise foreign investmentTo fend off major risksThe cabinet meeting is said to be held...