This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.This massive draw should be a tailwind for the price of oil. Via Twitter:--Expectations I had seen centred on:Headline crude -2.2mn barrelsDistillates...
US major indices close lower but it could’ve been worse
The major US indices are closing low on the day, however, indices or lower on the day before rebounding into the close. Equity markets are a bit anxious before the FOMC rate decision tomorrow at 2 PM ET. Yields also provided a headwind with the 10-year yield now up...
Economic calendar in Asia 20 Sep 2023: People’s Bank of China interest rate setting (LPRs)
The Loan Prime Rate settings from the PBOC are the focus of the calendar for the session ahead. This'll happen around 0115 GMT, which is 9.15 pm Eastern Time Sunday US time. Last week the PBOC's Medium-term Lending Facility (MLF) rate was left unchanged:An unchanged...
US yields doing the Fed’s fight for them
The U.S. Treasury auctioned off $13 billion of 20 year notes today with strong domestic demand. The bid to cover was well above the 6 month average. Nevertheless, yields have continued to move higher and are trading near the highs for the day.A snapshot the market...
Trade ideas thread – Wednesday, 20 September 2023
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 5-year yield reaches the highest level since 2007
5 year yield trades at the highest level since 2007The US 5-year yield has reached 4.513%. That takes the yield to the highest level since August 2007. Looking at the weekly chart, the next part comes in at 4.875% followed by the swing high going back to 2006 at...
Bank of Canada’s Kozicki: Big drivers in August CPI inflation was energy & gasoline prices
Bank of Canada Deputy Gov. Sharon Kozicki is speaking and says:One of the big drivers in August CPI inflation was energy and gasoline prices. They can be pretty volatileIt will take a lot of time to sort through the inflation data, given what's going on...
WTI crude oil futures settle at $91.20.
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,...
The EURUSD is centering itself between hourly MA levels. Fed decision 24 hour away.
The FOMC is expected to keep rates unchanged tomorrow when they meet. As such, traders will be looking for clues for a more hawkish unchanged policy or a more dovish unchanged policy. There are a lot of balls in the air including sticky inflation, but core inflation...
Former Fed Pres Lockhart: The Fed is likely to pause tomorrow
Former Fed Pres. Lockhart on CNBCFormer Atlanta Fed Pres. Dennis Lockhart is on CNBC and says:Fed likely to pauseFed will likely be more neutral Longer rates are taking on the expectations of a soft land and benign view of the futureI expect the Fed to stay higher for...
The US Treasury auctions off $13B of 20 year notes at a high yield of 4.592%
WI level at the time of the auction: 4.592%High Yield: 4.595%Previous: 4.499%Six-auction average: 4.055%Tail: -0.3bpsPrevious: 0.9bpsSix-auction average: -0.2bpsBid-to-Cover: 2.74XPrevious: 2.56xSix-auction average: 2.64xDealers: 9.27%Previous: 11.4%Six-auction...
Instacart begins trading. Opens at $42. IPO price $30.
Instacart is open for trading (CART).Instacart delivers groceries from chains like Kroger, Costco, and Wegmans. The IPO price was set at $30 a share. The official opening price on the NASDAQ index came in at $42 a share. That is a 40% increase from the IPO price. The...
US treasury to auction off $13 billion of 20 year notes at the top of the hour
The U.S. Treasury will auction off $13 billion of 20-year notes at the top of the hour. The major components of the auctions and the 6-month averages shows:High Yield:Previous: 4.499%Six-auction average: 4.055%Tail:Previous: 0.9bpsSix-auction average:...
European indices close the session mostly higher. German DAX is the exception
The major European indices are closing the session modestly higher. The exception is the German DAX which fell -0.40%.Looking at the closes:German DAX -0.40%Frances CAC +0.08%UK's FTSE 100 +0.09%Spain's Ibex +0.48%Italy's FTSE MIB +0.60%Portugal's PSI 20 up 0.45%As...
Atlanta Fed GDPNow Q3 growth 4.9%
Atlanta Fed GDPNow Q3 growth estimateThe Atlanta Fed GDPNow estimate for the Q3 came in at 4.9% unchanged from the September 14 estimate. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2023 is...
USDCAD corrects into intraday resistance near 1.34306. Will the sellers enter?
The USDCAD trended lower as the price technically broke below its 200-day moving average near 1.3464. It's 38.2% retracement of the move up from the July low was also broken near that level.The run lower was also helped by higher CPI data, but after breaking below the...
Instacart projected at $39 as the open trade horse jockeying continues
As stocks trade to new session lows with the NASDAQ index now down -0.89% and the Dow industrial average and S&P index down -0.68% each, the horsejacking continues for the Instacart IPO (symbol CART). A total of 22 million shares were sold in the IPO: 14.1 million...
Geopolitical:Biden speaking at the UN General assembly
US seeks to responsibly manage competition with ChinaUS will stand to work together with China on issues including climate crisisUS mobilizing to finance infrastructure projects around the world, while avoiding trap of sustainable debtUS working with other countries...
NASDAQ index falls to the lowest level since August 25
The NASDAQ index is falling to new session lows. The index is currently down -101 points or -0.73% at 13609. In doing so the price is trading at its lowest level since August 25.NASDAQ index is trading lowerTechnically looking at the hourly chart above, the price...
USDZAR Outlook: Inflation Data Approaches
The USDZAR pair is perched near the 19.00 level, awaiting the South African CPI (Inflation) Report due on Wednesday, 20 September 2023, at 08:00 GMT. This report, a compass in the realm of economics, promises to unveil the intricate tapestry of inflation’s past,...