Yesterday's poor 30-year Treasury auction reverberated through the market but later in the day, many people were arguing that it should be ignored because a ransomware attack kept China's largest bank -- ICBC -- out of bidding.Yellen now says there was no impact on...
S&P surges above 100-Day MA, Signals bullish momentum
S&P indexes moving above its 100 day moving averageThe S&P index is currently trading near session highs, up 60.44 points or 1.39% at 4407.92, and in the process has broken above its 100-day moving average of 4402.47 (see the blue line in the chart above). The...
Crude all prices settle at $77.17
US crude futures settle at $77.17. That's up $1.43 or 1.89% on the day.For the trading week, oil prices are trading up around 2.07%The high for the day reached $77.69. The low price reached $75.36. Catalysts include:Concerns over global growth took precedence in the...
Yellen-He meeting readout: US seeks healthy economic relationship with China
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USD/JPY touches 151.60 as it eyes the 32-year high
USDJPY weekly chartUSD/JPY has risen every day this week and is now within striking distance of some major levels.The 32-year high in this pair came in October of last year at 151.94 and was followed by intervention from the Japanese Ministry of Finance and a fall all...
Nasdaq breaks the October high as the rally nears 2%
Nasdaq dailyThe Nasdaq has extended gains to 1.7% and broken the October high in the process.The rally is particularly impressive given that Treasury yields are in the process of reversing higher. US 2-year yields are at the highs of the day up 3.2 bps to 5.05% after...
Fed’s Daly: Policy is in a very good place
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EURUSD reaches 38.2% retracement but fails this week, sellers take control with more work.
The EURUSD on Monday of this week reached up to test the 38.2% retracement of the move down from the July high to the October low near 1.07642. A high price on Monday reached 1.0756 just 8 pips short of that key target.EURUSD stalled the rally this week at the 38.2%...
USDCHF price action volatile but finds support at key technical levels today. What next?
The USDCHF is higher on the week, but the price action has been up and down, especially over the last 4 trading days. Technically, the price has been moving above and below technical levels like the:200-day moving average currently at 0.8999, 100-hour moving average...
From earlier: Lagarde says rates cuts not coming for at least “the next couple of quarters
Markets and ECB President Christine Lagarde are at odds.Right now, the rates market is pricing in s 68% chance of an ECB rate cut in April and a certainty of one in June (and two in September). Meanwhile, Lagarde spoke with the FT today and said that inflation could...
European equity close: Weak trading on Friday erases the weekly gain
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AUDUSD dips for 5th consecutive day, Testing key support levels
The AUDUSD is down for the 5th consecutive day. Recall on Friday last week, and then on Monday, the price of the AUDUSD was testing/moving above it's key 100-day MA near 0.6515. The high price reached 0.65224, but ultimately stalled and started a run to the downside,...
10 reasons for the drop in oil prices this week, and what’s next
WTI crude oil dailyWTI crude oil has rebounded $1.22 today but it was flushed lower this week on a series of factors that offer hints on what's coming next.1) Technical sellingThe first reason is the simplest: $80 broke. Oil tested $80 several times before finally...
Weekly Market Recap (06-10 November)
ECB President Lagarde (neutral – voter) over the weekend spoke with a Greek newspaper and reaffirmed their commitment to bring inflation down to target by 2025:We are determined to bring inflation down to 2%.According to our projections we will get there in 2025.Our...
US November prelim UMich consumer sentiment 60.4 vs 63.7 expected
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USDCAD surges to new highs for the day. Topside targets eyed.
The USDCAD is extending higher on the day (see hourly chart below), and in the process is trading to new highs for the week as well. The high price in the USDCAD just reached 1.38292.Looking at the hourly chart below, the pair is also extending away from a swing level...
US stock market sees positive start as the week works toward the close with NASDAQ leading
The major US stock indices are starting the final day of the week in positive territory. The gains are led by the NASDAQ index which is up around 0.55% after snapping its 9-day winning streak yesterday. The S&P index snapped its 8-day winning streak yesterday.A...
Eurozone Stagflation Does Not Shift ECB Stance
With inflation coming down and growth indicators flashing recession risks, ECB officials are walking a fine line between trying to keep rate cut expectations under control and dampening fears that restrictive policies will hurt the labour market and overall growth....
Biden and Xi to meet next week, engage in ‘in-depth discussions’
Beijing has released a statement saying that during next week's trip to San Francisco, Biden and Xi will engage in in-depth discussions on strategic, global and directional issues concerning US-China relations along with major global issues.The APEC summit is in San...
Fed’s Bostic: There’s still more work to be done on inflation
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