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 indices close with tiny gains
It would be virtually impossible for the 3 US major indices to close unchanged on the day, but today was about as close as you can get. The final numbers are showing:Dow industrial average rose 6.01 points or 0.02% at 34624.26S&P index rose 3.19 points or 0.07% at...
China holdings of US Treasuries fall to $822B billion in July vs $835B in June
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,...
S&P 500 falls to flat on the day
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,...
AUDUSD test 100 hour MA. Will the buyers hold support?
AUDUSD retests 100 hour moving averageIn a earlier post/video, I spoke to the 200 hour moving average and the 50% midpoint of the September trading range near the 0.6415 level as a key downside target that would need to be broken to increase the bearish bias.It was...
Bund yields near the August high with fresh energy subsidies in sight
Rising bund yields reflect the difficult predicament for German policymakers.10 year German yieldsGerman borrowing costs threatened the highest levels since 2011 and the rise came in part due to reports that energy subsidies are being pondered for German industry.I...
WTI crude oil futures settle at $91.48
WTI crude all future settle at $91.48. That's up $0.71 or 0.78% on the day.Prices initially rose due to a softer Dollar and stock recovery.Bullish themes include Saudi/Russia production cuts and a recovering Chinese economy.Saudi Aramco CEO commented at the World...
EIA sees US shale oil production down about 41k bpd in October
Baker Hughes US oil rig countUS drilling productivity is improving but falling rigs may be catching up to shale oil regions. The EIA sees total production at 9.391m bpd in October, which is a 41k bpd fall. The declines are split almost evenly between the Permian and...
MUFG trade of the week: Short GBP/CAD
GBPCAD daily MUFG Research added a short GBP/CAD position to its TOTW portfolio, while maintaining a long USD/SEK position. MUFG added a short GBP/CAD targeting a move towards 1.63, with stop at 1.07050.MUFG also maintains a long USD/SEK targeting a move towards...
USDJPY mired in a 32 pip trading range but nontrend transitions to trend. Be aware.
With nearly 1/2 of the North American session is now over (and most of the day over), and the USDJPY remains in a very narrow 32-pip trading range for the day. That is only 31% of what is a normal day over the last trading month (the normal range for a day is 102...
Broader US stock indices try to shift its bias in the short term more to the upside
The S&P index is trading up around 14.0 points or 0.32 percent at 4464.61. In the process, the prices moving above and away from its 200 hour moving average at 4455.61 (green line at the chart below). The 100 hour moving averages a target above at 4479.48 (blue...
European equity close: Rought start eases most of last week’s gains
Closing changes:Stoxx 600 -1.2%German DAX -1.1%UK FTSE 100 -0.8%French CAC -1.5%Italy MIB -1.3%Spain IBEX -0.9%Midway through Friday it looked like European stocks might be turning the corner but one-and-a-half trading days later, it's right back into the dead zone....
The Fed will need to dial down its 2023 core inflation forecast this week
Core PCE inflation Fed forecastsThe Fed is due for another set of economic forecasts this week and one interesting spot will be core inflation.The current central tendency is 3.7-4.2% and it looks like the December reading will be below the low end of that range,...
EURUSD extends to a new high but it still is a slow and sleepy start for the week
The EURUSD is stretching to a new session high in the last few minutes as early sellers in the North American session could not gather any momentum support in that direction. Sellers had their shot. They missed. The trading range has extended to about 24 pips (30 pips...
Goldman Sachs predicts BOE hikes by 25bps this week, sees stable EUR/GBP
Goldman Sachs weighs in on the much-anticipated Bank of England meeting this week, forecasting a 25 basis points hike in interest rates which is in line with the consensus. Despite this, the bank doesn't anticipate significant movements in the EUR/GBP pair due to...
NZDUSD sellers are trying to make a play below hourly MA levels
Traders in the NZDUSD are extending the price to new session lows for the new trading week. In the process, the price has moved back below its 100 hour moving average at 0.5910, and it's a 200 hour moving averages 0.59029. Earlier today, the high prices in the...
Yellen: The US is watching oil prices very closely
The economy according to Yellen:I see no signs the economy is in a downturnConsumer spending remains robustBiden wants to make gasoline prices affordableI think we're achieving lower inflationThere's absolutely no reason for a government shutdownLabor market cooling...
AUDUSD sellers are making a play to start the trading week
The AUDUSD sellers are making a play in the early US trading hours to start the trading week. The price has now moved below its 100 hour moving average at 0.6432, and also below the 38.2% retracement of the September trading range of 0.64287 (see chart below). The...
NAHB Sept US housing market index 45 vs 50 expected
Prior was 50Current single-family home sales 51 vs 57 priorSales over next six months 49 vs 55 priorProspective buyers 30 vs 35 priorI'm surprised the consensus was as high as it was, given the rise in interest rates in the past six weeks. That surely has to dampen...
Major US stock indices trading mixed at the open
The major indices are trading mixed at the open for the day/week.Looking at the major indices:Dow Industrial Average's trading up 25 points or 0.06% at 34645S&P index is down 3 points or -0.06% at 4447.70NASDAQ index is down 19 points or 0.14% at 13688.12Last week...