The Nikkei average futures prices up about 0.25%. In the US yesterday, the major indices rebounded from Friday's decline with the Dow industrial average rising by 1.16%. The S&P by 0.90% and the NASDAQ index up by 0.61%.The e-mini S&Ps are trading near...
Japan overall labor cash earnings for June 2.3% versus 2.9% last month
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,...
Japan Household YoY Spending for June -4.2% vs -4.1% estimate
Japan household spending MoM rises for the 1st time in 5 mosPrior month -4.0%Household Spending -4.2% vs. -4.1% estimateHousehold Spending +0.9% vs. 0.3% estimateThe gain of 0.9% for the month is a welcome number. The month-to-month numbers over the last 4 months have...
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UK BRC retail sales monitor for July 1.8% versus 3.0% expected.
British Retail Consortium data for July 2023:Like for like sales 1.8% YoY vs 3.0% expected. Prior month 4.2%Total retail sales 1.5% of the vs 4.9% prior monthThe BRC-KPMG Retail Sales Monitor (RSM) is an accurate monthly measure of UK wide retail sales performance...
RBNZ stress test results for insurers show there is no stress
RBNZ Deputy Governor Christian Hawkesby announced the completion of New Zealand's first stress test for life insurers. The test evaluated resilience against hypothetical scenarios, including prolonged COVID effects, a new pandemic, and severe economic stress. Results...
Crude oil backs off from key ceiling area but the battle continues between buyers/sellers
Crude oil is currently trading at $82.47.Technically, that puts the price within the swing area ceiling between $82.43 and $83.44 (see yellow area and read number circles on the chart above). The high price today reached $83.30. The high price on Friday reached...
Canada was on holiday on Monday but that did not stop the USDCAD from reaching a key level
Canada was on holiday on Monday, but that did not stop the pair from moving up to test its 100-day moving average. The level came in at 1.3398 and the high price for the day reached up to 1.3398. Willing sellers against the technical level put a lid on the pair and...
A forex quick look at the EURUSD, USDJPY, GBPUSD and AUDUSD to start the Asian session
The technicals for the EURUSD , USDJPY and GBPUSD have similar-looking charts in the short term. The price of each are off lows from last week, and above at least the 100-hour MA. The GBPUSD and USDJPY are trading between their 100 and 200-hour MAs. On the topside,...
Forexlive Americas FX news wrap: Dollar steady, equities ignore rising yields
Markets:Gold down $6 to $1953US 10-year yields up 3.1 bps to 4.09%WTI crude oil down 35 cents to $82.47S&P 500 up 43 points to 4540GBP leads, JPY lagsThere wasn't much for the market to digest on Monday in North American trading. The dollar came into the session...
What is on the economic calendar in the Asian session
A few more economic releases expected in the new trading day in Asian. At 7:01pm ET, the UK's BRC Retail Sales Monitor is forecast to come in at a year-on-year (y/y) increase of 3.0%, down from the previous 4.2%.At 7:30pm ET, Japan's Average Cash Earnings for June are...
Buy the dip for the win: US equities close at the highs of the day
Closing changes for the main US equity indexes:S&P 500 +0.9%Nasdaq Comp +0.5%DJIA +1.2%Russell 2000 flatToronto TSX Comp (closed for holiday)Apple shares were a drag on the main market indexes early and they fell to flat on the day but buy-the-dip won again,...
Trade ideas thread – Tuesday, 7 August 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,...
The pillars of Germany’s economy are crumbling. Three reasons for worry
I'm struggling to see a way forward for the German economy.Today's data showed German industrial production falling 1.5% in June. That was worse than the 0.5% decline expected and continues a series of soft readings for factories. Production is now down 1.8%...
Tuesday’s US economic calendar features trade data
Advanced goods trade balanceThe solid day for risk assets continues in the market despite rising Treasury yields and a steady dollar. The S&P 500 is up 32 pints to 4511 in a nice rebound from last week's selling.Looking ahead, the whole week hinges on Thursday's...
US shelter inflation is likely to slow significantly over the next 18 months — SF Fed
Market participants have come to recognize the profoundly laggy measurements of shelter inflation in CPI and have been trying to look through them. That's a big reason why market-implied inflation is back on target in 2024.Fed officials have also acknowledged the lags...
BOE’s Pill: There are risks on both sides of UK inflation
Risk inflation may fall below target in yearsThere are also risks the UK hasn't raised rates enoughFood inflation is longer-lasting than past spikesFood price inflation will fall to 10% this yearHe isn't offering much here but there isn't the kind of rhetoric that...
USD/JPY climbs as Treasury yields begin to climb higher
USD/JPY is at the highs of the day, up 72 pips to 142.47.The climb comes with a worrisome rise in long-dated Treasury yields. US 30s are now up 4.6 bps on the day to 4.25%. They fell to 4.22% earlier and that prompted some risk appetite but they have begun to rise...
European equity close: Small changes so far this week
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 home prices hit all-time highs
Black Knight today reported that June US house prices rose 0.67% in the month after a 0.80% rise in May. They say the trend points to a 2% y/y price increase in July, if not higher."At the national level, home prices have now fully erased their 2022 corrections...