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WTI crude oil is up another $1.07 today as it builds towards a sixth-consecutive week of gains. It's trading at $81.61 and near the highs of the day after Reuters' survey of OPEC production showed a drop of 860K bpd.The bulk of that is the 500kbpd Saudi voluntary cut,...
Production -4.8 vs -4.8 priorNew orders -18.1 vs -16.6 priorShipments -2.2 vs -17.0 priorEmployment +10.0 vs +2.2Company outlook -16.9 vs -10.7I have been looking for green shoots in manufacturing after a tough year and there are some emerging but not in this report....
The AUD is the strongest of the major currencies today and the AUDUSD is one of the big gainers with a rise of 1.23%. The gains come after declines on Thursday and Friday of last week. They also come ahead of the Reserve Bank of Australia's interest rate decision on...
The major US indices are trading higher in early US trading. A snapshot of the market 20 minutes into the open is showing:Dow industrial average up 68.96 points or 0.20% at 35530S&P index up 8.44 points or 0.18% of 4590.84NASDAQ index up 25.15 points or 0.1% at...
Sometimes politicians say the quiet things out loud.That happened this weekend with German Economy Minister Robert Habeck, who warned that Germany faces five difficult years due to deindustrialization from high energy prices.Germany is already in a recession and its...
Barbie and Ken are absolutely everywhere. As the stock market is a reflection of real life, it can’t be an exception – Barbie and Ken have a hand in the investing world, too. The movie's success allows one to look for trade opportunities in the markets. We’re not just...
The GBPUSD moved higher in the European session but found willing sellers against its 100/200 hour moving averages (blue and green lines in the chart below). Those moving averages converged at 1.28745. Near that level is the 50% midpoint of the move up from the June...
So far we've been able to walk the golden pathThe bank problems 'have been the dog that's not barking'We have been disproving people with a stable Phillips curve mindsetThis has been a strange business cycle, so normal tradeoffs don't applyAsked about a rate hike,...
India's economy is thriving in 2023, despite the challenges facing the global economy. The country is experiencing the highest growth rate among leading economies, and this is a remarkable achievement considering the difficult circumstances.India's economy rebounded...
The USDJPY is a big mover today with a gain of 0.84% on the day. That move to the upside took the price above the 50% midpoint of the move down from the June 30 high. The level came in at 141.149. Buying intensified.The rotation to the upside saw the price of the...
I infrequently write about the looming shortage of base metals, including copper. Chile's stats agency is out with data showing production in the country -- which itself is the equivalent of OPEC for the copper market -- is down 0.9% y/y.It's not improving either. On...
The mood is improving as New York trade ramps up. S&P 500 futures are now 11 points higher to 4617. The positive momentum is seeping into commodity currencies, which are broadly higher to start the week. AUD/USD is particularly strong, up 63 pips to 0.6713. It...
The EURUSD has seen down-and-up trading to start the new trading week. The move to the downside and the Asian session installed ahead of its 61.8% retracement of the July trading range at 1.10017. The low price today reached 1.1004 before bouncing to the upside.The...
The economic calendar today is essentially bare with only some secondary manufacturing data. I'll be watching for more green shoots from the factory sector to strengthen my thesis that the manufacturing recession will end around the turn of the 2023 calendar.In terms...
Headlines:Markets:AUD leads, JPY lags on the dayEuropean equities slightly higher; S&P 500 futures up 0.1%US 10-year yields down 0.6 bps to 3.962%Gold flat at $1,958.00WTI crude up 1.0% to $81.42Bitcoin up 0.2% to $29,391It's a pretty tame start to the new week,...
The earnings season continues with Apple and Amazon leading the charge this week. They will release their earnings after the market close on Thursday. The Nasdaq index has seen an increase of nearly 36.8% this year, while the S&P 500's is up 19.3%. More than half...
Last week, the Fed hiked by 25 bps as expected and left everything unchanged. The market was more focused on the press conference to see if Fed Chair Powell would hint to the next policy move. Unfortunately, Powell just repeated that they are data dependent and that...
At one point after the US CPI report this month, the dollar looked like it was bound for a major breakdown. But as USD/JPY found its footing for a rebound, so did the dollar and that correlation was also highlighted at the time already here. The dollar is still set to...
Almost everyone who is engaged in social or algorithmic trading sooner or later recognizes the need to rent hosting for their robots or subscriptions. Maintaining stable and uninterrupted hardware operation at home while ensuring minimal delays to the broker's servers...
Last week, the Fed hiked interest rates by 25 bps as expected leaving the policy statement unchanged. The market was eager to get some clues on the next policy moves but was disappointed as Fed Chair Powell just reaffirmed their data dependency and kept all the...