United Airlines has issued a nationwide ground stop for all flights due to a computer issue, according to the FAA.You have to wonder if there's some incompetence here in the systems or if hackers are exploiting something for ransom. In either case, these computer...
Goldman Sachs: Risks skewed towards sustained dollar strength
Goldman Sachs asserts that despite a macroeconomic backdrop that generally supports a weaker dollar—namely, lower rate volatility, slowing yet solid U.S. growth, and positive risk sentiment—the risks look skewed towards a stronger dollar than most market participants...
WEMIX Introduces “unagi”: A New Omnichain Initiative That Transcends Blockchain Boundaries
· Aims to create a vast ecosystem to drive common growth of global blockchains · Complete user-customized omnichain network to easily and conveniently utilize services across multiple blockchains· All platforms and dApps are connected as one with blockchains bringing...
Australian dollar touches the low of the year, then hesistates
AUDUSD dailyThis is a tough one.AUD/USD broke support earlier today and touched the lowest since November 2022. The decline today is 77 pips and comes after the Reserve Bank of Australia left rates unchanged. That was widely expected (I thought) but not as much I...
Oil legs higher again. Brent tops $91
WTI crude oil has extended higher by $2.36 to $87.88 while brent has edged above $91 for the first time since November 2022.WTI dailyI suspect there was some 'sell the fact' style profit taking in crude after the Saudi and Russian announcements but now that's being...
European equity close: The lack of conviction continues
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New Zealand GDT price index +2.7% vs -7.4% prior
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,...
Morgan Stanley shifts to a bearish stance on emerging market currencies
USDMXN dailyMorgan Stanley is warning of declines in emerging markets."We expect more CNH (yuan) weakness, and China macro risks add to existing pressure from weak global growth and EM central bank easing cycles.. We maintain a neutral stance on EM rates and...
Fed’s Mester: We might have to go a bit higher
The labour market has also come more into balancefrom what I see so far, that we might have to go a bit higher, that we might have to raise the policy rate a bit more. there is still a lot of time before our next decision in September and we will get a lot of data and...
A pair of storms begin to form in the mid-Atlantic
The oil market is in focus due to OPEC+ at the moment but it could be on storms later this week.The NHC forecasts a near 100% chance of one system forming into a tropical cyclone in the next 48 hours with the second showing a 70% chance over the coming seven days.The...
US August employment trends 113.02 vs 115.45 prior
Prior was 115.45 (revised to 114.71)“The ETI ticked down in August and has been on an overall declining trend since March 2022," said Selcuk Eren, Senior Economist at The Conference Board. “The index is still elevated, so job gains may continue over the coming months,...
US July factory orders -2.1% vs -2.5% expected
Prior was +2.3% (unrevised)First decline after four consecutive increasesFactory order ex transport +0.8% vs +0.3% priorRevisions to durable goods - a component of factory orders showed:Durable goods orders -5.2% vs -5.2% preliminary. Durable goods ex defense -5.5%...
Oil jumps after Saudi Arabia and Russia extend oil production cuts in ninth day of gains
The oil market is going to be in a significant deficit through year end, pulling and global inventories and pushing up prices.Saudi Arabia announced today that it would extend a voluntary 1 million barrels per day output cut through December and Russia quickly...
Russia’s Novak: Oil exports to be cut by 300,000 barrels per day until year end
Russia joins Saudi Arabia in cutting through year end, though the 'reviewed monthly' is a big caveat.Still, Russia and Saudi Arabia are united in cutting production even with oil prices in the $85-$90 range. I imagine they won't be 'reviewing' the decision at anything...
Saudi Arabia production for Oct, Nov and Dec will be 9 million barrels per day
Oil production cuts to be kept in place through year endDecision will be reviewed monthlyAdditional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of suporting the stability and balance of oil marketsExpect Russia to...
Fed’s Waller: I would say the risks to doing to much and too little are balanced
The data last week clearly showed the jobs market is starting to soften Unemployment is about where it was a year ago so change isn't that bigRecessions are often caused by shocks that come out of nowhere but the data so far is pretty good (for a soft landing)I want...
ECB’s Schnabel: Climate change is an existential threat with large downside tail risks.
> Central Banks > ECB's Schnabel: Climate change is an existential threat with large downside tail risks. Central Banks Schnabel speaks on "The incorporation of environmental considerations in the supervision of prudential risks” <!--> --> Adam Button...
USD/JPY climbs above the August high
The US dollar is sizzling to start the US trading week as bonds slump. USD/JPY is through last week's high of 147.39, which is the best level since last November. There isn't much standing in the way of 150.00 and beyond.USDJPY weekly chartYou would like to see new...
NZDUSD Technical Analysis – The bearish bias remains intact
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Factory orders highlight the US economic calendar
The US dollar is strong to start the shortened North American trading week. Economic data will be a focus later in the week but it won't be today with a light slate that features factory orders and employment trends, both at 10 am ET (1400 GMT). Factory orders are...