The USDCHF hit a new low in the European session, marginally breaching the low price from July 18, but quickly bounced back. The rebound was fueled by robust U.S. data released this morning, indicating a stronger GDP, job market, and consumer/business market, with...
Trump indictment for Jan 6 could come as soon as today
As Ron DeSantis' presidential campaign flounders, the likelihood of a presidential re-match grows but it will be a complicated one as Biden ages and Trump faces legal jeopardy -- including a trial set for next May on classified documents.The next round of charges...
Materials scientists may have found their holy grain: A room temperature super-conductor
The science world is buzzing over LK-99.That's a material that could revolutionize the world."For the first time in the world, we succeeded in synthesizing the room-temperature superconductor," a pre-print paper published this week by Sukbae Lee, Ji-Hoon Kim and...
AUDUSD is down testing a key support target area. What defines that area?
The AUDUSD is trading lower with the stronger dollar and in the process, the price is testing it at 200-day moving average of 0.67246. The last few days have seen early buyers against that moving average level on each of the dips. A break below would have traders...
USDJPY higher on the day and looks to test its 100 hour MA/50% retracement
The USDJPY is moving higher helped by stronger US data today. The move to the upside has the pair testing the 100-hour MA at 140.99. The 50% midpoint of the recent move lower comes in at 141.15. Getting above those levels is needed to increase the bullish bias in the...
US June pending home sales +0.3% vs -0.5% expected
US pending home salesPrior was -2.7%Index 76.8 vs 76.5 priorThis is a decent forward-looking indicator and a nice rebound after a poor number in May. I think it's clear that there are people who want to buy homes, it's just that inventories of homes for sale are very...
Why Lagarde likely misspoke in indicating they don’t have more ground to cover
In the final few minutes of the press conference, ECB president Christine Lagarde offered a hint that they're done hiking but it came after repeated assertions that they were data dependent.It was a strange exchange because it wasn't a slip, she seemed to go out of...
The EURUSD sees more selling. Pair tests…BREAKS 1.1000.
EURUSD tumbles lower and trade below 1.1000The EURUSD is running lower and is now testing the 1.1000 level. The last time the price traded this low was on July 11. Lagarde comments have contributed to the declines. It started after the ECB head said that the near-term...
And they’re off… Major stock indices are higher at the open.
The major indices are often running. Gains are seen across the board with the NASDAQ index leading the way. The Dow Industrial Average is working on its 14th day in a row to the upside. Its shares are up marginally.A snapshot of the market shows:Dow Industrial Average...
US stocks are set open higher. DJIA is trying to close higher for 14th day in a row
The US futures are implying a higher opening for the major US indices. The gains are being led by the NASDAQ stocks with Meta leading the way after better-than-expected earnings. Shares of Meta are currently trading up 9.31% at $326.30. Other big NASDAQ gainers...
GBPUSD tests its 100 hour moving average. Next key downside target.
GBPUSD moves lower and tests 100 hour MAThe price of GBPUSD is falling the US dollar higher after better numbers for GDP, initial jobs claims, durable goods orders and even the trade deficit. The ECB raise rates by 25 basis points but that has not helped that currency...
EURUSD moves lower as strong US data sends the pair lower
The EURUSD was shoved lower despite the 25 basis point hike by the ECB earlier today. Better US a data is supporting the US dollar and sent the pair below its 100 hour moving average currently at 1.10835.GDP was higher-than-expected. Durable goods was...
Lagarde Q&A: Slight change of a verb was not random or irrelevant
The verb that was removed from the statement was that 'be brought' was taken out of this:"The Governing Council’s future decisions will ensure that the key ECB interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to...
Lagarde opening statement: Near-term economic outlook for the eurozone has deteriorated
Near-term economic outlook for the eurozone has deteriorated owing largely to weaker domestic demandWe will continue to follow a data-dependent pathMomentum is slowing in the service sector, though it remains a sign of strengthHousing and business investment are...
Watch live: ECB president Christine Lagarde hosts ECB press conference
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 June wholesale inventories -0.3% vs 0.0% 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,...
US advanced goods trade balance for June -87.84 B versus $-91.8 billion expected
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 initial jobless claims 221K vs 235K estimate. Continuing claims 1.690M vs 1.750M est.
Initial jobless claims dataPrior week 228KInitial jobless claims 221K versus 235K estimate4 week moving average of initial jobless claims 233.75K versus 237.5K last weekContinuing claims dataPrior week continuing claims 1.754M revised it to 1.749MContinuing claims...
US Q2 advance GDP +2.4% vs +1.8% expected
Final Q1 reading was +2.0% annualizedQ4 was +2.6% annualizedDetails:Consumer spending +1.6% vs +4.2% priorConsumer spending on durables % vs +16.3% priorGDP final sales +2.3% vs +1.4% expectedGDP deflator +2.2% vs +3.0% expectedCore PCE +3.8% vs +4.0% expected (4.9%...
US June durable goods orders +4.7% vs +1.0% expected
Prior was +1.8Non-defense capital goods orders ex-air +0.2% vs -0.1% expectedPrior non-defense capital goods orders ex-air +0.7% Ex transport +0.6% vs 0.0% expectedEx defense +6.2% vs +3.0% priorThis is a good report though not as good as the headline indicates as...