The major European indices are ending the day with mixed results:German DAX +0.13%Frances CAC, -0.16%UK's FTSE 100 +0.17%Spain's Ibex, -0.25%Italy's FTSE MIB, +0.07%As London/European traders look to exit for the day, the major US stock indices are trading higher. The...
Goldman Sachs reduces its growth forecast for the euro area to 0.4% from 0.7%
Goldman Sachs has reduced its 2023 growth forecast for the euro zone due to weaker economic activity data. Economists, under the leadership of Sven Jari Stehn, now anticipate a growth rate of 0.4% for the region in 2023. That is down from 0.7% previously.The EURUSD...
Fixing flows weigh on US dollar
The US dollar sagged broadly into the 4 pm London fix. I suspect some month-end flows are starting to hit and we could also be seeing some flows around USD/JPY tied to worries about this week's BOJ decision.The data today was USD-positive but the dollar has been...
Credit Agricole: BOJ unlikely to adjust YCC, temporary reprieve for JPY
Credit Agricole has provided their insights regarding the upcoming July meeting of the Bank of Japan (BoJ) and its implications for the Japanese Yen (JPY).Key HighlightsBoJ's July Meeting Anticipation:Investors are looking forward to potential modifications to the...
Richmond Fed composite manufacturing index -9 versus -8 in June
> Richmond Fed composite manufacturing index -9 versus -8 in June Richmond Fed index for July 2023 <!--> --> <!--> Prior month -7 revised to -8Richmond Fed manufacturing composite index -9 versus -8 in JuneShipments index -6 versus -5 in JuneServices...
US July consumer confidence 117.0 vs 111.8 expected
> US July consumer confidence 117.0 vs 111.8 expected US July 2023 consumer confidence data from the Conference Board <!--> Adam Button Tuesday, 25/07/2023 | 14:00 GMT-0 25/07/2023 | 14:00 GMT-0 --> <!--> Details:Present situation index vs 155.3...
The ups and downs in the USDCAD continues. Bias shifts back and favor the buyers.
The ups and downs in the USDCAD continue in trading today, with the price of the pair are (I think I don't know moving back above the converged 100 and 200-hour moving averages at 1.3175, the shift is back to the upside today.Looking at the hourly chart below, the...
US stock indices open mixed. Dow industrial average down.
It has to end at some point. The Dow Industrial Average is opening lower. That index is up for 11 consecutive days. The index is lower despite 3M, Verizon, and Dow trading higher after announcing earnings. They are leading the stocks rising today in the Dow.Boeing,...
Unraveling the mysterious downfall of Chinese Foreign Minister Qin Gang
After just seven months, the meteoric rise of Chinese Foreign Minister Qin Gang was cut down. He was unceremoniously replaced today.“China’s top legislature voted to appoint Wang Yi as foreign minister … as it convened a session on Tuesday,” the Xinhua news agency...
The sellers are winning in the GBPUSD. Find out why…
The GBPUSD traded higher in the Asian Pacific session. That move to the upside saw the GBPUSD move up to test its 50% midpoint of the pairs move up from the June 29 low to the July high. That midpoint level came in at 1.2866. The high price today reached 1.2864 just...
IMF boosts 2023 global growth forecast as US and UK prospects improve
The latest numbers:2023 global GDP +3.0% vs 2.8% in April2024 GDP at 3.0% vs +3.0% in AprilChina 2023 GDP at 5.2% vs 5.2% in April Eurozone GDP at +0.8%UKGDP to grow 0.4% vs -0.3% in AprilGerman GDP contracting 0.3% vs -0.1% in AprilUS GDP growth at 1.8% vs 1.6% in...
S&P Case Schiller May 20-city US house price index +1.0% m/m versus 0.7% expected
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The EURUSD is continuing lower. German IFO weaker. Fed the first central bank this week.
EURUSD falls below the 50% and the 200 bar MA on 4H chartThe EURUSD is continuing lower today. Overnight, the Ifo Business Climate Index for Germany in July 2023 came in at 87.3, lower than the expected 88.0 and also lower than the prior figure of 88.6 (revised from...
Housing, consumer confidence and the Richmond Fed are on the US agenda today
The data today includes the FHFA housing price index at 9 am ET along with the Case-Shiller report. Then at 10 am ET, the main events of the day are the Richmond Fed and consumer confidence.Looking at the big picture, the climate numbers this summer are increasingly...
Canada June flash manufacturing sales -2.1%
Last week's soft retail sales data dimmed expectations for further Bank of Canada rate hikes and now the evidence of a worsening economy is spreading. Manufacturing sales fell 2.1% in June according to the flash estimate from Statistics Canada. The largest declines...
Philly Fed July non-manufacturing index +1.4 vs -16.6 prior
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The AUD is the strongest and the EUR is the weakest as the NA session begins
The strongest to the weakest of the major currenciesThe AUD is the strongest and the EUR is the weakest as the NA session begins. The USD is mixed to higher with one day to go ahead of the FOMC rate decision tomorrow. The expectations are for a 90% chance for a hike...
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USDJPY Technical Analysis – Only ugly US data or a hawkish BoJ can save the JPY
The miss in the US NFP and CPI reports triggered a broad USD selloff as the market expected the Fed to be done with rate hikes after the July FOMC meeting. The US data though keeps on coming in on the hot side with US Retail Sales Control Group beating expectations...
ForexLive European FX news wrap: Slow day for markets, new PBOC governor appointed
Headlines:Markets:AUD leads, EUR lags on the dayEuropean equities a touch higher; S&P 500 futures up 0.1%US 10-year yields up 4.3 bps to 3.900%Gold up 0.1% to $1,956.83WTI crude up 0.2% to $78.87Bitcoin down 0.1% to $29,120It was a quiet session as markets are...