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Mitsuhiro Furusawa is a former Japan vice minister of finance for international affairs. He now heads the Institute for Global Financial Affairs at Sumitomo Mitsui Banking Corp.The vice finance minister for international affairs is sometimes referred to as Japan's...
I posted yesterday on Bank of America jumping on the less enthusiastic China economy train, analysts at BoA joining plenty of others in announcing downgrades:BoA analysts cited soft data from China during the second quarter of this year for the cut. And also say that...
A couple of snippets from JP Morgan forecasts. The backdrop to the precious metals views at JPM is the approaching likely end of the Federal Open Market Committee (FOMC) rate hike cycle, and analysts at the bank continue to be structurally bullish on both gold and...
The AUD is ending the day as the strongest of the majors. The CHF is the weakest. The USD is just behind the AUD as the strongest today. USD is mostly stronger todayThe USDs move higher was driven by lower initial jobless claims and a sharp rise in US yields. Initial...
This summary is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. Key Takeaways 1. Shallow and Subdued Dollar Depreciation: • Despite recent...
The good news today in the US stock market is the Dow Industrial Average closed higher for the 9th consecutive day. The bad news is the Nasdaq index tumbled over 2% today. The S&P also moved lower.The final numbers are showing:Dow industrial average rose 163.97 or...
I wondered out loud earlier this week about how much attention these high (for Japan) CPI readings are getting at the Bank of Japan. We have had months of CPI readings above target and the BOJ remains unmoved, still promising easy policy. When do we get the straw that...
Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:And/or ... if you are finished trashing the NQ and are getting ready...
The NASDAQ index continues its tumble to the downside. The index was just down -1.92%. That is the largest decline since -1.98% on April 25.Looking at the daily chart, the 38.2% retracement of the move up from the June 26 corrective low comes in at 14021. There is a...
WTI crude futures are selling at $75.63. That's up to $0.28 or 0.37%. The high price today reached $76.15. The low price was at $74.52.Technically the price is settling near the middle of the 100 day moving average below at $73.67, and the 200 day moving average above...
Bank of America (BofA) provides its perspective on the current state of the U.S. economy, the renewed optimism surrounding it, and the implications for the U.S. dollar.Key TakeawaysSoft Landing Optimism: As Q3 begins, there's a surge in optimism about the U.S. economy...
A report from Bloomberg, citing sources, says Sunak is eyeing a November 2024 election. The election doesn't need to be held until January 28, 2025 so this would be a couple months early. The Conservatives are far behind Labour in the polls so there's no surprise that...
High yield 1.495%WI level at the time of the auction 1.546%Tail -5.1 basis pointsBid to cover 2.51X (previous 2.31X) Directs 12.67% vs previous 5.9%Indirects 85.84% vs previous 76.4%Dealers 1.49% vs previous 7.7%The last 10-year TIPS was on May 18th. Strong demand.The...
The USD is continuing its move into the upside and trading to new highs versus a number of the major currencies including the:EURGBPJPYCHF and NZD (I also look at the USDCAD which is running into resistance).I look at each of those currency pair and outline the bias,...
Freddie Mac is reporting the 30 year fixed rate mortgage rate fell to 6.78% in the week ended July 20. Last week the level came in at 6.96%.The move lower is a reaction to the lower yields in the treasuries as a result of lower than expected CPI data last...
The AUDUSD raced higher in the Asian session on the back of better employment data. However, the run to the upside saw buyers extend a swing area near 0.6839 to a high of 0.68463, but that run was short-lived. Buyers turned to sellers and the run to the downside...
The US dollar is strong across the board today and that's weighing on the euro, which ended an 8-day rally this week. Yesterday, I talked about the opportunity to sell the euro in a video but didn't mention targets.An initial one is 1.1095, which was the old series of...
Closing changes in Europe:Stoxx 600 +0.5%German DAX +0.6%Francis CAC +0.8%UK's FTSE 100 +0.8%Spain's Ibex +0.7%Italy's FTSE MIB +0.4%European stocks haven't had the highs of the tech-driven US rally, but they also haven't had the volatility.STOXX 600 dailyMoneyMaker...
The USDCAD spike higher, and in the process moved up to retest it at 200-hour moving average at 1.31917. Sellers leaned against that upper moving average level (green line in the chart below), and corrected the price modestly to the downside. If the buyers are to...
EURSUD falls below the 200 hour MAThe EURUSD is breaking to a new low and is now below the 200-hour moving average 1.11544. As outlined in the morning video (click on the video link below), the price has not traded below that level since July 7. Earlier today, the...