Oil rigs moved from 520 to 512 or -8 rigsNatural gas rigs moved from 117 to 115 or -2 rigsTotal rigs moved from 642 to 632 or -10 rigsThe trend in rigs continue to the downside. From a year ago, the total rigs are down -133 rigs or -17.4%. The price of crude oil is...
Weekly Market Recap (21-25 August)
Monday:The PBoC cut the 1-year LPR rate by less than expected and held the 5-year rate steady:LPR 1-year 3.45% vs. 3.40% expected and 3.55% prior.LPR 5-year 4.20% vs. 4.05% expected and 4.20% prior. PBoCThe German July PPI missed expectations:PPI M/M -1.1% vs. -0.2%...
Goolsbee: Still feels confident about reaching the “golden path” of a soft landing
> Central Banks > Goolsbee: Still feels confident about reaching the "golden path" of a soft landing Central Banks Talking on CNBC at Jackson Hole <!--> --> <!--> --> Feels confident about a soft landingNothing has happened in the last 2 months...
NZDUSD falls to trend line support on daily chart and there is a stall of the fall
NZDUSD tests trend line support and bouncesThe NZDUSD - like other currencies versus the US dollar - has seen USD buying/NZDUSD selling. THe prices low reached a new low going back to November 2020 at 0.5895. The low price today reached 0.5885.At the session low, the...
European indices snapped back higher into the close and end the day positive
The major European indices rebounded into the close and in doing so moved into positive territory. A snapshot of the market closing levels shows:German DAX, up 10.35 points or +0.07%Frances CAC, up 15.14 points or +0.21%UK's FTSE 100 up 4.93 points or +0.07%Spain's...
Fed’s Mester: We probably still have more work to do
We have to be very diligent about thisWe don't want to be satisfied because inflation remains too highWe've had stronger underlying momentum since June forecastsWe've made progress on inflationCore inflation over 4% is still too highNotes she doesn't have cuts built...
A September UAW strike is almost a sure thing
UAW workers are voting now to authorize a strike and the current tally is around 97%. This is more of a procedural step to give union leadership the power to strike and was a sure thing.The problem is that workers are asking for a lot in negotiations, and that's not a...
Fed’s Harker says he doubt rate cuts are on the table until next year at some point
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,...
Bonds slump, dollar jumps after Powell
The wheels are coming off the risk trade in short order today.I wouldn't pin the price action on Powell but some might have been waiting for him to offer up something more dovish than 'proceed carefully'.I think this is more about the global macro landscape with China...
A technical look at the major currency pair after Fed Chair Powell Jackson Hole speech
The USD initially moved lower during and after the Fed Powell speech at Jackson Hole. However, that trend has reversed with the dollar moving back to the upside. Technically speaking, the move lower in the dollar did find willing buyers against technical levels in...
US Dollar (DXY) Undecided After Chair Powell’s Speech Gives Little Away
US Dollar (DXY) Price, Chart, and AnalysisPrice stability remains key for the Fed.US dollar nudges lower. Recommended by Nick Cawley Traits of Successful Traders Get My Guide The conclusion of Fed chair Powell’s Jackson Hole keynote speech suggests that the central...
A review of the market prices after the Fed Powell speech
> A review of the market prices after the Fed Powell speech Fed Powell speech sends USD lower initially, but moving back higher in up and down trading <!--> --> <!--> EURUSD 1.0812USDJPY 1.4608GBPUSD 1.2611USDCHF 0.8851USDCAD 1.3600AUDUSD...
A review of the speech from Fed Powell by topics
Decline in Inflation So Far: (A review)Origins and Initial Actions:High inflation resulted from strong demand meeting pandemic-limited supply.The Federal Open Market Committee raised the policy rate in March 2022 to address inflation.The goal was to slow demand...
The full text from Fed Chair Powell’s speech from Jackson Hole
August 25, 2023Inflation: Progress and the Path AheadChair Jerome H. PowellAt “Structural Shifts in the Global Economy,” an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, WyomingGood morning. At last year's Jackson Hole...
Powell: We are prepared to raise rates further if appropriate, will proceed carefully
Powell delivering speech at Jackson Hole 2023We will decide next move based on dataFed will proceed 'carefully' when deciding to hike again or hold steadyWill decide next moves based on dataFed attentive to signs economy not cooling as expectedEconomic uncertainty...
Key levels ahead of the Fed Powell Jackson Hole speech
> Key levels ahead of the Fed Powell Jackson Hole speech Where are the markets ahead Powell's speech <!--> --> <!--> EURUSD 11USDJPY 02GBPUSD 1.2606USDCHF 0.8844USDCAD 1.3604AUDUSD 0.6413NZDUSD 0.5917US interest rates:2 year yield 5.036%10 year yield...
July final UMich US consumer sentiment 69.5 vs 71.2 expected
Prelim was 71.2Prior was 71.6Current conditions 75.7 vs 77.4 prelim (76.6 prior)Expectations 65.5 vs 67.3 prelim (68.3 prior)1-year inflation 3.5% vs 3.3% prelim (3.4% prior)5-10 year inflation 3.0% vs 2.9% prelim (3.0% prior)I don't put much stock in this indicator...
Yen Price Outlook: USD/JPY Upside Back in Play, EUR/JPY Vulnerable
Japanese Yen (USD/JPY, EUR/JPY) AnalysisIndicator of broader price pressures reach record highsIG client sentiment hints at bullish extensionEUR/JPY breakdown scenario may receive a boost from dovish leaning ECBThe analysis in this article makes use of chart patterns...
AUDUSD trades below the 100/200 hour MAs ahead of Chair Powell speech (bearish tilt)
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,...
Watch live: Powell coming up next
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,...