Still hopeful rate hike's will slow spending, inflationMore from Fed's Waller:We can run our balance sheet down a total of $2 trillion to $2.5 trillion and keep reserves ampleIf saw inflation coming down to 2.5%, Taylor rule would say to cut ratesWe need to see how...
Representative Jordan loses again
Four House Republicans have now voted for someone other than Jordan, meaning he will likely lack the votes needed to win the speakership. Lawmakers can still change their vote before it is completed, but that is not likely. Yesterday, Jordan's vote total reached 200...
House Speaker vote has started
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,...
Fed’s Waller: It’s too soon to tell if more policy action needed
Fed's WallerMore action on policy rate would be needed if demand, and economic activity keep up recent paceWe can wait, watch and see before making definitive news on policy pathIr real economy slows, we can hold policy steadyPast few months' data has been...
NZDUSD falls to new 2023 lows. Sellers making a break for it.
The NZDUSD is making a break for it. The "break" is to a new low going back to November 2022. The price has broken through the September low of 0.58597.Although the price is not running to the downside, traders have to respect the break. Sellers are in control....
Gensler: SEC still speaking with firms seeking spot bitcoin ETFs
The fiasco around this week's fake headline that a bitcoin ETF was approved has put the focus back on what looks like the inevitable approval of the ETF.The only question is: When?The latest comment from Gary Gensler doesn't sound like it's imminent. Bitcoin is down...
European equity close: Declines near 1%
Stoxx 600 dailyClosing changes:Stoxx 600 -1.0%German DAX -1.0%UK FTSE 100 -1.1%French CAC -0.9%Italy MIB -0.8%Spain IBEX -1.0%There were a pair of doji stars on the STOXX 600 chart leading into today and they resolved lower. The index is now just above the summer lows...
NASDAQ index trades down over 1%. Approaches a key short-term support area.
NASDAQ index tests a key cluster of supportThe NASDAQ index is the worst performer of the major indices with a decline of now over 1%. The move to the downside has now taken the price to a key support area. That support area is defined by the:100 hour moving average...
China GDP beat estimates today but it’s still unclear what’s happening in its steel market
One of the more-interesting mysteries in the global economy right now is why China's steel production remains so high. There is no doubt that residential construction has cratered, yet the mills continue to run at 92% capacity.Today's Chinese GDP data was strong at...
EURUSD sellers make a play on break below 100 hour MA
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,...
Oil Price Outlook: Crude Spiked after Iran Calls for Embargo on Israel
Oil (Brent, WTI) News and Analysis Recommended by Richard Snow Get Your Free Oil Forecast Get My Guide OPEC Distances Itself from Political Request – Reaffirms Responsibility to Global Oil MarketThe global oil market is a complex and multifaceted entity, often...
US 10-year yields break out to fresh 16-year high. Dollar climbs.
US 10-year yields have broken the previous October high of 4.88% and are trading at 4.895%.US 10y yieldsThe conversation is inevitably heading back to 5% but 20-year yields are already at 5.23% and 7s are at 4.93%. The writing is on the wall and risk assets can see it...
EIA weekly US oil inventories -4491K vs -300K expected
Dec WTIPrior was +10176KGasoline -2371K vs -1097K expectedDistillates -3185K vs -1360K expectedRefinery utilization +0.4% vs -% expectedImplied mogas demand 8.94m vs 8.58m priorDomestic production 13.2 mbpd vs 13.2 mbpd priorDecember WTI crude oil was trading up $1.27...
USDCAD moves higher and runs away from 100/200 hour MAs
USDCAD bases against 100 hour moving averageThe USDCAD experienced a decline during the Asian and early European sessions, testing the high of a swing area with a low of 1.3600 and a high of 1.3616. Support emerged at the high of this swing area, prompting a move back...
Oil is volatile ahead of US weekly inventory data
Dec WTIThe volume in oil trading has moved to the December contract, which is up $1.78 to $87.14 today.It traded as high as $88.57 just a few hours ago before sinking to $86.25 at the lows. The market is volatile as it tries to figure out what is happening in the...
Major US indices trading lower. US yields higher. Gold breaks above moving averages.
The major stock indices are trading lower with the broader S&P and NASDAQ index down around -0.40% to -0.50%. A snapshot the market currently shows:Dow Industrial Average -84.98 points or -0.25% at 33912.68S&P index -17.47 points or -0.40% at 4355.74NASDAQ...
Sellers in the AUDUSD take back control after the run higher on better China data fails
The AUDUSD moved higher in the Asian session helped by better China data including GDP and industrial production. The move to the upside took the price above its 200 hour moving average 0.63682, and saw the pair extend above a swing area between 0.6379 and 0.6387 (the...
US stock futures point to early losses
We are minutes away from the US equity open and selling is coming.S&P 500 futures -20 points, or -0.45%Nasdaq futures -0.7%Dow futures -0.2%The big events of the day come after the close with earnings from Tesla, Netflix and Alcoa. Shares of NVDA are down another...
US dollar grabs some bids as yields creep higher again
The US dollar is at the best levels of the day as yields turn higher. US 10-year yields are up 2.3 bps to 4.87% after trading as low as 4.81%.The move has come with a nearly $2 fall in oil from the lows. My guess is that hopes are the temperature will be turned down...
Kickstart your FX trading for October 18 with technical look at EURUSD, USDJPY and GBPUSD
Kickstart your forex trading on October 18 with a technical look at the technicals driving the EURUSD, USDJPY, and GBPUSD.EURUSD: The EURUSD trades up and down with the find ceilings and floors from the technicals. On the top side, the high price stalled against the...