Each year around this time (though usually a bit later), Mexico sells massive amounts of oil futures to hedge its year-ahead production. A newswire report suggests that's now underway.The selling could explain some of the recent oil declines. The report says "is...
US 5-year yields break the cycle high, risk trades fade
Did the market just learn that House Republicans are a loose coalitions of unbending hardliners?It's tough to make sense of these market moves but the bond market has been unflinching today and it's getting worse. US 5-year yields are now up 16.6 bps on the day and...
Jim Jordan won’t be speaker on the first vote
It took Kevin McCarthy 15 votes to get elected as speaker so it's not over for Jordan but we'll see how it goes from here. Congress is voting and he's already lost 9 votes, which is more than the 5 he could afford to lose.Don Bacon Lori Chavez-DeRemer Anthony...
Market levels as the vote for US Speaker of the House begins
As the 1st vote for U.S. House Speaker begins between Jordan and Jeffries has begun, the US dollar is mixed/little changed. In other markets:Dow industrial average is up 40 points or 0.12% at 34024.99S&P is up 6.36 points or 0.15% at 4379.98NASDAQ index is up 4.83...
EURUSD stretches to a new high
EURUSD moves higher and away from 100/200 hour MAThe EURUSD is stretching to a new high and in the process is approaching the 1.0600 natural resistance level. The high has reached 1.05943 so far. In my previous video, a spoke to the extension back above the 100 and...
Atlanta Fed GDPNow estimate for 3Q growth came in at 5.4% up from 5.1% previously
The Atlanta Fed GDPNow estimate for Q3 growth came in at 5.4%. That was higher than the 5.1% at its last estimate:Atlanta GDPNow estimate for Q3In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of...
GBPUSD moves toward 100/200 hour moving averages
GBPUSD approaches MA targets. Key bias defining levels.The GBPUSD has pushed above the high reached before the better-than-expected retail sales near 1.2190, and in the process has moved closer to the falling100-hour movie average (blue line) at 1.22096 and its rising...
US House has quorum vote pre the vote on Jim Jordan
The quorum is a way to gauge how many votes are "likely" needed. If there are some who are absent, the required 217 votes could be assumed less. After the quorum, there will be speeches and the expectations are for the vote to take place at 1 PM. If Jordan is elected,...
US House expected to vote on speaker in the next hour or so. What to watch for
Jim Jordan is trying to replace Kevin McCarthy as speaker of the House.Republicans have an extremely narrow majority and can only afford to lose 5 votes to get him into the position, assuming Democrats remain united.A few things to know about Jordan:He was one of the...
Barkin: Longer-term rates have moved up and that has tightened conditions
> Central Banks > Barkin: Longer-term rates have moved up and that has tightened conditions Central Banks Comments from the Richmond Fed President <!--> --> <!--> --> I believe we have a restrictive policy stanceRate moves work through...
European equity close: Second day of largely-flat trading
We've painted a couple days of dojis on the STOXX 600 chart.Closing changes:Stoxx 600 -0.1%German DAX flatUK FTSE 100 +0.6%French CAC flatItaly MIB -0.1%Spain IBEX flatSTOXX 600 dailyMeanwhile, the Nasdaq has clawed back the entire 1.5% decline and is flat on the...
USDCAD spikes higher and comes back down. What next for the pair technically?
Arguably, there is nothing worse than getting fundamental news that is bullish - like the US retail sales data today. Then have the dollar move higher as it did in USDCAD, but then nearly as fast, reverse all the way down,and retrace the gains. However, part of...
Higher for longer: US 2-year yields near the highest since 2006
US 2-year yields are signalling higher rates for longer.The notes pay 5.194%, up 9.4 bps today and just below the Sept 21 intraday high of 5.202%. The rates market is hesitant to price in more Fed hikes but is growing more confident that rates will stay higher for...
S&P 500 turns positive, dollar falls further
There is something of a divergence in US equity markets with the S&P 500 flat but the Russell 2000 up 1.3% and the Nasdaq still down 0.3%.In any case, the intraday move has been decidedly stronger after a poor open and despite higher Treasury yields.It's spilling...
JPMorgan boosts US Q3 GDP forecast
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,...
RBC FX trade of the week: Sell GBP/NZD
GBPNZD daily chartRBC recommends selling GBP/NZD in its trade of the week. They have a target of 2.0150 and a stop at 2.0750.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....
New Zealand dairy prices rise at fourth straight auction
NZD got a lift at the start of the week on the election and the latest dairy numbers should helped to improve terms of trade. The GDT Price Index rose 4.3% with whole milk powder prices up 4.2%. This is the fourth consecutive auction with higher prices following the...
Sellers in the EURUSD give up & buy instead. Technicals tell the story and give the clues.
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,...
Japanese Yen Price Action Setups: USD/JPY, GBP/JPY Update
JAPANESE YEN PRICE, CHARTS AND ANALYSIS:Yen Gets Temporaray Boost on Rumors of BoJ Increase in Inflationary Forecasts.BoJ Threats of Intervention are Starting to Become a Regular Occurrence. How Long Before it Loses its Shine?IG Client Sentiment Shows an Overwhelming...
Fed’s Barkin: Anecdotal information points to more economic slowing that data is showing
Fed's BarkinAnecdotal info points to better labor demand and slowing growthFed has time to see data before making next rate hike movePath for inflation is not yet clear, but sees clear progressWage pressures remain but overall they have moderatedStill seeking...