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,...
Eagerly awaited US inflation data is due today, Wednesday, 12 July 2023 – preview
The data comes from US Bureau of Labor Statistics (BLS), CPI for June 2023due at 1230 GMT, which is 8.30 am US Eastern time:US CPI Preview: Shelter and services CPI will be keyVia ANZ:We expect both headline and core CPI inflation to rise by 0.3% MoM in June. Such an...
China Securities Journal says anticipating increased fiscal stimulus to support economy
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,...
Reserve Bank of Australia Governor Lowe is speaking Wednesday Sydney time – preview
Prior to Lowe we get the monetary policy decision from the Reserve Bank of New Zealand. This is due at 2pm New Zealand time:which is 0200 GMT (Wednesday morning)and 10pm US Eastern time (Tuesday evening)Previews of the RBNZ can be found here, 'on hold' is very widely...
Oil supported by both (lower) supply and (higher) demand factors
This snippet from ANZ is a good summary of the tailwinds supporting the boost for oil prices:Supply factors:signs of falling OPEC+ production emergedAverage shipments of Russian crude have dropped below their February averages, according to ship tracking data....
ICYMI – China June new bank loans jump more than expected in the latest data
Chinese banks doled out 3.05 trillion yuan (circa USD 420bn) in new yuan loans in June. This was more than double the May total and well above analyst central expectations. Justin had the run down here:Strong growth in credit will be welcomed as a supportive measure...
Deutsche Bank forecast a +50bp Bank of England rate hike at the next meeting
Deutsche Bank cite the labour market data published Tuesday that showed:yet again wage pressures have been stronger than we previously assumedThe data is here:On the Bank of England, what DB is now expecting:For now, evidence of still more persistent wage pressures...
Forexlive Americas FX news wrap 11 Jul: One more sleep until key CPI. USD moves lower.
The USD moved lower in trading today a day before the key US CPI report for June. That report will be released tomorrow at 8:30 AM with the expectations for the headline YoY to fall to 3.1% from 4.0% last month. The core is a bit more sticky and expected to decline...
UBS looking for a modest recession, rolling across segments, unlikely before year end
A note from UBS' America's asset allocation folks says not expect a 'standard' recession:the manufacturing sector has already mildly contracted and could start recovering by year-endthe economy may instead experience rolling recessions across different segmentsFactors...
Private oil survey data shows larger headline crude build than was expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time). Numbers via Twitter (yeah, twitter is still going!):--Expectations I had seen centred on:Headline crude +0.5mn barrelsDistillates -0.3 mn bblsGasoline -0.7 mn--This...
Bank of Canada expected to raise interest rates again today – Goldman Sachs preview
Goldman Sachs anticipates a rate hike from the Bank of Canada (BoC) at this week's meeting following strong indicators from the country's CPI report, June's significant job growth, and a concerned tone in the Business Outlook Survey. Key Points: 1. BoC's...
Economic calendar in Asia 12 July 2023 – RBNZ policy announcement and RBA’s Lowe speaks
I posted previews for the Reserve Bank of New Zealand meeting earlier - spoiler is that no change to the cash rate is expected:Keeping with regional central banks, Reserve Bank of Australia Governor Lowe speaks later: This snapshot from the ForexLive economic data...
Trade ideas thread – Wednesday, 12 July 2023
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,...
US stocks close higher (and near highs for the day) for the 2nd consecutive day
The Dow industrial average is leading the way to the upside for the 2nd consecutive day with a gain of nearly 0.93%. The NASDAQ index did lag, but all 3 major indices closed higher. The final numbers are showing:Dow industrial average rose 317 points or 0.93% at...
US CPI Preview: Shelter and services CPI will be key
Tomorrow the US CPI data will be released at 8:30 AM. Although the numbers are not likely to impact the July Fed decision, it COULD be a difference between one more hike and no more hikes in 2023. Expectations shows:CPI MoM 0.3% versus 0.1% last monthCPI ex-food and...
WTI crude oil futures settle at $74.83
Crude oil is settling above its 100 day moving averageThe price of WTI crude oil futures is settling at $74.83. The close settled up $1.84 or 2.52%. The high price today reached $74.93. The low price was at $72.98.The close today to the price above the 100-day moving...
The AUDUSD price action makes me say….”HMMMMMMM”
The AUDUSD current price is near the same level as it was 24 hours ago. And guess what, the technical levels are the same.The price is above the 100 and 200-hour MAs. Bullish. However, the 100-day MA (today at 0.66824), the 200-day MA (today at 0.66971), the high...
The EURUSD buyers stay in control after dip holds support. Can the June high be surpassed?
In the earlier post and video on the EURUSD at the start of the NY session, I expected buyers near what was resistance until broken yesterday That area came between 1.09618 and 1.09759. The price of the EURUSD moved to the high of that swing area, stalled and...
U.S. Treasury auctions off $40 billion of three-year notes at a high yield of 4.534%
High yield 4.534%Tail 0.2 basis points versus the six-month average of 0.3 basis pointsBid to cover 2.88X versus the six-month average of 2.56XDealers 10.8% versus the six-month average of 16.9%Directs 19.8% versus the six-month average of 18.6%Indirect 69.4% versus...
U.S. Treasury to auction off $40 billion of 3 year notes at the top of the hour
The U.S. Treasury will auction off $40 billion of 3 notes at the top of the hour. The six-month averages of the major components shows:Bid to cover, 2.56XDirects (a measure of domestic demand), 18.6%.Indirects (a measure of international demand), 64.5%Dealers (they...