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Major stock indices are not doing well heading into the close. The Dow Industrial Average is the best performer with a decline of -0.44%. The S&P index is down -0.64% and the NASDAQ index is down -0.98%.Looking at the hourly chart, the NASDAQ is trading at its...
AUDUSD making new lowsIn an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly...
Crude oil settles at $79.38Down -$1.61 or -1.99%The high price reached $81.43.The low price reached $79.28There is support near the $79 level. Move below that level and it would open the door for further downside potential. The swing high from July 14 comes in at...
The Federal Reserve meeting minutes of 4 the July 2023 meeting:Uncertainty of U.S. economic outlook remains elevated; future Federal Reserve policy decisions to be driven by the totality of data from the July 25-26 meeting.Most participants said inflation risks could...
EURUSD looks to test the 61.8% retracementThe EURUSD is moving to a new session low and in the process is looking to test that 61.8% retracement of the move up from the May 31 low. The low comes in at 1.08801.On Monday, the price moved below that retracement level to...
USDJPY moves above the 145.90 high of swing areaThe USDJPY is trading to a new session high and in the process is breaking above the 146.000 level for the first time since November 10. The high price is also extending above a swing area between 144.98 and 145.90....
Last week I wrote about 'the tell in USD/JPY', highlighting the powerful combination of factors that had created a bid and was likely to sustain one.The pair has now rallied for eight straight sessions and is knocking on the door of 146.00. Last week ended with the...
The US dollar is near the highs of the day across the board as broad market sentiment deteriorates. The bond market is the crux of the problem as Treasury yields edge higher again. US 10s are up 1.8 bps today to 4.23% after earlier falling to 4.18%.The surprising...
The peak of Atlantic hurricane season begins in mid-August but so far this year has been light with just four named storms. Forecasters note that the waters in the Caribbean are much warmer than normal, which is conductive to strong storms. Now we're just waiting for...
Buyers and sellers are battling it out in the USDCHF. There is resistance between 0.8805 and 0.8819. The high price today stalled within that area. On the downside, the USDCHF is back down testing another swing area between 0.8779 and 0.8782. Move below that level and...
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,...
It's early in the quarter but the trend is unmistakable as the Atlanta Fed tracker continues to point to strong growth in Q3. In the latest update, the GDPNow measure was boosted to 5.8% from 5.0%."After this morning's housing starts report from the US Census Bureau...
The AUDUSD is oversold technically. If you looked at the hourly chart, the RSI (relative strength index -see chart below) is diverging after reaching oversold levels and extending to a new low going back to November 2022 today. That is a signal that the market may be...
Expectations on the yuan exchange rate are stableThere is some growing angst about the decline in the yuan, particularly as a reason not to ease further. One reason to float this paper might be to tell Chinese people not to worry about the currency. If that's the...
Weekly US oil inventory is due at the bottom of the hour and the consensus is:Prior crude +5851KGasoline -261K vs -1260K expectedDistillates +296K vs -473K expectedRefinery utilization +0.9% vs +0.4% expectedProduction estimate 12.7 mbpd vs 12.6 mbpd priorImpld mogas...
The RBNZ cap rate unchanged today for the 2nd consecutive meeting. A summary of the decision:The committee has observed that the prevailing interest rate level is curbing spending, subsequently reducing inflationary pressures, as was both expected and necessary. The...
Weekly US oil inventory is due at the bottom of the hour and the consensus is:Crude -2320KGasoline -1260KDistillates -473KThe API data late yesterday showed:Crude -6195KGasoline +700KDistillates -800KGasoline inventories are becoming a problem.Gasoline storage via HFI...
EURGBP dailyFollowing the unexpected surge in the UK's July CPI data as released by the ONS, MUFG offers insights on how to strategize positions in the GBP.Key Points:July CPI Data Surprise:The ONS revealed an unexpected uptick in July's CPI data, coming after the...
The major US indices are trading mixed in early US trading:Dow Industrial Average is higher. It index is currently up 142 points or 0.41% of 35092S&P index is near unchanged. It's index is up 6 points or 0.14% of 4444. NASDAQ index is lower. It's index is down -28...
The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of...