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,...
ICYMI: ECB’s Herodotou spoke Monday, said high inflation worse than high interest rates
Constantinos Herodotou is Governor of the Central Bank of Cyprus and a member of the Governing Council of the European Central Bank. He spoke overnight on Monday, headlines: Inflation is worse than high ratesMonetary policy tightening only tool to fight inflationHigh...
UK Data – BRC like for like retail sales rose 4.2% y/y in June (prior was +3.7%)
British Retail Consortium data for June 2023like-for-like sales +4.2% y/y (prior +3.7%)total retail sales +4.9% y/y (prior +3.9% )The BRC sais that unusually hot weather boosted sales of swimwear, beach towels and outdoor games as well as garden furniture and barbecue...
JP Morgan says OPEC+ needs to cut output by another 700,000 barrels/day in H2 & into 2024
A note from analysts at JP Morgan on oil and OPEc+. Says the oil price has gotten away from OPEC+, due to added supply from producers outside its membership, and the cartel is going to have to cut production even further. Main points:Supply growth outside of the OPEC+...
Standard Chartered have pumped their 2024 bitcoin forecast to as high as US$120,000
Crypto analysts at Standard Chartered have boosted their Bitcoin forecast:to USD 50,000 in 2023and to as high as USD 120,000 in 2024 (from $100K in April, analysts at the bank now say this call has a 20% upside)Citing:"Increased miner profitability per BTC (bitcoin)...
ICYMI – IEA boss Birol said China oil demand set to strengthen, sees H2 oil mkt tightness
The head of the International Energy Agency (IEA) Fatih Birol spoke with Reuters on Monday.“Even in sluggish economic growth, China and other developing countries’ demand is strong” “Taken together with the production cuts coming from key producing countries, we still...
ICYMI – ECB’s Nagel said euro-area inflation is still too high
Germany's Bundesbank President and European Central Bank Governing Council member Nagel spoke Monday, maintaining his hawkish credentials. Headline comments:euro-area inflation remains too high GDP may slow but convinced hard landing can be avoidedvaluation levels for...
Forexlive Americas FX news wrap 10 Jul.Used car prices help to send yields / USD lower
The USD was the strongest of the major currencies at the start of the NY session but started to move lower in the NY session helped by lower yields. Although the AUD is the weakest of the major currencies today, the USD is only closing higher vs the AUD, and CAD. The...
Barclays expects US equities to fall in H2 of 2023, forecasts S&P500 at 4150 by year-end
Barclays does not expect the tech-centric rally seen so far this year to spread more broadly to the rest of the index. forecasts S&P 500 at 4150 by year-end (previously had estimated 3725)expects equities to remain range boundsees full-year S&P 500 earnings...
BoA says stagflation (a worst case scenario) risk could send EUR/USD down to parity
Bank of America warns of a worst-case scenario of stagflation, a combination of economic stagnation and inflation, which it sees as not unlikely and which could potentially drive the EUR/USD exchange rate to parity. Key Points: 1. Stagflation Scenario: BofA has...
Economic calendar in Asia Tuesday, 11 July 2023 – Australian business confidence
It's a light calendar for the session ahead in Asia. I don't expect the data from Australia to shift around AUD too much at all, eyes are on global developments and in this timezone that is pretty much China and how the yuan is moving. A stronger yuan tends to be...
US major injuries make a push higher into the close
It wasn't a huge day but the major indices are closed near their session highs. The gains were led by the Dow industrial average which saw an increase by 0.63%.The final numbers show:Dow industrial average rose 211.35 points or 0.63% at 33946.24S&P index rose...
Trade ideas thread – Tuesday, 11 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,...
GBPUSD trades to a new 2023 high and the highest level since April 2022
GBPUSD trades to new 2023 highThe momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022Looking at the hourly chart...
US consumer credit increases by $7.24 billion versus estimate of $20.25 billion
Consumer credit. The lowest level since November 2020Total consumer credit in the US rose by $7.24 billion in May 2023, a figure considerably below market expectations of a $20.25 billion increase.This was the smallest monthly gain in consumer credit since November...
Dow Industrial Average average continues to outpace the broader indices
As the clock ticks to the close for the day, the Dow industrial average is continuing to lead the way with a gain of 162 points or 0.48% at 33897.56. The S&P index is up 3.71 points or 0.08%. The NASDAQ index is up 7 points or 0.05%. Leading the Dow 30 are:Intel,...
USDCHF falls to swing area from April/May.
USDCHF falls to swing area lowThe USDCHF is down testing a swing area ahead of the extreme for the year at 0.8819. Looking at the 4-hour chart above, the swing area comes between 0.88514 and 0.8866 (see red numbered circles on the chart above). The low price has...
US crude oil futures settle at $72.99
US crude futures settle at $72.99. That's down $0.87 or -1.18%. The high for the day reached $74.15. The low was at $72.67. Looking at the daily chart, the price high did extend above its 100-day moving average at $73.78, but could not sustain momentum. Closing back...
Treasury Secretary Yellen: See’s desire from both US, China to stabilize relationship
Treas. Sec. Yellen returning from trip to China says:She agreed with Chinese officials to maintain open communication, deepen talks on areas of concernChina's technological innovations may be transferable around the world to reduce cost of fighting climate changeShe...
More from Fed’s Bostic: There is no expectation of needing to rise rates any further
> Central Banks > More from Fed's Bostic: There is no expectation of needing to rise rates any further Central Banks Atlanta Fed President Bostic <!--> --> <!--> --> This is a hard judgment call.There is no expectation of needing to rise rates...