EURUSD targets the swing areaThe EURUSD continued its run to the upside and in the process has now reached the next key swing area between 1.09618 and 1.09759. The high price reached 1.09725. The current price trades at 1.0966.The move to the upside took the steps...
Buy the CPI rumor…
S&P 500 daily chartHere's what I wrote in my preview for non-farm payrolls:In terms of strategy, there's plenty of talk of buying bonds on a strong non-farm payrolls print in anticipation of a lower CPI next week. The read-through into FX for that trade would be...
AUDUSD tests 100/200 day MAs. Key technical levels for the pair.
AUDUSD tests 100/200 day MAsThe AUDUSD is pushing to a new session high and in the process is testing its 200-day moving average of 0.66949. The price has already moved above its 100-day moving average of 0.66866. Staying above the 100-day moving average keeps the...
NASDAQ index traits to new session highs. Dow industrial average and S&P now positive
The Nasdaq index is now up 74 points and trading at new highs. Nvidia is up 1.92%, AMD is up 1.05%, Adobe is up 1.33% and Amazon is up 1.37%.Meta shares are lagging with a gain of only 0.25% but the company continues to add subscriber to their Threads platform. They...
GBPUSD looks toward the highest level since April 2022 at 1.28478
GBPUSD based at swing area and raced higher....The GBPUSD is extended to a new high for the day and in the process is pushing to the high from June 22 at 1.28349 (breaking above that level now). The high from June 16 at 1.28478 is the next target. Move above that and...
European close: European stocks rebound, FTSE MIB shines while FTSE 100 lags
On the day:Stoxx 600 +0.4%German DAX +0.5%Francis CAC +0.4%UK's FTSE 100 -0.4%Spain's Ibex -0.4%Italy's FTSE MIB +0.9%On the week:Stoxx 600 -3.1%German DAX -3.4%Francis CAC -3.9%UK's FTSE 100 -3.7%Spain's Ibex -3.6%Italy's FTSE MIB -1.7%There were a couple poor days...
Fed’s Goolsbee: I feel like we’re on the golden path to ‘no recession and low inflation
> Central Banks > Fed's Goolsbee: I feel like we're on the golden path to 'no recession and low inflation Central Banks Comments from the Chicago Fed President on CNBC <!--> --> Adam Button Friday, 07/07/2023 | 15:38 GMT-0 07/07/2023 | 15:38 GMT-0...
US dollar continues to slide as the market looks towards next week’s CPI report
The market has quickly moved beyond strong US economic data and is shifting focus to softening CPI.The bond market is leading the shift with US 2-year yields down 9.8 bps to 4.91%. It's a quick turnaround for the front end of the curve after hitting the highest since...
USDJPY extends below its 38.2% retracement level and lower swing area.
The USDJPY is extending the declines with the pair now trading to the lowest level since June 22. The move today has now seen a high-to-low trading range of 210 pips. That is well above the 109 average over the last 22 trading days. So there may be some oversold...
EURUSD moves to a new high for the day/week. What next?
EURUSD moves to new week highThe EURUSD has extended to a new session high and high for the week at 1.09329. The current price is trading at 1.0949. The high price in the EURUSD reached after the US jobs report extended to 1.0931 before rotating back to the downside....
EIA weekly US natural gas inventories 72 bcf vs 64 bcf expected
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,...
USDCHF remains in an up and down trading range but with a bearish bias. Here is why.
The USDCHF held resistance near the 100/200 hour MAs today near 0.8966 (both of those MAs are converged - see chart below), but still remains confined by the 116 pip trading range since June 15. In addition to staying below the MAs (bearish),, the price also moved...
Timiraos: June jobs report keeps the Fed on track for July hike
WSJ Fedwatcher Nick Timiraos is out with his review of the June jobs report and writes that the report "likely to leave the Federal Reserve on course to raise interest rates" but adds that the mixed numbers do little to solve internal debates at the Fed."Several Fed...
Canada June Ivey PMI 53.4 vs 53.5 prior
Prior was 53.5Non-seasonally adjusted at vs 60.1 priorThe Ivey PMI is a poor economic indicator. The Canadian dollar is stronger today as the market leans towards a hike next week, with pricing at 66%. Oil is also helping sustain the bid in the loonie and risk...
US dollar chops as non-farm payrolls leaves FX market uncertain about Fed’s next move
EURUSD 1 minThe FX market isn't quite sure what to make of today's non-farm payrolls report. The headline was soft but the wage data was hotter. The dollar initially moved lower on the headline but then rebounded. It's since began to drift modestly lower again.I lean...
US stocks open little changed after US jobs report
The major US stock indices are down/mixed. The NASDAQ index is trading above and below unchanged. The Dow industrial average is down about -0.20%.A snapshot of the market 6 minutes into the open is showing:Dow industrial average -76.27 points or -0.22% at 33846S&P...
Weekly Market Recap (03-07 July)
Monday: China Caixin/S&P Global Manufacturing PMI came in at 50.5 vs. 50.2 expected and 50.9 prior. China Caixin Manufacturing PMIThe Switzerland CPI Y/Y came in at 1.7% vs. 1.8% expected and 2.2% prior while the Core CPI Y/Y printed at 1.8% vs. 1.9% prior. The...
The USD moves lower initially after the US jobs report but with downside limitations
The USD moved lower after the headline nonfarm payroll came in weaker than expected, but the average hourly earnings were a bit higher and the unemployment rate dipped as well which has limited the declines in the greenback. EURUSD: The EURUSD moved up to test the...
Canada June employment change 59.9K vs 20.0K expected
Canada employment change greater than expectationsPrior -17.3KEmployment change 59.9Kversus 20.0 K estimateunemployment rate 5.4% versus 5.3% estimate. Last month 5.2%participation rate 65.7% vs 65.5% last monthfull-time 109.6K versus -32.7K last monthpart-time...
US June non-farm payrolls +209K vs +225K expected
Nonfarm payrollsPrior was +339K (revised to +306K)Two-month net revision -6K vs +93K priorUnemployment rate 3.6% vs 3.6% expectedPrior unemployment rate 3.7%Participation rate 62.6% vs 62.6% priorU6 underemployment rate 6.9% vs 6.7% priorAverage hourly earnings +0.4%...