Prior was 50.3Details:employment index 53.1 versus 49.2 priornew orders index 55.5 versus 52.9 expectedprices paid index 54.1 versus 56.2 prior new export orders 61.5 versus 59.0 last monthimports 54.6 versus 50.0 last monthbacklog of orders 43.9 versus 40.9 last...
Do you need a technical look at the GBPUSD? Here it is.
The GBPUSD moved higher coming into the US session and in the process moved above a swing area between 1.2738 and 1.2759. Let run to the upside was that kickstarted after swing lows from both yesterday and today were able to hold against or near 100 and 200-hour...
US June S&P Global final services PMI 54.4 vs 54.1 prelim
Prelim was 54.1Prior was 54.9Strong upturn in new ordersNew export orders rose for a second month"On the price front, service sector firms saw a marked rise in cost burdens at the end of the second quarter."Composite final PMI 53.2 vs 53.0 prelimThe ISM services...
US service sector surveys coming up next
Just as bonds puke and everyone frets about higher Fed funds rates, the ISM services survey could shift the mood.It's due at the top of the hour and expected at 51.0 from 50.3. You have to think that risks are to the upside but we'll get a clue in the final revisions...
US stocks sharply lower as yields push higher
US stocks of gotten off to a weak start after the much stronger-than-expected ADP sent yields higher. The 2-year yield is now up around 10 basis points and the 10-year yield is up around 9 basis points. If the Fed was worried about too strong employment which leads...
USDCAD runs higher to test the 38.2%, but backs off. What next?
The hot ADP employment data sent the USDCAD to the upside and in the process, the price broke above its 38.2% retracement of the move down from the May 25 high at 1.33213. The high reached 1.33287, but the price has since rotated back to the downside and currently...
Never have so many people been so wrong in predicting a recession
What happened here?At the turn of the year, you couldn't get away from recession calls. It was a complete consensus, with only a few voices saying otherwise.Instead, it's turned into a red-hot economy with jobs growth beating estimates for 14 months in a row -- and...
USDJPY bounces higher after much stronger ADP jobs. Yields surge.
The new youThe ADP jobs report came in extremely hot at 497K versus 228K estimate. Initial jobs claims were still fairly strong, and continuing claims continue to ticked lower (also stronger). Yields moved sharply higher. Stocks are lower. The dollar has moved higher...
Fed’s Logan says would have been ok with a June rate hike
Feds LoganMore rate hikes are likely necessaryVery concerned whether inflation will cool quickly enoughChallenging and uncertain environment enabled June pauseProcess of rebalancing economy slower than expectedSkeptical about lagged impact of past Fed rate...
US 2-year yield rises to highest since 2007, boosting the US dollar
The market is re-thinking the path of the Fed funds rate, along with how high the Fed will hold rates. That's in light of an extremely strong ADP private payrolls report, showing 497K jobs created in the month.The 2-year yield is up 13.3 basis points to 5.08%,...
US May international trade balance -69.0B vs -69.0B expected
> US May international trade balance -69.0B vs -69.0B expected US May trade balance <!--> Adam Button Thursday, 06/07/2023 | 12:30 GMT-0 06/07/2023 | 12:30 GMT-0 --> <!--> Prior was -74.6B (revised to -74.4B)Goods -91.86B vs -91.13B priorServices...
US initial jobless claims 248K versus 245K estimate
Initial jobless claims sees a modest bounce but below the MALast week 239K revised 2236KThe advance figure for seasonally adjusted initial unemployment claims for the week ending July 1 was 248,000, an increase of 12,000 from the previous week's revised level.The...
Canada May trade balance -3.44B vs +1.94B expected
Prior was +1.94BExports 61.53B vs 64.85B priorImports 64.97B vs 62.91B priorExporrts fell 3.8% while imports rose 3.0%, leading to the largest trade deficit since October 2020 in a big surprise that will drag down Q2 GDP. Exports of energy products fell 7.3% on lower...
May the Supply be with you – OPEC & Oil
The 8th OPEC International Seminar is underway in Vienna and the participants are doing their utmost to validate their actions (production cuts) as effective for their – officially secondary – purpose: to boost the price of Oil. The most active is surely...
EURUSD sniffs key support near 100 day MA and 50% retracement and bounces
EURUSD backs offThe EURUSD moved lower yesterday and continued that trend in the Asian session. The price low reached just below the low price from last week at 1.08344. The low price today reach 1.0833 about a pip or so lower. That low print sniffed the 100-day...
US June ADP employment +497K vs +228K expected
ADP employmentLargest since Feb 2022Prior was 278KDetails:small (less than 50 employees) +299K vs +116K priormedium firms (500 – 499) +183K vs +112K priorlarge (greater than 499 employees) -8K vs +106K priorJob stayers 6.4% vs 6.5%Job changers 11.2% vs 12.1%The US...
ForexLive European FX news wrap: Dollar sags despite stocks falling further
Headlines:Markets:JPY leads, CAD lags on the dayEuropean equities lower; S&P 500 futures down 0.5%US 10-year yields up 2.6 bps to 3.971%Gold up 0.5% to $1,926.66WTI crude up 0.3% to $72.03Bitcoin up 2.0% to $31,087It was another soggy session for risk sentiment,...
The JPY is the strongest and the USD is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe JPY is the strongest and the USD is the weakest as the North American session begins. The USD is weaker ahead of a number of employment releases today. The ADP employment data which will be released at 8:15 AM....
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US June Challenger layoffs 40.71k vs 80.09k prior
Prior 80.09kUS layoffs fall to a seven-month low in June, as employers were seen cutting 40,709 jobs - down 49% compared to May. Still, the number for the month is well above that of the same period last year (32,517 job cuts). The year-to-date figure shows 458,209...