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MUFG trade of the week: Sell EUR/USD

MUFG trade of the week: Sell EUR/USD

EUR/USD dailyMUFG Research adds a new short EUR/USD position to its trade of the week portfolio targeting a move towards 1.0770, with a stop at 1.1160. "We have instigated a short EUR/USD trade idea to reflect the potential bias favouring yield and hence the dollar...

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Baker Hughes week US oil rig count unchanged

Baker Hughes week US oil rig count unchanged

525 oil rigs vs 525 previouslyNatural gas rigs 123 vs 128 priorOil rigs have been steadily falling this year but US fields have kept up productivity by tapping DUCs. I don't know how much longer that can last. Gas prices have struggled but there was talk we would be...

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Oil is back above the April high. Watch the close

Oil is back above the April high. Watch the close

WTI crude oil daily chartOil will be an interesting spot to watch as it fights for a sixth straight week of gains. It's currently trading at $83.69, which is up 80 cents but more importantly is above the April high of $83.53. A close above that level The driver at the...

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What Recent US Crypto Market Exits Mean for Users

What Recent US Crypto Market Exits Mean for Users

While Bitcoin seems to be on the road to recovery, the last few months have not been great for the crypto industry in the United States. It has been revealed that Binance, one of the biggest exchanges in the world, considered shutting its doors in the country. This...

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US equities hit fresh lows: NVDA stock under pressure

US equities hit fresh lows: NVDA stock under pressure

Nvidia stock (NVDA) is leading a slump in the Nasdaq and has helped to push the index to the lows of the day.The high-flying chipmaker is among the most highly valued stocks in the world, and certainly the highest-valued big-cap tech company. It's trading near 40x...

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European equity close: Friday selling erases weekly gains

European equity close: Friday selling erases weekly gains

Closing changes:Stoxx 600 -1.0%German DAX -0.9%UK FTSE 100 -1.2%French CAC -1.2%Italy MIB -1.0%Spain IBEX -0.7%On the week:Stoxx 600 flatGerman DAX -0.7%UK FTSE 100 -0.5%French CAC +0.4%Italy MIB -1.0%Spain IBEX +0.7%There's a doji star on the weekly Stoxx 600...

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Risk trades bounce after US consumer sentiment data

Risk trades bounce after US consumer sentiment data

The market is showing high sensitivity to anything touching inflation at the moment. The University of Michigan's consumer sentiment survey was slightly stronger at 71.2 compared to 71.0 expected but the market may be cheering the improvement in inflation...

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Weekly Market Recap (07-11 August)

Weekly Market Recap (07-11 August)

Monday:Fed’s Bowman (hawk – voter) delivered hawkish comments over the weekend as she leans towards more rate hikes:We should remain willing to raise rates at a future meeting if data show inflation progress has stalled.In considering further rate hikes and how long...

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S&P 500 falls to a one-month low

S&P 500 falls to a one-month low

The S&P 500 is on track to close at the lows of the week and the worst levels since July 11.I don't love the look of that chart and the bond market isn't offering much support here. US 10-year yields are up 6 bps to 4.14%. There is a bit of a retracement in 30s...

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US dollar climbs and yields jump after PPI data

US dollar climbs and yields jump after PPI data

A slightly-hot producer price index reading has caused an outsized reaction in the FX and fixed income markets.PPI was at +0.3% m/m compared to +0.2% expected but you wouldn't know it was only a small miss from the market reaction. US 10-year yields have jumped to...

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US July PPI +0.8% y/y vs +0.7% expected

US July PPI +0.8% y/y vs +0.7% expected

> US July PPI +0.8% y/y vs +0.7% expected <!--> Adam Button Friday, 11/08/2023 | 12:30 GMT-0 11/08/2023 | 12:30 GMT-0 --> <!--> Prior was +0.1% y/yPPI final demand m/m +% vs +0.2% y/y expectedPrior was +0.1% m/m ADVERTISEMENT - CONTINUE READING BELOW...

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US PPI is coming up next

US PPI is coming up next

Happy Friday.The July producer price index is due at the bottom of the hour and might be a minor market mover. The consensus is +0.7% y/y on the headline and +2.3% y/y on core.At 10 am ET, the August US consumer sentiment report from the University of Michigan is due...

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Tough week for gold amid higher bond yields

Tough week for gold amid higher bond yields

As bond markets puked yesterday, it validated the drop in gold this week amid a firmer dollar as well. Gold may be up 0.3% today (at least for now) but is still down 1.3% on the week and set for its worst performance since mid-June. Looking at the chart:Gold (XAU/USD)...

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The light optimism begins to fade in equities once again

The light optimism begins to fade in equities once again

S&P 500 futuresThings are starting to turn in the equities space now as the selling since the turn of the month continues to stay the course. The turnaround and late dip in Wall Street yesterday certainly did break a lot of the confidence after the US CPI report...

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