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...
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...
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...
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...
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...
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...
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...
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...
US August prelim UMich consumer sentiment 71.2 vs 71.0 expected
Prior was 71.6Current conditions 77.4 vs 76.9 expected (76.6 prior)Expectations 67.3 vs 68.1 expected (68.3 prior)1-year inflation 3.3% vs 3.4% prior5-10 year 2.9% vs 3.0% priorI don't have much use for this survey. It was pointing to a severe drop in consumer...
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...
US equity futures point to a moderate decline ahead of the Friday open
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,...
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...
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...
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...
Oil Update: OPEC Monthly Report Points to Tighter Oil Market, Cuts Continue
Oil (WTI, Brent Crude) AnalysisOPEC’s demand forecast suggests tight oil market into year endBrent crude oil pulls back from resistance as bullish momentum subsidesWTI crude oil tests trendline support on latest dipThe analysis in this article makes use of chart...
The Convergence of Bitcoin Wallets & FX Trading: A Gateway to Expanded Financial Horizons
In recent years, the global financial landscape has witnessed an unprecedented convergence of traditional forex trading and the burgeoning world of cryptocurrencies, with Bitcoin taking the lead. As a result, the role of a Bitcoin wallet has become increasingly...
ForexLive European FX news wrap: Sterling gains on UK GDP beat, markets quiet
Headlines:Markets:GBP leads, NZD lags on the dayEuropean equities lower; S&P 500 futures flatUS 10-year yields up 2.2 bps to 4.103%Gold up 0.3% to $1,918.65WTI crude up 0.6% to $83.33Bitcoin down 0.1% to $29,392It was a quiet session as we observed yet another...
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)...
Indices Little-Changed After Post-US CPI Volatility
Article by IG Chief Market Analyst Chris BeauchampFTSE 100, DAX 40, Dow Jones Charts and AnalysisFTSE 100 aiming to move above 7600The index managed to push its way above 7600 yesterday but was unable to hold these gains. A reversal below 7540 and the 50-day SMA...
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...