Artificial Intelligence site ChatGPT has seen a surprising drop in traffic.The report comes from the analytics firm Similarweb, which says:Worldwide desktop and mobile web traffic to the ChatGPT website, chat.openai.com, dropped 9.7% from May to June, according to...
PBOC-backed news said ample tools to stabilize FX market even if yuan enters a panic slide
Financial News is a PBOC media outlet in China. It published a commentary piece saying China has ample tools to stabilize the foreign-exchange market even if the yuan enters a “panic” slide. Such as:foreign-exchange risk-reserves ratiobanks’ FX deposit-reserve...
MUFG’s 4 reasons every BOJ meeting is live for a surprise, & forecast USD/JPY drop to 130
Analysts at Mitsubishi UFJ Financial Group Inc.'s (MUFG) are not expecting the yen weakness we've been seeing to carry on:Yen ... looks over-extended to the downside Their forecasts for USD/JPY out for the next 12 months:Q3 2023 136.00 Q4 2023 134.00 Q1 2024 132.00 Q2...
Goldman Sachs do not expect near term intervention in yen – also looking for BOJ YCC tweak
Goldman Sachs has expressed skepticism regarding the necessity of an urgent intervention in the Yen, similar to what happened last Fall. The bank cites three main reasons for this viewpoint: Key Points: 1. Muted Year-over-Year Moves: Goldman notes that the...
More from Fed’s Williams: an ‘open question’ how fast inflation will cool next year
Federal Reserve Bank of New York President John Williams. As head of the NY Fed Williams has a permanent vote on the FOMC, and indeed is its vice-chair. Williams is a big wheel at the Federal Reserve. Earlier from him:Adding more now, from comments as part of...
Forexlive Americas FX news wrap 5 Jul. Fed minutes support Fed members inflation concerns
The USD is ending the day as the strongest of the major currencies. The dollar gained in the Asian and early European trading, and then got another boost from the Fed minutes this afternoon. The strongest to weakest of the major currenciesAt the June meeting, some...
More from Fed’s Williams: Makes sense to slow rate rises right now, but is data dependent
Federal Reserve Bank of New York President John Williams. Earlier comments are here:More now: Inflation’s ultimate fate is up to the fedInflation expectations have been “remarkably well anchored”Fed still has work ahead to balance demand and supplyFully supported...
US equity close: Value struggles
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,...
Fed’s Williams – isn’t happy with where inflation is, says fighting it is the Fed main job
Federal Reserve Bank of New York President John Williams. As head of the NY Fed Williams has a permanent vote on the FOMC, and indeed is its vice-chair.Williams is participating in a moderated discussion before the 2023 Annual Meeting of the Central Bank Research...
Economic calendar in Asia – Thursday, 6 July 2023 – not a busy one
There isn't anything on the data calendar likely to move FX rates too much upon release. Eyes and ears will be upon Japan for any indications of yen intervention, verbal most likely still at this stage, with USD/JPY back approaching 145. This snapshot from the...
Trade ideas thread – Thursday, 6 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,...
AUDUSD tips below the 100/200 hour MAs
AUDUSD falls below the 100/200 hour MAsThe AUDUSD has moved below its 100 and 200-hour moving averages at 0.6660. The current price trades just below the level of 0.66577. The low for the day reached 0.66532. Trading below those levels and staying below those levels...
ANZ: Recommends selling EUR/CHF on a spike towards 0.99
EUR/CHF dailyANZ is suggesting a trading strategy on the EUR/CHF currency pair based on the latest policy stance of the Swiss National Bank (SNB).Key Points:SNB’s New Approach: ANZ highlights that the Swiss National Bank (SNB) revealed in its June meeting that it is...
Crude oil settles at $71.79
WTI crude oil futures are settling at $71.79. That's up an even $2 on the day or 2.87%. The high price today reached $72.17. The low price was at $69.90. The high price from June 21 reached $72.72. That is the next upside target. Above that the high price from June 8...
Stocks tilt to the downside. Yields move to the upside. USD is moving higher.
US stocks are drifting more to the downside. Yields are moving higher and the USD is moving higher after the FOMC meeting minutes. Labor Market remained tight, but there are signs of some slowing:Labor market conditions remain tight, with robust payroll gains and low...
FOMC Minutes: Some participants favored or could have favored 25 bps hike
Those favoring hike noted tight labor market, stronger economic momentum and little evidence of inflation on path to 2%Fed staff saw mild recession likely to start later this yearAlmost all participants jusuged it appropriate or acceptable to leave rates unchangedA...
FOMC minutes coming up at 2 pm ET
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,...
It’s not just markets that are hot, so is the weather
You're not the only one sweating this week. July is always hot in the northern hemisphere but yesterday was the hottest day recorded globally since records began in 1979.The average temperature hit 17.18 degrees Celsius, based on satellite data, which breaks the...
Kuwait minister: Oil output capacity will be 3.2 million barrels per day by end of 2024
The Minister of Kuwait has stated that the country's oil output capacity will reach 3.2 million barrels per day (BPD) by the end of 2024. However, he denied that Kuwait is seeking an increase in its OPEC quota. This follows the earlier statement by the CEO of Kuwait's...
USDCAD buyers took a shot at the upside and failed
USDCAD above 100 hour MA but key swing area eyed.The USDCAD fell to - and through - the 200-hour MA (and a swing area between 1.3207 - 1.32299) yesterday, but failed. The price rebounded into the close modestly.Trading today, the Asian session saw increased upside...