Saudi Arabia and Russia are extending thier oil output cuts:The Saudi Energy Ministry said it would extend July's cut of 1 million barrels per day through August to support “the stability and balance of oil markets.” Russian Deputy Prime Minister Alexander Novak said...
Goldman Sachs have cut their US inflation forecast for this year
Goldman Sachs has affirmed they continue to expect US core inflation to decline in 2023:we continue to believe that core PCE inflation will fall sharply (in 2023)we (have) lowered our core PCE inflation forecast for December 2023 to 3.5% from 3.7%(we have) left our...
New Zealand to sign NZ-EU Free Trade Agreement and attend NATO Summit
A statement from New Zealand's government:Prime Minister Chris Hipkins will travel to Brussels to witness New Zealand signing the NZ-EU Free Trade Agreement before heading to Stockholm and the NATO Leaders’ Summit in Lithuania. “I said trade would be a key focus for...
Forexlive Americas FX news wrap 3 Jul: ISM manufacturing PMI below 50 for the 7th month.
The USD was mostly higher in early US trading as holiday-shortened trading began. However, ISM manufacturing PMI came in weaker than expected at 46.0 vs 47.0 estimates. That was the lowest level since May 2020 and the 7th consecutive month with the index below the...
Preview of the Q2 New Zealand business survey, QSBO, expected to show a lift
The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO) is due at 2200 GMT. BNZ on what to expect:expected to show a lift in confidence and activity indicators, as per the recent monthly readings of the ANZ survey. The...
Economic calendar in Asia Tuesday, 4 July 2023, RBA day!
It's a 'live' Reserve Bank of Australia meeting today, a hold or a +25bp rate hike is the question! Previews posted already:Apart from the RBA the NZ business survey will be of interest (to the NZD traders at least!). Says BNZ on the release: the NZ QSBO, expected to...
Independence Day Trade ideas thread – Tuesday, 4 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,...
US crude oil futures settle at $69.79
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,...
China restricts export of metals used in high performance chips
China has initiated restrictions on the exports of products and materials that incorporate the metals gallium and germanium, both of which are key components in semiconductors, 5G base stations, and solar panels. The restriction is viewed as a response to the...
GBPUSD trades above and below 100/200 hour MAs
GBPUSDThe GBPUSD is trading above and below the 100 and 200-hour MAs with the 100-hour MA at 1.26705 and the 200-hour MA at 1.27015. The sellers below the 100-hour MA took their shot. The buyers above the 200-hour MA took their shot. Both missed. THe price is...
Atlanta Fed GDPNow Q2 tracker +1.9% vs +2.2% prior
It's easy-come-easy-go for the Atlanta Fed's GDP tracker as it rose to 2.2% from 1.8% on Friday and now has given most of that back in a dip to 1.9%.The first look at Q2 GDP is due on July 27 but, as a reminder, the numbers are revised many times. Just last week, the...
US air passengers break the 2019 record
The TSA reports that on June 30, a record 2,884,683 passed through security checkpoints.That narrowly tops the Thankgiving 2019 record of 2,882,915. Normally Thanksgiving is the busiest travel day with the July 4 weekend narrowly behind.The rise in traffic highlights...
US equities close a shortened session with modest gains
It was an early close today because of the Independence Day holiday tomorrow.S&P 500 +0.1%Nasdaq +0.2%DJIA +0.1%Russell 2000 +0.3%Under the surface there were some big moves with Tesla up 6.4%, travel names doing well and regional banks posting strong...
European indices close today with mixed results
Major European indices are closing mixed. The German DAX, France's CAC, and UK's FTSE 100 gave up most of their gains and are trading near session lows. Spain's Ibex and Italy's FTSE MIB are closing higher.The final numbers are showing:German DAX, -0.47% at 16072.47....
AUDUSD traders using moving averages to define boundaries today
Traders in the AUDUSD are using moving averages on the top and bottom sides to define the boundaries today. Looking at the chart below, the AUDUSD moved higher after the weaker US ISM manufacturing data, but ran into a cluster of moving averages including:200-hour...
US construction spending for May 0.9% versus 0.6% expected
Prior month 0.4% revised from 1.2% previously reportedTotal Construction:Construction spending was estimated at a seasonally adjusted annual rate of $1,925.6 billion, a 0.9 percent increase from the revised April estimate of $1,909.0 billion.The May figure is 2.4...
ISM manufacturing PMI for June 46.0 versus estimate of 47.0
> ISM manufacturing PMI for June 46.0 versus estimate of 47.0 ISM manufacturing PMI for June 2023 highlights <!--> --> <!--> Prior report 46.9ISM Manufacturing PMI 46.0 versus 47.0 estimateprices paid tumbles to 41.8 versus 44.0 estimate. Last month...
What is key technically for the USDJPY as the new week begins
It is a holiday in Canada and a semi-holiday in the US (although all markets are open) as the 4th of July holiday is looming tomorrow. So activity nevertheless is likely to slow.Nevertheless, the USDJPY is testing some key support defined by the rising 100-hour moving...
Onyx Protocol Partners with Earn Network and MyCointainer
Onyx Protocol is today announcing an exciting new partnership with MyCointainer and Earn Network. Through the initiative, Earn Network will offer enhanced staking opportunities on BNB Smart Chain and cheaper transaction fees for the XCN token. XCN holders can...
S&P global manufacturing PMI final For June 46.3 versus flash estimate of 46.3
S&P global PMI manufacturing index final 46.3Flash estimate 46.3Manufacturing PMI final 46.3 unchanged from the flash estimatePrior month 48.4From S&P Global:In June, US manufacturing firms recorded a consecutive monthly decline in the health of the sector,...