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The Nasdaq index is the weakest of the major stock indices today. The higher yields are weighing on the stocks in the index. Looking at the hourly chart, the index this week moved lower on Monday and in the process broke below the 100-hour MA (blue line). By Tuesday,...
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,...
The BOE Tenreyro is speaking and saysMy vote to leave bank rate unchanged at my final policy meeting rested on what the latest data implied about the medium term.Forward-looking indicators had pointed towards falls in both pay growth and core-goods inflation over the...
The Ukrainian offensive isn't going well and it may be clear to the US and NATO that the equipment they have won't be enough to re-take lost territory and win the war.So the US is upping the ante. The WSJ reports the US is close to approving the transfer of the Army...
AUDUSD correct to swing area todayThe AUDUSD has been stepping lower since peaking on June 16. Yesterday the pair:Stayed below the 20200-dayoving average of 0.66904Extended below the 50% midpoint of the move up from the June 1 low as 0.66785.Moved below a swing area...
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,...
Recent rises in Japan's CPI are more more modest than in the US and Europe but stronger than previously expectedWhile pass-through of import prices rise is broadening, new factors like labour shortages and strong domestic demand may also be playing a partPass through...
USDCAD finds sellers near topside targetThe USDCAD moved higher in the Asian session and returned to a swing area between 1.3271 to 1.32853. The high price in the Asian session reached 1.3282 stalled, and rotated to the downside. The 2nd run to the upside in the early...
The early US dollar strength is reversing and commodities and value stocks are jumping.It's not clear what's behind the reversal but there are some stark moves. The Russell 2000 is up 1.3% with the Nasdaq flat.That kind of broadening out is something the bulls wanted...
US pending home salesPrior was 0.0%Index 76.5 vs 78.9 priorUS housing data has been strong lately but this is a miss in a forward-looking indicator. There are signs that rate buy-downs are pushing people towards new construction rather than existing homes. The report...
Trending markets can get overbought and stay overbought. That is the case with the USDJPY.It has been up 6 of the last 7 days (and up strongly in June), and the RSI on the daily is overbought (see video). However, trending markets can get overbought and overbought and...
The major US stock indices are trading marginally higher today. Higher yields after the better data are putting a little lid on gains.The snapshot of the market 7 minutes into the open is showing:Dow up 77 points or 0.25% at 33922.94S&P is up 4.28 points or 0.10%...
The better claims and GDP has sent the USD higher and the GBPUSD lower. The price low for the GBPUSD has moved down to a downside target at 1.2599 (call it 1.2600). A move below that level is needed to increase the bearish bias technically today with the 50% of the...
No one thought the US economy would be able to shrug off 5% rates this easily. It has been 20 years since the Fed funds rate was this high and the economy was drunk on easy money during the pandemic.Yet even as the hangover kicks in, Americans are still showing up to...
The EURUSD is moving back to the downside after stronger US initial jobless claims data and stronger GDP. The pair has moved back below the 100/200 hour MAs at 1.0919 and 1.09289 respectively (blue and green lines) and is down-testing the low of what is the "value...
Initial claims dip in the current weekPrior week 264K revised to 265KSeasonally adjusted initial claims: 239,000, a decrease of 26,000 from the previous week.4-week moving average for initial claims: 257,500, an increase of 1,500 from the previous week.Seasonally...
Preliminary reading was +1.3%Final Q4 reading was +2.6% (unrevised)Consumer spending +4.2% vs +3.8% 2nd readingCore PCE prices +4.9% vs +5.0% expectedPCE prices % vs +4.2% 2nd readingGDP final sales +4.2% vs +3.4% 2nd readingCorporate profits after tax -5.9% vs -6.8%...
The strongest to the weakest of the major currenciesThe AUD is the strongest and the CAD is the weakest as the North American session begins. The USD is weaker a day after rising sharply. Recall from yesterday, the leaders of major central banks at the European...
Prior +6.1%CPI +0.3% vs +0.2% m/m expectedPrior -0.1%HICP +6.8% vs +6.7% y/y expectedPrior +6.3%HICP +0.4% vs +0.3% m/m expectedPrior -0.2%The slightly higher reading than estimated here was already predicated by the state readings earlier. In any case, just be...
Here's a snapshot of the equities space:Eurostoxx +0.6%Germany DAX +0.3%France CAC 40 +0.8%UK FTSE -0.2%S&P 500 futures 0.3%Nasdaq futures +0.4%Dow futures +0.3%Things are improving after a bit of a tepid and flattish start to the session. And that is helping to...