AUDUSD breaks lower. What next?The AUDUSD market shifted further into seller control today following the closes below the 200-day Moving Average (MA) on Monday and Tuesday, at 0.66905. Yesterday, the pair closed slightly beneath the MA at 0.6686, while Monday's...
Russian general Sergey Surovikin arrested – report
The Moscow Times reports that Russian general Sergey Surovikin has been arrested.A report yesterday in the New York Times said he at least knew about Prigozhin's plans, citing US intelligence sources.Surovikin is a major figure in the Russian military. He is currently...
WTI crude oil future settle at $69.56
The price of WTI crude oil futures settled at $69.56. That's up $1.86 or 2.75% on the day.The low price reached $67.05. The high was at $69.73.The move to the upside was helped by a much greater-than-expected drawdown of -9.603 million barrels in the EIA weekly crude...
BofA targets USD/JPY at 147 by September
USD/JPY dailyBank of America has provided insights into its outlook on the Japanese yen, highlighting the potential risk of a third phase of yen weakening in 2024.Key Takeaways:BofA's Bearish Stance on Yen: BofA has been bearish on the Japanese yen and expects the...
Goldman Sachs revises EUR/USD forecasts and recommends long EUR/SE
EURUSD dailyGoldman Sachs has updated its forecasts for the EUR/USD currency pair and is advocating for a long position in EUR/SEK as part of an inflation hedge strategy.Key Takeaways:Revised EUR/USD Forecasts: Goldman Sachs is adjusting its projections for EUR/USD to...
EURUSD corrects back toward the 100 hour MA
EURUSD retests the 100 hour MAIn the video, from earlier today, I outlined the "value area" where most of the trading activity has occurred over the last 9-10 days. That range is from about 1.0890 up to 1.0973 (give or take a few pips). In between sits the...
US CBO sees public debt hitting 181% of GDP in 20 years
US government debt will roughly double in the next 20 years, according to the Congressional Budget Office.They see public debt at 181% of GDP on the current trajectory versus 98% currently.Last month, Stanley Druckenmiller made an impassioned plea to get US debt under...
More reports that the US is looking to curb AI chips to China
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,...
ECB reports differ on the pace of balance sheet reduction
Christine Lagarde was asked today about the ECB balance sheet and responded that interest rates were their many policy lever. She added that they will eventually have a debate about the appropriate size of the balance sheet.There have been varying calls for a faster...
US treasury auctions off $35 billion 7-year notes at a high yield of 3.839%
High-yield 3.839%Tail -1.1 basis points versus six-auction average of 0.3bps.Bid-to-Cover 2.65 X versus six-auction average of 2.51x.Dealers 8.14% versus six-auction average of 12.7%.Directs 16.55% versus six-auction average of 18.9%.Indirects 75.31% versus...
More from ECB’s Villeroy: We need to be patient on the duration rates are kept high
> Central Banks > More from ECB's Villeroy: We need to be patient on the duration rates are kept high Central Banks More from ECB's Villeroy <!--> --> <!--> --> We need to be more cautious about for guidance but would not throw it away...
NASDAQ index moves back into negative territory
The NASDAQ index has reverse back into negative territory. The index reached a high of 13654.14. It is currently marginally higher at 13558.50. At session highs, the index was up 98.46 points.The Dow industrial average has remained negative all day. It's high...
US treasury to auction off $35 billion to 7 your notes at the top of the hour
The U.S. Treasury will auction off $35 billion of 7 your notes at the top of the hour. The six-month averages of the major components of that auction shows :Tail six-auction average of 0.3bps.Bid-to-Cover six-auction average of 2.51x.Dealers six-auction average of...
ECBs Villeroy: Inflation expectations remain anchored
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,...
European equity close: Solid gains and a finish near the highs
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,...
USDCHF trading higher on the day with the bias tilting back to the upside.
The USDCHF has been trading in a fairly narrow trading range over the last 8-9 trading days. The low has come in just above the 0.8900 level at 0.8901. The high price reached 0.90129. So 112 pips have confined the pair.Sitting between those extremes is the...
The dollar moves higher. Stocks moves higher. Yields mixed/little changed.
The panel discussion in Portugal is now over. The US dollar moved higher. Stocks moved a bit higher. Yields were mixed.EURUSD: The EURUSD eventually cracked below its 200 and 100-hour moving averages, and moved toward the low of the value area support near 1.0891 (see...
The NZDUSD breaks lower and is the biggest mover. What led to the decline? What next?
The NZD is the weakest of the major currencies. The NZDUSD is the biggest mover.The pair started it's shoved to the downside after breaking below its 200 day moving average. I spoke to that level in the post andvideo released yesterday (CLICK HERE).The momentum to the...
US weekly crude oil inventories -9.603 million versus -1.757 million estimate
Prior was -3.831 millionCrude oil -9.603 million versus -1.757 million estimateGasoline 0.603 million versus -0.126 million estimateDistillates 0.124 million versus +0.782 million estimateRefinery utilization -0.9% versus 0.2% expectedSPR draw 1.467 millionprivate oil...
As the central bankers spar, the Nasdaq turns into positive territory
As the central bank spar amongst each other and the moderator who is trying to find a new headline), the US stocks have come off low levels. The NASDAQ has turned into positive territory. The NASDAQ is up 20 points or 0.15%.The S&P and the Dow industrial average...