Federal Open Market Committee (FOMC) rate hikes seeping through the jobs markets it would seem. Barclays say they have assessed:Alternative data from US employee profiles send cautious warning signals that the US labor market is not as strong as it was last yearthe...
Forexlive Americas FX news wrap: US consumer confidence jumps
Markets:Gold down $9 to $1913US 10-year yields up 4.7 bps to 3.77%WTI crude oil down $1.57 to $67.79S&P 500 up 44 points, or 1.0%, to 4415Nasdaq up 1.6%EUR leads, JPY lagsUS economic data continued to impress, burying inflation fears. The market was in the mood to...
Private oil survey data shows larger headline crude draw than was expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time).Numbers via Twitter--Expectations I had seen centred on:Headline crude -1.8 mn barrelsDistillates +0.8 mn bblsGasoline -0.1 mn--This data point is from a...
Economic calendar in Asia – Australian monthly inflation data
The monthly inflation data from Australia features prominently on the Reserve Bank of Australia website:The update today is for May monthly inflation , due at 11.30 am Sydney time0130 GMT and 9.30 pm US Eastern time expected 6.1%, prior 6.8%The monthly CPI indicator...
Trade ideas thread – Wednesday, 28 June 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,...
Strong day for US stocks as major indices snap 2-day losing streak
The border S&P and NASDAQ index have been down 5 of the last 6 trading days. The NASDAQ index fell -3.24%. The S&P index fell -2.19%. However, each of those indices are up solidly today retracing some of the declines.The final numbers are showing:Dow...
Goldman Sachs foresees BOE rate hikes bolstering sterling strength
Goldman Sachs expresses confidence in the continuation of Bank of England's rate hikes and believes it will further bolster the British Pound.Key Points:Anticipated BoE Rate Increases: Goldman Sachs' economists predict that the Bank of England (BoE) will raise rates...
June Canadian CPI likely to fall below 3%
May Canadian inflation fell to 3.4% y/y from 4.4% in a sharp drop that will extend into June. That will give the Bank of Canada some leeway to wait longer before hiking rates again, according to economists at CIBC. "While food price increases remained strong, tamer...
US crude oil futures settle at $67.70
The price of WTI crude oil futures is settling at $67.70 today. That is down $-1.67 or -2.41%. The low price reached $67.55. The high price was at $70.15.Current economic projections lean toward the potential for recessions in the US (and other global economies) and...
NZDUSD ping pongs between 100-day MA above and 200-day MA below today
The NZDUSD has been trading up and down and up and down today. The most recent move is to the downside, but support buyers came in against its 200-day moving average near 0.61574. The move off of that US session low has been able to find resistance against its...
The year is half-over and the euro has been awfully quiet
If you feel like EUR/USD trading this year has been something of an afterthought, you might be onto something.We're almost at the halfway point of the year and the range so far has been 1.0516-1.1095 -- a range of just 579 pips. We've tested the top and the bottom of...
UBS is preparing to cut more than half of Credit Suisse’s workforce
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,...
Nasdaq extends gains to 1.5%
A broadening out of tech stock gains is underway today as the market shakes off fears of a recession due to strong consumer confidence.The Nasdaq Composite is now up nearly 200 points, or 1.5%, to 13,530 as it tries to put a floor under the recent selling.Among the...
ECB’s Wunsch: Rate pause would need a clear signal of slowing core inflation
Rate pause needs a clear signal that core inflation is slowingStagflation is the base caseMore action is needed if core does not moderateThe market is pricing in a 92% chance of a hike at the July 27 meeting with another 25 bps priced in by year end.In a separate...
US treasury auctions off $43 billion of 5-year notes at a higher yield of 4.019%
High-yield 4.019%WI level at the time of the auction 4.012%Tail 0.7 bps vs. 6-month auction average of -0.8bps.Bid-to-Cover 2.52X vs. 6-month auction average of 2.53x.Dealers 12.21% vs.6-month auction average of 12.2%.Directs (a measure of domestic demand) 19.7% vs...
US treasury to auction off $43 billion of five-year notes at the top of the hour
Tail 6-auction average of -0.8bps.Bid-to-Cover 6-auction average of 2.53x.Dealers 6-auction average of 12.2%.Directs (a measure of domestic demand) 6-auction average of 17.7%.Indirects (a measure of international demand) 6-auction average of 70.1%.The last auction had...
EURJPY stretches to highest level since August 2008
While the USDJPY extends above 144.00, and the highest level since November 2022, the EURJPY traders see that 2022 high and raises it to August 2008. EURJPY trades at highest level since August 2008The EURJPY has moved to a high today of 157.875. The highest level...
Atlanta Fed GDPNow dips to 1.8% from 1.9% last
The Atlanta Fed GDPNow estimate for Q2 growth dipped to 1.8% from 1.9%. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 1.8 percent on June 27, down from 1.9 percent on June 20. After...
ECB sources: Sees little chance of a pause in rate hikes in July or September
An ECB's sources comment is being reported on Reuters saying:Policymakers see little chance of a pause in rate hike's in July or September as inflation remains stubbornly high.Not a big surprise here.The EURUSD remains above its 100 and 200-hour moving average is...
European equity close: Six-day losing streak in the Stoxx 600 halted
Closing changes:Stoxx 600 +0.1%German DAX +0.3%French CAC +0.5%UK FTSE 100 +0.2%Italy MIB +0.6%Spain IBEX +1.3%It wasn't exactly a repudiation but the Stoxx 600 ended the losing streak. I suspect that quarter-end flows are weighing on European stocks on...