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 has its worst trading day since February 21
The NASDAQ index had its worst day since February 21. The tech heavy index fell by -2.17%. The Dow and the S&P also fell sharply. The declines were triggered by the US debt downgrade from Fitch to AA+ from AAA. That was enough to shift the bias back to the...
VIDEO: A summary of the the technicals for some of the major currency pairs
The USD is higher as the currencies react to higher US rates and another strong ADP jobs report. In this end of day video, I take a look at the technicals that are driving the EURUSD, USDJPY, GBPUSD and AUDUSD. Be aware and prepared for the new trading day. Good...
S&P 500 falls to session low
The S&P 500 has extended its decline to 1.5%, or 70 points. It would be the first 1% decline in two months if it holds up in the final 30 minutes of trading.Dip buyers have been a near-constant in the market this summer but the debt downgrade along with...
SEC now ready to consider ETH futures – report
The SEC has indicated its readiness to publicly consider the latest ether futures filings, according to two sources cited by Blockworks. The report noted that the readiness to consider doesn't necessarily mean they will be approved.ETH dailyThe report adds to the...
Barclays: BOE rate hike expectations and voting split projection for Thursday’s meeting
Barclays Research continue to expect 50bps hike from the BoE at tomorrow's meeting.Main Points:Rate Hike Expectation: Barclays reiterates its expectation for a 50 basis points (bps) rate hike by the Bank of England (BoE) in the upcoming meeting scheduled for 3 August....
WTI crude oil futures settle at $79.49
The price of WTI crude oil futures are settling at $79.49 a barrel. That's down -$1.88 or -2.31%. The low price today came in at $79.05. The high price was at $82.43. At the high, the price tested the low of a swing area on the daily chart between a $82.43 and $83.44...
Jamie Dimon: The Fed might have to go ‘a little higher’ on rates
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,...
Yellen calls US downgrade “puzzling” in light of US economic strength
'Flawed' Fitch assessment is based on outdated data, fails to reflect improvements in governance during Biden adminDebt ceiling deal included more than $1 trillion in deficit reduction over a decadeUS will remain world's largest and dynamic economyWhat else do you...
US dollar gives back some of its gains
The euro and pound are leading a rebound against the US dollar, trimming some of the earlier moves as Treasury yields also give back some gains.The market is sorting through the US debt downgrade and trying to make sense of what comes next. Some initial forced selling...
EURUSD finds support neat 100 day MA and finds some buying interest
EURUSD holds support at the 100 day MA AGAINThe EURUSD has been stepping down today, and the focus for the pair was looking at its 100-day moving average (blue line currently at 1.09132). Recall that back in early July, the price approached that moving average on July...
Kansas City Fed names Jeffrey Schmid as its new president
KC Fed name Jeffrey Schmid as the new PresidentThe Kansas City Fed has named Jeffrey Schmid as its new president and CEO. Schmid takes over from Esther George who left in February.He has led 3 banks over a 32-year period. He leads the Southwestern Graduate School of...
Kansas City Fed names Jeffrey Schmid as new president
Jeffrey SchmidThe KC Fed has a long history of hawkish presidents. We will have to see what Schmid, 64, delivers but he won't vote until 2025 due to the regular Fed rotation.It took 14 months to find George's replacement.Here is his biography form the Southwestern...
USDCAD buyers are making a play from various perspectives. Find out the driving dynamics.
The USDCAD moved above the 38.2% retracement of the move down from the May 2023 high at 1.3306.On the hourly chart, the buyers have been trending the pair to the upside over the last 2 days with little in the way of corrections.On the 5-minute chart, after correcting...
VIDEO: A technical look at the price of crude oil. What next and why?
The price of WTI crude oil futures are sharply lower and in the process has broken below its 200 are moving average at $79.52. However there is additional support between $79.07 and $79.24 (swing area and also the 38.2% retracement of the move-up from the July 17...
European equity close: Bruising day
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 index is down now 2% on the day. What damage has been done technically speaking?
The NASDAQ index is down close to 2% on the day and in the process tests the 14,000 area. That area is a key technical area going back to mid-July. The price gapped above the level and then retested the level on July 21, July 24, and again last week on July 27. A move...
The AUDUSD trades to the lowest level since June 1. Breaks below swing area on daily chart
The AUDUSD has moved below a key swing area on the daily chart below 0.65468 up to 0.65847 (also watch 0.6566 between that areas). The price is also below the 61.8% retracement of the move up from the 2022 low to the 2023 high. That level comes in 0.65468 as well. If...
Oil hammered despite record US weekly draw. Eyes on Saudi Arabia
WTI crude oil dailyThere were rumours of an oil draw in the range of 16 million barrels as early as Friday so when the news was delivered of a record 17 million barrel draw in the US were announced, it may have triggered profit taking. It's a classic case of 'buy the...
USD moving higher and the EURUSD, USDJPY and GBPUSD pairs are testing key target
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,...