Oil rigs -6 at 546Nat Gas unchanged at 130 Total rigs -5 at 682WTI crude oil is trading down -$0.70 or -0.99% at $68.84. The low for the day extended all the way down to $67.35. At the lows for the week, the price tested its 200-week moving average at $67.38 (see...
USDJPY continues its run to the upside. 100 hour MA was a key support base this week.
The USDJPY has moved higher (lower JPY) despite higher inflation data out of Japan today.USDJPY on daily chart breaks higherThe move higher this week was kickstarted yesterday after the pair broke above a swing area between 142.24 and 142.49. The price also moved...
German Dax gets closer to its 100 day MA this week.
German Dax approaches 100 day MA and swing areaThe German Dax trended lower this week after reaching an all-time high last week at 16427.42.The move lower this week reached a low (today) at 15733.12. That low is getting closer to the rising 100 day MA at 15665.44. The...
Weekly Market Recap (19-23 June)
Monday: It was a US holiday, so it was a pretty dull trading day. We had again some ECB speakers talking about a rate hike in July and another one in September, if the data suggested so. ECBECB’s Kazimir (hawk) confirmed the support for a rate hike in July while...
European equity close: Five straight days of declines this week
Closing changes for the day:Stoxx 600 -0.3%German DAX -1.0%FTSE 100 -0.6%French CAC -0.6%Italy MIB -0.8%Spain IBEX -1.0%For the week:Stoxx 600 -2.9%German DAX -3.3%FTSE 100 -2.4%Italy MIB -2.4%Spain IBEX -2.4%It was a rough one for European stocks this week but so far...
S&P index moves closer to its rising 100 hour moving average
S&P index moves down toward support including 100H MAThe major US stock indices remain in the red and are moving back toward the lows for the day. For the S&P index, its low price today came in at 4343.64. Its current price is at 4346.30 down -35.24 points on...
EURUSD sellers lean in the key swing area. Keep bearish bias.
The EURUSD corrected higher off a swing area between 1.0842 and 1.08485. The corrected move higher in the early New York session moved back into the lower swing area of a "Red Box" that confined the pair in April and May (between 1.08955 to 1.1095), and which was...
AUDUSD steps its way down this week. Technicals lead the way lower.
The AUDUSD started to show cracks in its bullish bias last Friday, and that crack led to a bigger and bigger move as technical levels were taken out one by one.First, it was the 100-hour moving average (higher blue line) and channel trendline. That led to a break of...
Chart of the day: No fear of Japanese inflation
This is the chart of the day in global macro:Japan CPI ex ffresh food and energyCore Japanese CPI rose to 4.2% y/y in today's report, which is the highest since 1981.Normally, you would think that means the Bank of Japan should be tip-toeing out of ultra-easy monetary...
Here we go again. The USDCAD back above 100 hour MA. Can the 200 hour MA be broken next?
Here we go again.The USDCAD has been trending more to the downside. This week a new low was made going back to September 2022. On the move to the downside, there have been corrective moves higher which have seen the price of the pair move above its 100-hour moving...
US June flash S&P Global services PMI 54.1 vs 54.0 expected
Fifth consecutive improvement in servicesPrior was 54.9Manufacturing 46.3 vs 48.5 expectedComposite 53.0 vs 54.3 priorServices new orders grew at a strong rateFull reportThe manufacturing and services PMIs are headed in opposite directions.The services upturn was led...
Major US indices open lower. Indices on tap for lower week.
Major US indices are opening lower as concerned about the central-bank hawkish policy and slower growth weigh on equity prices. The declines are led by the NASDAQ index which is on pace to snap its 8-week streak of higher closes. The S&P streak of 5 weeks higher...
Fed’s Daly: Risks over overtightening and undertightening are ‘about balanced’
Two more rate hikes this year is a 'very reasonable' projectionTwo more hikes is only a projection, we don't know for surePrudent to slow the pace of hikes as we approach destinationSays she strongly supported June decision to hold rates and watch the dataCommunity...
Despite the 50 bp hike by the BOE, the GBPUSD is lower on the week and below MA support
Despite a 50 basis point hike by the Bank of England this week, the GBPUSD is trading lower in the week. Concerns of slower growth despite high inflation is weighing on the currency pair today.Technically, the price of the GBPUSD has dipped back below its 200-hour...
June Belgian business sentiment -12.1 vs -9.2
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,...
Risk appetite continues to deteriorate
A classic flight to safety has emerged as the theme to close out the week.S&P 500 futures are down 0.8% and yields down 8-10 bps across the curve. The intensification of those moves have made for a mixed picture in the FX market. Commodity currencies continue to...
GBP/USD Slips Back as Weak Eurozone Data Favor Haven Greenback
GBP/USD Prices, Analysis, and Charts• GBP/USD slipped a little on Friday• Weakness in EUR/USD seems to have carried across• The overall uptrend looks intact however Trade Smarter - Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from...
EURUSD drops amid lower yields and growth concerns; CBs respond to inflation pressures
EURUSD outside of the Red Box againThe EURUSD cracked lower today with selling pressure starting in the Asian session and continuing in the Europe morning session. PMI flash data for June was mostly weaker than expected. Yields are lower as well weakening the...
Fed’s Bostic: I expect jobless rate to rise from historically low level
Credit risk is likely coming and real estate could pose a riskThe banking sector is quite strongI'm not seeing elements of risk appearing in the economyEarlier this week, Bostic was out with some dovish comments that suggest he would consider leaving rates unchanged...
The USD is the strongest and the AUD is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe USD is the strongest and the AUD is the weakest as the NA session begins. Federal Reserve Chairman Jerome Powell reaffirmed his stance on impending rate hikes for the remainder of the year, following a two-day...