Federal Reserve nominees comments. The statements come from prepared remarks for Senate confirmation hearing. Jefferson is facing confirmation as Fed Vice Chair: I remain focused on returning inflation to 2%Fed must remain attentive to inflation, banking-sector stress...
Shares of FedEx fall after disappointing revenues and soft guidance for the year ahead
Shares of FedEx are down 3.5% after hours following earnings. EPS of $4.94 beat the $4.83 estimate but the company was light on revenue. It's also forecastings earnings for its 2024 fiscal year (which started June 1) that are below estimates.For the broader economy,...
Stephen Roach says China’s growth problem driven by ideology, won’t be solves by stimulus
Yale University senior fellow Stephen Roach spoke in an interview, saying any short-term stimulus package won't solve China's longer term economic malaise.“I think there is a tradeoff here between the cyclical stimulus majors that are going to be taken, and the...
US equities bounce from the lows but give some back late
SPX intradayThe Nasdaq finished only fractionally lower but there was some late selling in the S&P 500 after an attempt a returning to unchanged a couple hours ago.Ultimately, the bears won this round but it might be a Pyrric victory given that the losses were...
Economic calendar in Asia 21 June 2023 – Bank of Japan April meeting minutes
The Bank of Japan meeting Minutes are due at 2350 GMT. The Minutes are preceded many weeks in advance by the 'Summary' of the meeting. The "Summary of Opinions" provides a concise summary of the views expressed by Policy Board members during the meeting. It does not...
Trade ideas thread – Wednesday, 21 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,...
Bitcoin trades above $28000 to highest level since May 29. Back above 100 day MA.
Bitcoin above the 100 day MAThe run to the upside in Bitcoin is continued with the digital currency now above its 100-day moving average at $27,619. The price also extend above a topside general trend line at $27,388. The high price just reached $28,149. The current...
Crude oil settles at $71.19
WTI crude oil futures settled at $71.19, down $0.74, down -1.02%The move to the downside was helped by China growth concerns and by a stronger USD after much better-than-expected housing starts and Building permits. Traders are now looking forward to upcoming weekly...
NZDUSD sellers in charge today, but bounces and retests MA resistance.
NZDUSD looks back to the 200 hour MAThe NZDUSD stepped lower and is trading down for the 3rd consecutive day after a run above the 100-day moving average last week failed. (100-day moving averages at 0.62129).In trading today, the Asian session saw the price test its...
Why the great Canadian housing bubble continues to inflate
Earlier this month, I wrote about why Canadian house prices are proving to be bulletproof, despite high interest rates and heavily-indebted consumers.In the last 20 years, Canadian home prices have utterly crushed those in the US.The problem, simply is that Canada...
USDJPY bounces off 100 hour MA. What next?
The USDJPY has been stepping lower today after trading at the highest level since November 2022. That high price at 142.247 bested the November 21 high at 142.246 by the slimmest of margins, but quickly turned around (see daily chart). USDJPY stalled at the high from...
Buy the dip is back in style
The S&P 500 is still down 13 points but given that it fell more than 40 earlier, that's an impressive rebound and a strong showing for the bulls. That's especially true given relentless buying since late May.The market is coming around to something I've been...
GBPUSD trades below 100 hour MA. Sellers trying to make a play
Watch the 1.2760 level in the GBPUSD .On the daily chart, the 61.8% retracement of 2021 high comes in at 1.27605. On the hourly chart, the 100-hour moving average comes in at 1.27598. Both those technical levels suggest that sellers are trying to make a play. If the...
Bitcoin rises to near 2 week high. Trendline and 100 day moving average targeted above.
Bitcoin moved toward downward sloping trendline and 100D MAThe price of a bitcoin is trading to near 2 week highs. The high price it going back to June 7 extended to $27,388. The high price reached today just traded at $27,268.Looking at the daily chart, the downward...
ECB’s Villeroy: The duration of terminal rate is more important than the level
That's an interesting comment because yesterday Stournaras was talking about 6 or 12 months at the peak. That's a wide window and highlights that the next big debate the ECB will have isn't a September hike (assuming July) but when to start signalling lower...
Atlanta Fed GDPNow ticks to 1.9% from 1.8% for 2Q growth estimate
Atlanta Fed GDPNow at 1.9%The Atlanta Fed GDPNow estimate for Q2 growth ticked up to 1.9% from 1.8% on June 15. The housing starts report saw real estate residential investment growth increase from -2.1% to +2.2%. The next report will be released on June 27.The high...
Fed’s Williams sticks to commenting on bank regulation and culture
The Fed's Williams and Barr speak on regulation and culture.Williams:Improving banking culture is 'long game'Important regulators around world looking at bank cultureSees progress in improving bank cultureBarr:It's key for banks to have systems that challenge risk...
The USDCAD sellers had their shot below key swing area support. They missed.
The USDCAD last week fell below a key swing area on the daily chart (see chart below). That area came between 1.3207 and 1.32299. However, momentum could not be sustained, and in trading today the price has moved higher and above the high of the swing area.USDCAD on...
European equity close: DAX falls 0.6%
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,...
Equity investors a feeling a bit heavier today
All it took was the best start to the year in history for the Nasdaq to get asset managers to forget about the inverted yield curve.In the past two weeks, discretionary managers have been throwing in the towel on strategies that were underweight equities."As you can...