Bill Blair takes over as defense ministerAnita Anand goes from defense to Treasury boardSean Fraser named housing and infrastructure ministerArif Virani to be justice ministerNo changes in finance, foreign, innovation or natural resources ministriesI would call this...
Canada’s Trudeau to shuffle cabinet to put greater emphasis on the economy
Justin Trudeau set to shuffle cabinet (AI image)Canadian Prime Minister has more than 2 years before the next Federal election but his party may be growing uneasy as polls show the Conservatives making headway.That has prompted a cabinet re-shuffling to be announced...
EIA weekly US crude oil inventories -600K vs -2348K expected
Prior was -708KGasoline -786K vs -1678K expectedDistillates -245K vs -301K expectedRefinery utilization -0.9% vs +0.1% expectedProduction estimate mbpd 12.2 mbpd vs 12.3 mbpd priorImpld mogas demand: 8.94mbpd vs 8.86mbpd priorThe API data released late yesterday:Crude...
GBPUSD traders set the support and resistance levels through the Fed decision.
The GBPUSD is trading just above the 1.2900 level at 1.2907. That puts the price between the 100-hour moving average below at 1.28604, and the 200-hour moving average above at 1.29487. Those moving averages will be either more bullish or more bearish barometers for...
US June new home sales 697K vs 725K expected
Prior was 763K (revised to 715K)Single family sales -2.5% vs +12.2% priorMedian sale price $415.4K vs $416.3K a year agoSupply months 7.4 vs 6.7 months priorEarlier today, the US reported June building permits at 1.441m vs 1.440m prior.This is a disappointing number...
Commodity currencies rebound in choppy trade
It's Fed day so expect some extra volatility today.So far in North American trade, that's evident in the Canadian and Australian dollars, which slumped to session lows early but have rebounded strongly in the past 45 minutes. There hasn't bee a clear catalyst for the...
Major indices trade marginally lower at the start of the US session
Alphabet shares are higher. Microsoft shares are lower after earnings last night. Both beat but traders are weary about the capital expenditure numbers for Microsoft going forward. Microsoft shares are trading down -3.85%. Google shares are up 5.43%.Hess Corp (HES) Q2...
USDJPY trades between the 100/200 hour MA ahead of the Fed decision today
The USDJPY is trading between its 100 and 200-hour moving averages ahead of the FOMC rate decision at 2 PM ET. The 100-hour moving average comes in at 141.12. The 200-hour moving average comes in at 139.966. The current price is trading at 140.30.Staying between the...
What China’s politboro offered for the economy (and what it didn’t)
Xi Jinping sleeping (AI image)Commodity currencies are soft today and that's in large part due to a soft Australia CPI but risks are growing towards some disappointment in the commodity market itself after China's politboro sent mixed signals on stimulus.Officials...
The EURUSD is hanging above and below the 50% midpoint of the July range ahead of the Fed
The EURUSD is hanging above and below the 50% midpoint of the July trading range ahead of the important Fed decision at 2 PM ET. The Fed is expected to raise rates by 25 basis points, but it will be the expectations going forward that the market will be focused on....
It’s Fed day, but new home sales data is coming up first
It's finally Fed day but there isn't much drama around the decision. Market pricing is 97.2% for a hike, so it's largely a done deal for the 2 pm decision.What will matter is what comes next and there's currently only a 20% chance of a hike at the subsequent meeting...
Ethereum Technical Analysis – The bulls are watching these support levels
Following the news of BlackRock's submission for a Bitcoin ETF on June 15th, Ethereum mirrored the surge in value of Bitcoin, rallying from the 1620 level to the 2029 high. Despite the uncertainty in the interest rates expectations and the regulatory crackdowns in...
ForexLive European FX news wrap: Dollar, European stocks lower awaiting the Fed
Headlines:Markets:JPY leads, AUD lags on the dayEuropean equities lower; S&P 500 futures down 0.1%US 10-year yields down 2.5 bps to 3.886%Gold up 0.4% to $1,972.53WTI crude down 1.0% to $78.80Bitcoin down 0.1% to $29,202It was a quiet session for the most part but...
Bitcoin Technical Analysis – Breakout of the range is a bad omen for the bulls
After the news of BlackRock filing a Bitcoin ETF on June 15th, we saw the cryptocurrency surging in value going briefly from the 25K level to the 31K one. Bitcoin resilience has been remarkable given the hawkish repricing in interest rates expectations and the...
US MBA mortgage applications w.e. 21 July -1.8% vs +1.1% prior
Prior +1.1%Market index 206.9 vs 210.7 priorPurchase index 159.2 vs 163.2 priorRefinance index 444.5 vs 446.4 prior30-year mortgage rate 6.87% vs 6.87% priorMortgage applications fell in the past week with both purchases and refinancing activity showing declines. The...
USD/JPY holds lower so far on the day
This is looking like positioning flows ahead of the Fed and BOJ, more than anything else if you ask me. There was a bit of a pop yesterday as well amid light trading to 141.70 before a quick retreat to 141.20 again. That is now followed by a further decline to a low...
Copper Technical Analysis – Key resistance in sight
The weakness in the global manufacturing sector and especially in the Chinese economy have been weighing a lot on Copper prices. We had a good rally after the Chinese inflation data raised the risks of deflation in China and the market expected more easing measures...
Market Update – July 26 – All about FED!
The day before the all-but-done 25 bp Fed rate, Wall Street rallied, Treasuries slumped, and the USDIndex was little changed. Uncertainty over the FOMC’s policy path through the rest of the year limited activity, however, amid position jockeying. Concurrently,...
WTI Crude Oil Technical Analysis – The bulls are eyeing the key resistance
The OPEC+ production cuts and the expectations of more economic stimulus in China following the dismal inflation numbers, gave Crude Oil enough strength to break above the key resistance zone around the $75 level. After a brief rally, the price stalled and reversed as...
Eurozone June M3 money supply +0.6% vs +1.0% y/y expected
Prior +1.4%Broad money growth in the euro area is shrinking faster than expected and this just adds to more concerns surrounding a credit crunch impacting the economy. As the ECB seeks to tighten further, this is definitely a risk that they have to consider in the...