The European luxury brand company LVMH, reported Q2 2023 earnings with revenues of 21.21 billion Euros, surpassing the expected 20.6 billion Euros. However, sales in the U.S. fell by 1%. The company stated that it doesn't anticipate further price increases in the near...
USDJPY moves back below 50% of the move down from the June high
The USDJPY is pushing to the downside over the last few hours of trading making new session lows in the process. Technically, the price has moved below the 50% midpoint of the move down from the June 30 high. That level comes in at 141.149. The low price just reached...
The US treasury auctions off $43 billion of five-year notes at a high yield of 4.17%
High yield 4.17%WI level at the time of the auction 4.166%Tail 0.4 basis points vs a six-month average of -0.7 basis pointsBid to cover 2.60X versus six-month average of 2.54XDirects 22.13% versus six-month average of 17.9%.Indirects 64.38% versus six-month average of...
US treasury to auction off $43 billion a 5 year notes at the top of the hour
The U.S. Treasury will auction off a $43 billion of five-year notes that the top of the hour. The option is the 2nd of 3 coupon auctions this week. Yesterday they auctioned off to your notes with moderate demand.The six-month averages of the major components of the 5...
WTI crude oil futures up over $1 or 1.3% at $79.76
Crude oil is running away from its 200 day moving averageThe price of WTI crude futures is up for the 4th consecutive day and the 5th day in the last 6 trading days. The price is currently up $1 or 1.3% at $79.76.Yesterday, the price closed above its 200-day moving...
UPS and Teamsters reach a tentative agreement
UPS and the Teamsters (labor union) has reached a tentative wage agreement and in doing so is to avert a strike. A date for settlement was to be July 31st.IThe Union it says: “The overwhelmingly lucrative contract raises wages for all workers, creates more full-time...
European shares close the day with mixed results
The major European indices are ending the day with mixed results:German DAX +0.13%Frances CAC, -0.16%UK's FTSE 100 +0.17%Spain's Ibex, -0.25%Italy's FTSE MIB, +0.07%As London/European traders look to exit for the day, the major US stock indices are trading higher. The...
Goldman Sachs reduces its growth forecast for the euro area to 0.4% from 0.7%
Goldman Sachs has reduced its 2023 growth forecast for the euro zone due to weaker economic activity data. Economists, under the leadership of Sven Jari Stehn, now anticipate a growth rate of 0.4% for the region in 2023. That is down from 0.7% previously.The EURUSD...
Fixing flows weigh on US dollar
The US dollar sagged broadly into the 4 pm London fix. I suspect some month-end flows are starting to hit and we could also be seeing some flows around USD/JPY tied to worries about this week's BOJ decision.The data today was USD-positive but the dollar has been...
Credit Agricole: BOJ unlikely to adjust YCC, temporary reprieve for JPY
Credit Agricole has provided their insights regarding the upcoming July meeting of the Bank of Japan (BoJ) and its implications for the Japanese Yen (JPY).Key HighlightsBoJ's July Meeting Anticipation:Investors are looking forward to potential modifications to the...
Richmond Fed composite manufacturing index -9 versus -8 in June
> Richmond Fed composite manufacturing index -9 versus -8 in June Richmond Fed index for July 2023 <!--> --> <!--> Prior month -7 revised to -8Richmond Fed manufacturing composite index -9 versus -8 in JuneShipments index -6 versus -5 in JuneServices...
US July consumer confidence 117.0 vs 111.8 expected
> US July consumer confidence 117.0 vs 111.8 expected US July 2023 consumer confidence data from the Conference Board <!--> Adam Button Tuesday, 25/07/2023 | 14:00 GMT-0 25/07/2023 | 14:00 GMT-0 --> <!--> Details:Present situation index vs 155.3...
The ups and downs in the USDCAD continues. Bias shifts back and favor the buyers.
The ups and downs in the USDCAD continue in trading today, with the price of the pair are (I think I don't know moving back above the converged 100 and 200-hour moving averages at 1.3175, the shift is back to the upside today.Looking at the hourly chart below, the...
US stock indices open mixed. Dow industrial average down.
It has to end at some point. The Dow Industrial Average is opening lower. That index is up for 11 consecutive days. The index is lower despite 3M, Verizon, and Dow trading higher after announcing earnings. They are leading the stocks rising today in the Dow.Boeing,...
Unraveling the mysterious downfall of Chinese Foreign Minister Qin Gang
After just seven months, the meteoric rise of Chinese Foreign Minister Qin Gang was cut down. He was unceremoniously replaced today.“China’s top legislature voted to appoint Wang Yi as foreign minister … as it convened a session on Tuesday,” the Xinhua news agency...
The sellers are winning in the GBPUSD. Find out why…
The GBPUSD traded higher in the Asian Pacific session. That move to the upside saw the GBPUSD move up to test its 50% midpoint of the pairs move up from the June 29 low to the July high. That midpoint level came in at 1.2866. The high price today reached 1.2864 just...
IMF boosts 2023 global growth forecast as US and UK prospects improve
The latest numbers:2023 global GDP +3.0% vs 2.8% in April2024 GDP at 3.0% vs +3.0% in AprilChina 2023 GDP at 5.2% vs 5.2% in April Eurozone GDP at +0.8%UKGDP to grow 0.4% vs -0.3% in AprilGerman GDP contracting 0.3% vs -0.1% in AprilUS GDP growth at 1.8% vs 1.6% in...
S&P Case Schiller May 20-city US house price index +1.0% m/m versus 0.7% expected
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,...
The EURUSD is continuing lower. German IFO weaker. Fed the first central bank this week.
EURUSD falls below the 50% and the 200 bar MA on 4H chartThe EURUSD is continuing lower today. Overnight, the Ifo Business Climate Index for Germany in July 2023 came in at 87.3, lower than the expected 88.0 and also lower than the prior figure of 88.6 (revised from...
Housing, consumer confidence and the Richmond Fed are on the US agenda today
The data today includes the FHFA housing price index at 9 am ET along with the Case-Shiller report. Then at 10 am ET, the main events of the day are the Richmond Fed and consumer confidence.Looking at the big picture, the climate numbers this summer are increasingly...