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The Atlanta Fed GDP tracker for Q2 was lowered by 0.4 percentage points. After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, the Federal Reserve Board of Governors, and the US Department of the Treasury's Bureau of the Fiscal Service,...
EURUSD tests the topside swing area.The EURUSD has extended to yet another new high end and the process is testing the next target swing area between 1.0933 and 1.0942. I outlined this level in the earlier post/video (see video here).The area was a solid floor gone...
The dollar bulls haven't had a chance to regroup today. It's been non-stop US dollar selling since New York walked through the door.Some of that might be ECB related but I get the sense that the bigger mover is China as bets on global growth are placed. USD/CAD offers...
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 major US stock indices are trading to new session highs as they react to weaker employment data and the thought that inflation will come down, growth will be maintained. There may also be a squeeze as managers are still underweight and are forced to get in.The Dow...
An 'ECB sources' report is out saying that the central bank will debate a further September hike in the summer. Lagarde strongly hinted at a July hike today but the market is only pricing it as a 70% done deal.The euro is up 85 pips today to 1.0916 as the US dollar...
The market is focused on the Fed this week but the bigger story is China.Worries about a stumble in the Chinese economy have been percolating for weeks but that started to change with officials telling banks to cut deposit rates last week. That morphed into more cuts...
The AUDUSD is riding the dollar's declining trend today, and in the process has moved above the 50% midpoint of the 2023 trading range. That level comes in at 0.68073. The price is currently trading at 0.6859 at highs for the day. Drilling to the hourly chart, the...
The USD dollar is coming under pressure across the board. The greenback is making new lows versus all the major currencies with the exception of the JPY, but even that pair is down sharply. EURUSD: The EURUSD has just moved above a swing area between 1.08950 and...
The USDJPY has moved lower as US rates move to the downside with the 2 year yield trading at 4.646%, down -6 basis points. The 10 year is at 3.720%, down -7.5 basis points.For the USDJPY, the pair broke above a key swing area ceiling between 140.22 and 140.44 in the...
US business inventories rose 0.2%Prior month -0.1%Business inventories for April 0.2% versus 0.2% expected. This is 1st positive number for this yearRetail inventories -0.2% versus -0.1% last monthinventory to sales ratio 1.4 months unchanged from Marchbusiness sales...
The ECB raised rates by 25 basis points across the board. There is more to come as inflation remains high. The US a data dump had a little bit of something for everyone. Overall the EURUSD is trading to the upside help by the technicals.More specifically, the low...
The broader US stock indices are opening lower with the S&P and NASDAQ index trading in the red to start the day. The Dow Industrial Average meanwhile is trading above and below unchanged.A snapshot of the market currently shows:Dow industrial average up 3.20...
Industrial production for May 2023Prior month industrial production and 0.5%. Prior month capacity utilization at 79.7% revised to 79.8%Industrial production -0.2% versus 0.1%. This was the largest decline on the year (lowest since December)Capacity utilization 79.6%...
We're not thinking about pausingAre we done? NoWe need to be confident that core inflation is heading downWe are not satisfied with the inflation outlookI don't want to comment about the terminal rate. We will know when we get thereUnless there is a material change,...
Prior month 11.3%Canada existing home sales for May 5.1% versus 12.1% expectedNot seasonally adjusted activity in May was up 1.4% from May 2022home price index rises 2.1% in May from April, down 8.6% year on yearHighlights from the CREA:The actual number of...
Borrowing costs have increased steeply and loan growth has slowedWe will continue to follow a data-dependent approachRates to remain restrictive for 'as long as necessary'Manufacturing continues to weaken, while services remain resilientThe labour market remains a...
> US initial jobless claims for the current week 262K vs. 249K estimate Weekly US initial jobless claims in continuing claims <!--> --> <!--> Prior week 261K revised 262KIn the week ending June 10, the initial claims were 262,000, which was unchanged...
Philadelphia Fed business index for June 2023Prior month -10.4The highlights of the segment indices shows:Fed business index for June -13.7 versus -14.0 estimate. 10th consecutive negative month for the Philly Fed indexsix-month index 12.7 versus -10.3 last monthCapex...
Prior was +0.4%Details:Ex autos +0.1% vs +0.1% expectedPrior ex autos +0.4%Control group +0.2% vs +0.2% expectedPrior control group +0.7% (revised to +0.6%)Ex autos and gas +0.4% vs +0.6% priorGasoline stations % vs -0.3% m/m priorElectronics and appliance stores...