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Crude oil is higher in the day but below 38.2% retracementThe price of crude oil did rally sharply today with the price settling at $69.42 up $2.30 or 3.43%.The high price extended to $69.83. The low was at $67.15. Looking at the hourly chart above, the run to the...
The US government is in the oil trading business now. The 12 million barrels includes the 3 million already announced for Aug and Sept.It will be interesting how this affects balances but it's a tiny amount compared to 250 million barrels that have been...
The market is broadly selling the yen on a higher-rates-for-longer trade globally in the hopes of a soft landing and improving global growth due to China stimulus.The trade makes sense and USD/JPY is now threatening to break out of a consolidation pattern that's...
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,...
US 5 year yield moves higherThe US 5-year yield is trading at 4.02% up 10.3 basis points on the day. The high yield reached 4.024%. That extended above the May 2023 high of 3.99% and took the yield to the highest level since March 9. The low yield today was down at...
Lower CPI today should have been a green light for lower yields but instead the opposite is unfolding with 5-year yields tracking from 3.81% after CPI to 4.01% last -- a swing of 20 bps.The rise above 4% is the highest since just before the banking rout.What could be...
The NZDUSD buyers made a play to the upside in the Asian session and pushed to and through the 200-day MA at 0.61488, with the high for the day reached after the weaker US CPI data. However, after breaking above that key MA, the next target at the 50% retracement area...
I'm not sure what kind of timeline the White House is talking about here but the American Enterprise Institute's housing center today upgraded its base case for US home prices to rise 4% this year and another 6% in 2024.A year ago everyone was bearish on US...
Trump is facing 37 charges including the wilful retention of national defense information, conspiracy to obstruct justice and concealing a document in a federal investigation. The charges carry a threat of significant prison time if he is convicted.Trump is not...
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,...
EUR/CAD dailyGoldman Sachs recently shared its perspective on the euro, suggesting that its upside potential is limited due to similarities in macroeconomic conditions in the eurozone and other regions. The firm believes that the divergence in market pricing between...
High yield 3.908%Tail: -1.1 basis points 6-month average 0.5bpsBid -to-Cover: 2.52X versus 6 month average 2.35XDirects (a measure of domestic demand): 18.13% versus 6-month average 19.2%Indirects (a measure of foreign demand): 72.91% versus 6-month average...
The U.S. Treasury will auction off $18 billion of 30 year bonds at the top of the hour. The six-month averages of the major components shows:Tail: 6-month average 0.5bps Bid-to-Cover: 6 month average 2.35X) Directs (a measure of domestic demand): 6-month average 19.2%...
USDCHF sloppy trading has settled between swing areas.The USDCHF is lower on the day retracing most of the gains seen yesterday when the CHF was the weakest of the major currencies (higher USDCHF). The move higher yesterday stalled near the swing highs from Thursday...
GBPUSD tests say swing area in the upper extremeAs the end of day approaches in Europe, the GBPUSD is trading to new session highs. The pair has moved to a new high at 1.26206 after breaking above 1.2600 with momentum. The price has since moved back toward the 1.2600...
USDCAD weeklyToday was the first day of a three-day gauntlet for FX traders, with the FOMC tomorrow and US retail sales Thursday (along with a PBOC decision). The pound is the big winner today but the Canadian dollar isn't too far behind as it gets some help from a...
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,...
EURUSD bounces off of swing area supportEarlier today, I spoke of the EURUSD 100-day MA holding support after the US CPI. If the level could not hold support, a probing back toward the swing area between 1.0777 and 1.07868 would be the next downside target (see green...
There is no doubt that inflation, whilst beginning to ease off its peak last year, is still far too high relative to our two per cent targetMonetary policy's effects on inflation are not immediate due to transmission lags, necessitating careful economic monitoring to...
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,...