The latest UK inflation data shows indicators of inflation persistence still a bit higher than BOE expected in MayCannot rule out next interest rate cycle will get back to 0 lower bound and need to have room for new QEDoes he mean 0%...HMMM. I thought those days were...
Nasdaq index gives up gains and trades in negative territory
The NASDAQ has given up its gains and has dipped into negative territory briefly. The price is currently up around 7 points or 0.05% but off its highs which had the index up 92.91 points at session highs. The low price today took the index down -6.49 points.The news...
GBPUSD technical update: Target in the GBPUSD reached at 50% retracement
In an early video on the GBPUSD , I spoke to the pair's next target coming at the key 50% midpoint. More specifically, I wrote:"On the downside, the next key target comes against the 50% midpoint at 1.28658 (see chart below). The level also corresponds with a modest...
Apple create an internal ChatGPT bot for employees
Apple has reportedly developed an internal AI bot similar to OpenAI's ChatGPT, as it aims to advance its own generative artificial intelligence capabilities. Codenamed 'Ajax', this large language model framework is part of Apple's bid to keep pace with the...
BOE’s Ramsden: CPI inflation at 7.9% remains much too high
David RamsdenComments from Bank of England deputy governor for markets and banking, David Ramsden, at the Money Macro and Finance Society. The subject of his speech was quantitative tightening. QET should be thought of as operating in the backgroundRepeats that he...
ECB’s Stournaras: Inflation is falling and more tightening could hurt the economy
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,...
European equity close: The FTSE 100 cheers softening inflation data
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 dollar tries to rally again but USD/JPY can’t crack 140 and it retraces
The US dollar found a bid on rising yields but couldn't get through 140.00 against the yen and has retraced. It was the second try at 140.00 today with both stalling at 139.99. That suggests a strong barrier at the figure and it now traces out a technical double...
Russia to consider all ships sailing to Ukrainian ports as potential military cargoes
Russia's defense ministry says all ships sailing in the Black Sea to Ukrainian ports will be considered as potential carriers of military cargo beginning at midnight tonight.Further, ships flagged of other countries will be considered involved in the Ukrainian...
Atlanta Fed GDPNow growth estimate for 2Q unchanged at 2.4% after housing data today
Atlanta Fed GDPNow estimates growth of 2.4% in Q2The Atlanta Fed GDPNow estimate for Q2 growth remained unchanged vs yesterday's value at 2.4%. The US housing starts and building permits did little to sway the growth estimate. In their own words:The GDPNow model...
AUDUSD lower on the day and back below its 200 hour moving average for the 2nd time today
The AUDUSD is lower on the day and back below its 200-hour moving average for the 2nd time today. Earlier in the European session the price move below that moving average only to find support buyers near the high of a swing area between 0.6737 and 0.67546. The 50%...
EIA weekly US oil inventories -708K vs -2440K expected
oil was just below the 200dma ahead of the releasePrior was +5946KGasoline -1066K vs -1577K expectedDistillates +14K vs +460K expectedRefinery utilization +0.6% vs +0.0% expectedProduction estimate 12.3 mbpd vs 12.3 mbpd priorImpld mogas demand: 8.86mbpd Refineries...
EURUSD cracks lower and away from its 100 hour MA. Sellers making a play.
The EURUSD is cracking lower and looks toward support near 1.1184. The move to the downside is moving away from its 100-hour moving average currently at 1.1228. Admittedly, the price action today has seen the EURUSD price move above and below the moving average in the...
Oil nears the 200-day moving average ahead of the weekly EIA inventory report
oil was just below the 200dma ahead of the releaseWTI crude oil is trading just shy of $77 ahead of this week's EIA inventory report at the bottom of the hour.The consensus on the data:Crude -2440KGasoline -1577KDistillates +460KThe API data released late...
The USDCHF support and resistance are squeezing closer and closer together
The USDCHF trades in a narrow up-and-down trading range of only 33 pips. The 22-day average (about a month of trading) is at 64 pips. Technically, on the weekly chart (see video above) the price last week broke below 2021 lows, and on the break traded to the lowest...
US indices trading higher. Dow trying for 8th positive day in a row
The major indices are trading higher in early US trading. The Dow Industrial Average is trying for its 8th positive day in a row. The gains in the Dow are led by Verizon (up 3.58%), Salesforce (up 2.11%), and Unitedhealth (up 2.14%).A snapshot of the major entities...
ECB Nagel: ECB very likely to raise rates by 25 basis points next week
Some news and services are reporting that ECB's Nagel is saying that the central bank is likely to raise rates by 25 basis points next week. The comments mirror earlier ones today:Inflation is a greedy beastIt would be a mistake to ease up on the fight too soon and...
The USDJPY moves higher helped by BOJ Ueda comments, but technically some issues
The USDJPY moved higher helped by comments from BOJ's Ueda who seem to support continued yield curve control. The BOJ will announce her latest interest rate decision next week. There was speculation of the YCC measures being changed. The price of the USDJPY moved...
EURGBP long term: TA
Do you know which has been the strongest major in 2023? Well yes, the Pound Sterling, +6.98% is the YTD result of its weighted index (ok, the CHF didn’t do so bad neither). Well, UK inflation has been the highest among the DMs and the ‘Old Lady’...
The GBPUSD is sharply lower after lower CPI in the UK. Sellers take more control
After running higher and reaching the highest levels since April 2022 at the end of last week, the sellers in the GBPUSD started to lean against resistance near 1.3146 (off the daily char - see video). The price fell yesterday and in the process dipped back below the...