USDCAD up and down tradingThe USDCAD has seen buyers in the early North American session take the price higher and above its 200-hour moving average of 1.32314, and 50% midpoint of the move down from the July 6 high at 1.3239. The high price reached 1.32424, but could...
AUDUSD consolidates with technical levels defining the up and down range.
The AUDUSD is consolidating in up-and-down trading. On the downside, a swing level of 0.6786 followed by the 38.2% retracement of the move up from the July 6 low at 0.67814, is providing the support (see red number circles and the retracement level). On the topside,...
Italian 10-year yields fall to 4.0%
Have a look at the chart of Italian 10-year yields:BPTsThat is a massive wedge shaping up and we're now back testing the downside. The 17 bps drop today is part of a 41 bps drop in the past six trading days.German bund yields are also down 10 bps today as the market...
US business inventories for May +0.2% versus 0.2% expected
Inventories to sales ratioPrior month 0.2% revised to 0.1%Business inventories 0.2% versus 0.2% expectedRetail inventories ex-autos -0.1% versus -0.3% last monthIn May, the combined value of distributive trade sales and manufacturers' shipments reached an estimated...
US July NAHB housing market index 56 vs 56 expected
NAHB housing market indexPrior was 55Details:Current single family home sales 62 versus 61 in JuneHome sales over next 6 months 60 versus 62 in June Index of prospective buyers 40 versus 37 in JuneSome angst about mortgage rates may have crept back into this series...
USDJPY consolidates but below the 100 hour MA at 138.457
The USDJPY has tried to move above its 100 hour moving average at 138.457 (blue line in the chart below). The price moved above that moving average during trading yesterday, and could not sustain the momentum. Today, the price tried again but again failed. Getting and...
BOJ’s Ueda: Still some distance to sustainably achieve 2% inflation target
BOJ has been patiently maintaining easy policyUnless our assumption on need to sustainably achieve 2% target changes, our narrative on monetary policy won't changeThis doesn't sound like a guy who wants to change YCC at the end of the month. The yen is falling on the...
Major indices trading lower in early US trading
The major US stock indices are trading lower in early trading. The declines are led by the NASDAQ index which is down around -0.3%. The Dow industrial average which is on a 6-day winning streak is trading above and below unchanged. A snapshot the market currently...
GBPUSD consolidates and tests the 100 hour MA at 1.3072 area. Key technical barometer.
The GBPUSD has been trading up and down today and consolidated the gains after reaching a high on Friday in the pair near the low of a swing area on the daily chart. The US session low has so far tested it rising 100-hour moving average of 1.30729. The price of the...
US May industrial production -0.5% versus 0.0% expected
Prior was -0.2% (revised to -0.5%)Manufacturing output -0.3% vs 0.0% expectedPrior output +0.1% (revised to -0.2%)Capacity utilization 78.9% vs 79.5% expectedThis is a soft reading that takes the shine off the strong retail sales data earlier. It's certainly a...
US dollar climbs after beat on the retail sales control group
Underlying momentum remains strong for US consumers and that's helped to lift the US dollar today, threatening an eight-day winning streak for the euro.EUR/USD was trading at 1.1256 ahead of the report but has fallen to 1.1229, down slightly on the day.EURUSD daily...
EURUSD consolidates after reaching a key retracement target. What next?
The EURUSD has chopped to a new high for the year and in doing so extended up to test the 61.8% retracement of the trading range for the pair since the 2021 high. That level comes in at 1.1274. The high price today reach 1.12749 just one PIP above that target level....
Canada June CPI 2.8% y/y versus 3.0% expected
Prior was 3.0%CPI m/m % vs +0.3% expectedPrior m/m reading was 0.4%Gasoline prices -% vs -18.3% y/y in prior month Gasoline prices % m/m vs -0.8% prior monthEx gasoline +4.0% y/y vs +4.4% priorFood +8.3% y/y vs +8.3% y/y priorMortgage interest costs 30.1% y/y vs 4.9%...
US June retail sales 0.2% versus 0.5% expected
US retail sales for June rises 0.2%Prior was 0.3% revised higher to 0.5%Details:Retail sales MoM 0.2% versus 0.5% expectedEx Autos 0.2% versus 0.3% expected. Prior ex autos 0.1% revised higher to 0.3% Control group 0.6% versus 0.3% expected. Prior control group 0.2%...
The CHF is the strongest while the NZD is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe CHF is the strongest currency while the NZD is the weakest as the North American session begins.In the European session, ECB policymaker Klaas Knot stated that while rate hikes beyond July are possible, they are...
Canada June housing starts 281.4K vs 220.0K 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,...
Big morning of data greets North American traders
It will be a lively day in North America with a pair of top-tier economic indicators coming up at the bottom of the hour. The duo of US retail sales and Canadian CPI are coming up and will certainly be market movers.Watch the 'retail control' line, which is expected...
Markets Reigned In Tightening Expectations
Oil prices rose with stock markets last week as tightening expectations were reigned in. Supply restrictions are also starting to bite, although China’s weak recovery continues to weigh on sentiment, and the IEA cut its forecast for global demand for the first...
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ForexLive European FX news wrap: Dollar stays on the ropes, awaits US retail sales
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities little changed; S&P 500 futures flatUS 10-year yields down 3.7 bps to 3.760%Gold up 0.5% to $1,965.22WTI crude up 0.4% to $74.46Bitcoin up 0.4% to $30,040It was a quiet session with there being no...