HIMCO have been making public statements and hitting media outlets, Bloomberg TV for example, with comments that investors can get equity-like returns by investing in short-term publicly traded bonds, which are generating yields of 6% to 8%.“We haven’t seen this...
Private oil survey data shows headline crude oil draw vs. build expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time).Via Twitter:Expectations I had seen centred on: Headline crude +1 mn barrels Distillates +1.3 mn bbls Gasoline +0.9 mn--This data point is from a privately-conducted...
Economic calendar in Asia Wednesday, 7 June 2023: RBA’s Lowe speaks, China May trade data
Yesterday's Reserve Bank of Australia meeting was very much 'live'. While the consensus was for no change the rate hike didn't come as a shock. Recent wage rise info and inflation data (and even higher inflation data) were all sweat points for the RBA.And so we got a...
Trade ideas thread – Wednesday, 7 June 2023
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,...
Little movement in the major indices today, but indices all close higher
The major indices are closing higher on the day but with not much activity:Dow Industrial Average Rose 10.40 points or 0.03% at 33573.29S&P index rose 9.94 points or 0.23% at 4283.74NASDAQ index rose 46.90 points or 0.36% at 13276.41The biggest mover was the...
Forexlive Americas FX news wrap: SEC launches suit against Coinbase
Markets:Gold flat at $1962US 10-year yields flat at 3.69%WTI crude down 59-cents to $71.56S&P 500 up 11 points to 4282Bitcoin up 5.9% to $27,150AUD leads, EUR lagsBitcoin was the star of the show with trading light in FX. The SEC went after Binance yesterday and...
Chris Christie enters the US presidential race
It looks like the 2024 US Presidential race will be a repeat of the last one but there's still plenty of time between now and November 2024 for that to change.One guy who will look to mix it up is former New Jersey governor Chris Christie. He's an extreme long shot...
Can the euro retest parity? – BofA
Bank of America Global Research highlights a technical setup for EUR/USD to retest parity over the medium-term."While the DXY is on watch for a double bottom, such confirmation would support euro retesting parity Of the six times euro was below 1.15 and formed a...
USDCHF trades back between the 100/200 hour MA
The USDCHF is mired in a up-and-down type of market environment. The downside, there is decent support near 0.9025 and 0.9035 (a red numbered circles). USDCHF between the 100 and 200 hour moving averagesOn the topside, price action over last 5 trading days comes...
Bitcoin and the rest of the crypto market shrug off lawsuit against Coinbase
Bitcoin 10 minsBitcoin has nearly erased the rout from yesterday's SEC charges against Binance and today's suit against Coindesk.It's an impressive turnaround after some troubling news, particularly accusations that Binance was wash trading.What's happening here?...
It could be a long, slow wait until the Fed decision
AI imageIt's a grind today in markets with some gyrations in stocks, bonds and FX but no real moves. That's not a big surprise given the lack of news outside of the RBA.China could shake things up this week if some stimulus materializes but otherwise it's tough to see...
The USDCAD traders set up for the BOC rate decision tomorrow
The USDCAD is trading up and down today, but remains below key MA levels to the topside. ON the daily chart, the pair is about 100 pips below the 100/200 day MAs near 1.3512. Drilling in to the hourly chart, the pair is below the falling 100 hour MA at 1.3467.It would...
EIA raises forcase for 2023 world oil demand growth by 30,000 bpd
The World Bank's higher global growth estimates today are a hint of what's happening in the oil market, though you wouldn't know it from prices this year.In any case, the EIA just raised its 2023 world oil demand growth forecast by 30K bpd and now sees an increase of...
AUDUSD bounces back to the upside. Sellers keep control.
AUDUSD trades between the 50% and the 200 day MAThe AUDUSD has bounced back to the upside after early US session dollar buying pushed the pair back toward the 50% midpoint of the major trading range. The low price in the US session reached 0.66416 which was within 4...
European equity close: A comeback and a finish at the highs of the day
Closing changes for the main European bourses:Stoxx 600 +0.4%German DAX +0.2%French CAC +0.2%UK FTSE 100 +0.4%Italy MIB +0.6%Spain IBEX +0.2%European markets were lower midway through the day but picked up alongside the US and closed at the best levels of the...
New Zealand GDT price index -0.9%
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,...
How long until US inflation falls to 3%? Sooner than you may think
We might be on the verge of an inflation bust.The latest US CPI report briefly rattled markets as it held close to 5% but the coming reports are likely to show a steep fall.Christophe Barraud thinks the June report could fall to around 3% for several reasons. CPI...
Stocks rebounding a bit
The US stocks are recovering with the major indices all marginally higher now. Goldman Sachs has lowered its estimate of the likelihood of a U.S. recession in the coming 12 months from 35% to 25%. This adjustment follows decreased stress in the banking sector and the...
Hawkish RBA policy update bolsters AUD, supporting long AUD/NZD position – MUFG
AUD/NZD dailyThe Australian dollar emerged as the best performing currency among the G10 following the Reserve Bank of Australia's (RBA) unexpectedly hawkish policy update, according to MUFG. The currency strengthened by around +0.7% today against the US dollar and...
NZDUSD trades below converged 100/200 hour MAs
NZDUSD moves below 100/200 hour MAsThe NZDUSD is trading below its 100/200 hour moving averages which are near converged at 0.6054 (blue and green lines in the chart above). The move below tilts the bias to the downside. The low from yesterday came in at 0.60402....