The major indices are trading lower in early US trading:Dow Industrial Average -48.44 points or -0.14% at 33514.43S&P index -7.16 points or -0.17% have 4266.62NASDAQ index -40.27 points or -0.30% at 13189.16Looking at other markets:crude oil is trading down $1.50...
World Bank raises global growth forecast to 2.1% from 1.7%
Raises global growth forecasts versus JanuaryForecasts 2024 global growth at 2.4% vs 2.7% priorSees 2025 growth at 3.0%Sees US growth at 1.1% vs 0.5% in January2024 US growth at 0.8% vs 1.6% in JanSees China 2023 growth at 5.6% vs 4.3% in Jan2024 China growth at 4.6%...
GBPUSD sellers (USD buyers) have pushed the pair to new session lows…
The GBPUSD sellers are making a play below the 200 hour MA (green line in chart below) in early US trading today. The question is, "Can they keep that momentum going to the downside?" A swing area down to 1.2386 is the next target that if broken would give sellers...
SEC’s Gensler: Tokens are speculative investment vehicles
Gary GenslerIt takes time to build a case, we do things by the bookExchanges are commingling a number of functionsPlatforms offer a web of deceptions, with some individuals trying to evade lawThe public would be aghast if they found out the NYSE was also running a...
USDJPY buyers making a play in early US trading
The USDJPY buyers are making a play above the 100/200 hour MA in early US trading. Those MA come in at 139.493 and 139.77. If the buyers are serious, moving away from the MAs would show their commitment.The USDJPY pair has been trading within a fairly narrow range...
US dollar stretches higher as yields climb
The US dollar is at the highs of the day on a number of fronts and that's pushed EUR/USD down 42 pips to 1.0671, breaking yesterday's low.The catalyst might be fixed income, where US yields are up 1-3 bps across the curve and at session highs. The RBA hike may have...
EURUSD moves to new session lows and new lows for the week
The EURUSD tried to move higher in the early Asian session and heading into the European morning session, but could not sustain upside momentum above its 100 and 200 hour moving averages (blue and green lines in the chart below). Weaker data ahead of Germany (factory...
Canada April building permits -18.8% vs -5.0% expected
Prior was +11.3% (revised to +12.3%)Non-residential -34.6%Residential -6.1%That's a sharp decline but comes after a very strong month. Still, the overall value of permits at $9.6 billion is the lowest since December 2020, highlighting a looming construction...
SEC sues Coinbase for operating as an unregistered broker
From the complaint:SEC says Coinbase has operated as an unregistered broker since at least 2019Crypto assets that Coinbase makes available put Coinbase's operatings 'squarely within the purview of the securities laws'Coinbase's staking program includes five stakeable...
The AUD is the strongest and the EUR is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe AUD is the strongest and the EUR is the weakest as the North American session begins. The USD is mixed with gains versus the EUR, GBP and CHF and declines vs the CAD, AUD and NZD. The Reserve Bank of Australia...
RBA rate hike reverberates in a quiet economic calendar
The lone notable items on the North American economic calendar today are:Canadian building permits at 8:30 am ETCanadian Ivey PMI at 10 am ETNew Zealand GDT Price Index at approx 9:45 am ETNone of those are market movers so instead the market will be digesting the...
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ForexLive European FX news wrap: Australian dollar jumps on RBA rate hike surprise
Headlines:Markets:AUD leads, EUR and GBP lag on the dayEuropean equities slightly lower; S&P 500 futures down 0.1%US 10-year yields down 2.1 bps to 3.671%Gold up 0.1% to $1,964.23WTI crude down 2.3% to $70.47Bitcoin up 0.1% to $25,673The RBA was the main highlight...
China regulator reportedly asks major state-owned banks to lower dollar deposit rates
This continues from the story earlier here as China is doubling down on banks, this time wanting to encourage more flows into the yuan currency instead.The Chinese self-regulatory body overseen by the central bank has reportedly asked major state-owned banks to lower...
Dollar holds more mixed so far on the day
The dollar is trading slightly higher against the euro, pound, and franc on the day currently. Meanwhile, it is trading just slightly lower against the yen and loonie, with the aussie holding decent gains after the RBA decision earlier.All in all, it points to a...
Eurozone April retail sales 0.0% vs +0.2% m/m expected
Prior -1.2%; revised to -0.4%Retail sales -2.6% vs -3.0% y/y expectedPrior -3.8%; revised to -3.3%Euro area retail sales was unchanged in April, but that comes after a more positive revision to the March figures. Looking at the details:Food, drink and tobacco sales...
USDCAD Technical Analysis – Bouncing around
Last Friday, the NFP report once again surpassed expectations, extending its impressive streak to 14 consecutive beats. However, delving into the report's details reveals less favourable findings. The unemployment rate experienced a significant leap from 3.4% to 3.7%,...
Oil woes continue as buyers fail to take heart in OPEC+ decision
As the saying in markets goes, if something can't go up on good news.. Well, that seems to be the case for oil as it not only erased the opening gap higher yesterday, but is now being pressured back towards the $70 mark today.WTI crude oil daily chartIt goes to show...
UK May construction PMI 51.6 vs 51.1 expected
Prior 51.1UK construction output is gaining a bit more momentum, with the strongest rise in new orders being observed since April last year. The expansion is mostly driven by commercial and civil engineering activity, with house building slumping at its steepest rate...
Eurozone consumers lower inflation expectations, hope for slowing inflation – ECB survey
Inflation expectations over the next 12 months was seen falling to 4.1% in April, down from 5.0% in March. And that will be a bit of relief for the ECB as the perception is that price pressures will perhaps decline further in the months ahead. It will still take a...