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This snippet from ANZ is a good summary of the tailwinds supporting the boost for oil prices:Supply factors:signs of falling OPEC+ production emergedAverage shipments of Russian crude have dropped below their February averages, according to ship tracking data....
Chinese banks doled out 3.05 trillion yuan (circa USD 420bn) in new yuan loans in June. This was more than double the May total and well above analyst central expectations. Justin had the run down here:Strong growth in credit will be welcomed as a supportive measure...
Deutsche Bank cite the labour market data published Tuesday that showed:yet again wage pressures have been stronger than we previously assumedThe data is here:On the Bank of England, what DB is now expecting:For now, evidence of still more persistent wage pressures...
The USD moved lower in trading today a day before the key US CPI report for June. That report will be released tomorrow at 8:30 AM with the expectations for the headline YoY to fall to 3.1% from 4.0% last month. The core is a bit more sticky and expected to decline...
A note from UBS' America's asset allocation folks says not expect a 'standard' recession:the manufacturing sector has already mildly contracted and could start recovering by year-endthe economy may instead experience rolling recessions across different segmentsFactors...
The inventory data from the private survey is out now, official data follows Wed. morning (US time). Numbers via Twitter (yeah, twitter is still going!):--Expectations I had seen centred on:Headline crude +0.5mn barrelsDistillates -0.3 mn bblsGasoline -0.7 mn--This...
Goldman Sachs anticipates a rate hike from the Bank of Canada (BoC) at this week's meeting following strong indicators from the country's CPI report, June's significant job growth, and a concerned tone in the Business Outlook Survey. Key Points: 1. BoC's...
I posted previews for the Reserve Bank of New Zealand meeting earlier - spoiler is that no change to the cash rate is expected:Keeping with regional central banks, Reserve Bank of Australia Governor Lowe speaks later: This snapshot from the ForexLive economic 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,...
The Dow industrial average is leading the way to the upside for the 2nd consecutive day with a gain of nearly 0.93%. The NASDAQ index did lag, but all 3 major indices closed higher. The final numbers are showing:Dow industrial average rose 317 points or 0.93% at...
Tomorrow the US CPI data will be released at 8:30 AM. Although the numbers are not likely to impact the July Fed decision, it COULD be a difference between one more hike and no more hikes in 2023. Expectations shows:CPI MoM 0.3% versus 0.1% last monthCPI ex-food and...
Crude oil is settling above its 100 day moving averageThe price of WTI crude oil futures is settling at $74.83. The close settled up $1.84 or 2.52%. The high price today reached $74.93. The low price was at $72.98.The close today to the price above the 100-day moving...
The AUDUSD current price is near the same level as it was 24 hours ago. And guess what, the technical levels are the same.The price is above the 100 and 200-hour MAs. Bullish. However, the 100-day MA (today at 0.66824), the 200-day MA (today at 0.66971), the high...
In the earlier post and video on the EURUSD at the start of the NY session, I expected buyers near what was resistance until broken yesterday That area came between 1.09618 and 1.09759. The price of the EURUSD moved to the high of that swing area, stalled and...
High yield 4.534%Tail 0.2 basis points versus the six-month average of 0.3 basis pointsBid to cover 2.88X versus the six-month average of 2.56XDealers 10.8% versus the six-month average of 16.9%Directs 19.8% versus the six-month average of 18.6%Indirect 69.4% versus...
The U.S. Treasury will auction off $40 billion of 3 notes at the top of the hour. The six-month averages of the major components shows:Bid to cover, 2.56XDirects (a measure of domestic demand), 18.6%.Indirects (a measure of international demand), 64.5%Dealers (they...
The EIA is out with forecasts for supply and demand.EIA 2023 world oil demand growth forecast raised by 170k BPD to 1.76mln BPD Y/Y, 2024 forecast demand cut by 60k BPD to a 1.64mIn BPD Y/Y . Production:2023 US Dry Natural Gas production seen at 102.35 BCFD (prev....
The major indices are moving higher with the major indices now testing highs for the day:Dow Industrial Average continues to lead the way with a 0.66% gainS&P index is up 0.46%The NASDAQ index lags but is trying to catch up with a 0.41% gainLater this week, the...
The European major indices are all closing with gains. The France's CAC led the way with a rise of 1.10%. The UK FTSE 100 eked out a small 0.06% rise.A snapshot of the closing levels shows:German DAX +0.73%Frances CAC +1.10%UK's FTSE 100 +0.06%Spain's Ibex...
The USDCHF has moved to the lowest level since January 2021 today but the downside is seeing some apprehension. USDCHF falls to lowest level in 2023Meanwhile, the EURCHF is also under pressure (higher CHF), but remains above the 2023 highs between 0.9671 and 0.96819....