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,...
Major US stock indices are trading a new session highs
The major US stock indices are trading to new session highs. The gains are led by the NASDAQ index which is up over 100 points or 0.79%. The Dow Industrial Average is also back in positive territory. It has been down 7 of the last 8 trading days.A snapshot the market...
Why the US dollar is falling today
The US dollar is at the lows of the day in broad selling that's helping to lift risk assets.Some of the help has come from softer pricing data in the ISM report and via unit labor costs but that's balanced out by very strong ADP jobs numbers. Yet the dollar is down...
EIA weekly oil inventories +4488K vs -1386K expected
Prior was -12450KGasoline -207K vs -497K expectedDistillates +985K vs +862K expectedRefinery utilization +1.4% vs +0.7% expectedImplied gasoline demand 9.10 mbpd vs 9.44 mbpd priorAPI data from late yesterday:Crude +5202KDistillates +1841KGasoline +1891KWTI crude oil...
USDCAD moves back below 100 day MA at 1.35164
USDCAD is testing the near converged 100/200 day MAsAhead of the oil inventory data at the top of the hour, the USDCAD is breaking lower as dollar selling intensifies. The crude inventories are expected to show a draw of -1.386 million. However, the private data...
OPEC+ unlikely to cut further. EIA weekly oil inventories up next
EIA weekly US oil inventories are due out at the top of the hour. They follow natural gas inventories (which were bearish) because of the US holiday on Monday.WTI crude is currently up 20-cents to $68.32, which is a bit of a surprise because API inventories at the...
AUDUSD is testing it’s key 200 hour moving average for first time since May 11.
The AUDUSD is testing at 200 hour moving average of 0.65467. The high price reached 0.6548, and backed off on the first look. The current price is trading at 0.6537.The price of the AUDUSD has not traded/closed above it's a 200-hour moving average since May 11. A...
US construction spending for April 1.2% versus a 0.2% expected
Construction spending rises strongly in AprilPrior month 0.3%Total construction spending in April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, marking an increase of 1.2 percent from the revised March estimate of $1,885.0 billion.The...
ISM May manufacturing 46.9 vs 47.0 expected
May US manufacturing data from ISM <!--> Adam Button Thursday, 01/06/2023 | 14:00 GMT-0 01/06/2023 | 14:00 GMT-0 --> <!--> Prices paidDetails:Manufacturing PMI 46.9 versus 47.1 last monthprices paid 44.2 versus 52.0 estimate and 53.2 last...
US May S&P Global final manufacturing PMI 48.4 vs 48.5 prelim
Prior was 50.2New export orders fell at a sharp pace that was the quickest in three yearsInput prices decreased at a modest pace midway through the second quarter, with firms recording a notable turnaround from the sharp uptick in costs seen in AprilChris Williamson,...
US major indices start the month off modestly lower
Last month was a mixed month for the major stock indices . The Dow industrial average fell. The S&P was unchanged. The NASDAQ index had a solid gain of over 5.8%.Today, the major indices are modestly lower 10 minutes into the open. A snapshot of the market...
Buyers in the GBPUSD are making a play away from the 38.2% of the May trading range
The buyers in the GBPUSD are making a play to the upside from a technical perspective in trading today. The pair has been able to get above the 38.2% retracement of the May trading range at 1.24493. There was a dip after the ADP jobs report that took the price back...
Canada May S&P Global manufacturing PMI 49.0 vs 50.2 prior
Prior was 50.2Softer new orders and outputDestocking remained a common theme amongst manufacturers and their clientsCommenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said: “A weak underlying demand profile...
The sellers in the USDJPY are making a technical play
Despite the better ADP data and steady but strong initial jobless claims, the USDJPY is moving lower. Yields are also now in negative territory with the 2-year yield down around 1 basis point and the 10-year down -3.1 basis points. Technically, the USDJPY has been...
US equities set for a flat start after House passes debt ceiling legislation
Welcome to June.I wrote about the June seasonal biases in stock markets yesterday, so you'll want to check that out. So far, though, there's no bias at all to the open with futures flat.May performance:Dow industrial average -3.49%S&P index +0.25%NASDAQ index...
We are in a new trading month and the EURUSD is trying to bounce despite strong US data
The EURUSD has been trying to rebound on the 1st trading day of the new trading month. Yesterday on the last trading day of the month, the price of the EURUSD moved to a new month low for May before rebounding. That perhaps gave the dip buyers some encouragement...
ECB’s Villeroy: Rate hikes are beginning to have an impact on inflation
> Central Banks > ECB's Villeroy: Rate hikes are beginning to have an impact on inflation Central Banks Villeroy comments <!--> --> Adam Button Thursday, 01/06/2023 | 12:38 GMT-0 01/06/2023 | 12:38 GMT-0 <!--> --> We will bring inflation back...
US initial jobless claims 232K vs 235K estimate
Initial jobs claims and continuing claimsPrior weekThe initial jobless claims for the week ending May 27 were 232,000, an increase of 2,000 from the previous week's revised level of 230,000.The 4-week moving average of initial jobless claims decreased by 2,500 to...
US Q1 unit labor costs 4.2% vs 6.0% expected
Prelim was 6.3%Prior was +3.2%Productivity -2.1% vs -2.5% expectedPrior productivity -2.7%These numbers are notoriously tough to calculate but, if anything, they're less inflationary than they initially looked. There's a bid in bonds and the dollar is selling off on...
USD moves higher after better ADP. Jobless claims up next
The USD has moved higher on the back of the better ADP data. The gain of 278K was much higher than the 170K estimate. The BLS employment data will be released tomorrow at 8:30 AM ET. At 8:30 AM ET, the initial jobless claims for the current week will be release with...