The Wall Street Journal's Nick Timiraos writes:Federal Reserve officials signalled they are increasingly likely to hold interest rates steady at their June meeting before preparing to raise them again later this summer. Investors in recent days had expected the Fed...
ICYMI: BoE MPC member Mann says UK has a bigger inflation problem than the US or Eurozone
Bank of England Monetary Policy Committee member Catherine Mann spoke on Wednesday. She is towards the more hawkish end of the MPC spectrum. Mann said that the UK has a greater inflation problem than the United States or the euro zone. She pointed to both large...
Barclays cuts its 2023 Brent forecast to US$87/bbl (from $92) & 2024 to US$89 (from $97)
> Barclays cuts its 2023 Brent forecast to US$87/bbl (from $92) & 2024 to US$89 (from $97) <!--> --> Eamonn Sheridan Wednesday, 31/05/2023 | 21:26 GMT-0 31/05/2023 | 21:26 GMT-0 <!--> --> Barclays says on OPEC:The major objective of OPEC+ will...
ICYMI: French Finance Minister said inflation was slowing down sharply
Noting this from French Finance Minister Bruno Le Maire on Wednesday. "I maintain the forecast for economic growth of 1% though I am aware of the risks weighing on growth""Inflation is also slowing, it is slowing sharply" Le Maire was speaking with France Inter...
BlackRock CEO Fink says inflation remains sticky, expects at least two more Fed rate hikes
BlackRock is the world's largest asset manager. CEO Larry Fink says the Federal Open Market Committee (FOMC) is not done raising rates:expects at least another 2 hikes, as many as 4!"The Fed is going to have to be more vigilant. The economy is more resilient than the...
Private oil survey data shows large headline crude build vs a draw expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time).The numbers via Twitter:The headline crude result was expected to be a draw of 1.22 million barrels.Expectations I had seen centred on: Headline crude -1.2 mn barrels...
US debt ceiling bill now faces an hour long debate in the House, vote to follow
Debt ceiling theatrics continue. The US House has approved a measure to bring on an hour of debate on the debt limit bill. All indications are that the bill to raise the limit will pass but the theatrics will continue for a little while at least. Once the House...
Economic calendar in Asia 01 June 2023 – another manufacturing PMI from China
Yesterday we had declining official PMIs from China:Today we get the private survey manufacturing PMI, from Caixin / S&P Global. As I've posted before:China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau...
Trade ideas thread – Thursday, 1 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,...
US major indices close lower with the NASDAQ leading the way lower
Major averages closed lower today. The decline today was led by the NASDAQ index. The Dow industrial average fell once again. It ending the month of May with 7 of the last 8 trading days moving lower. The major indices were mixed for the month.The final numbers are...
Forexlive Americas FX news wrap: June Fed hike odds dive after comments
Markets:Gold up $4 to $1936US 10-year yields down 8 bps to 3.61%WTI crude oil down $1.50 to $67.96CAD leads, CHF lagsS&P 500 down 25 points to 4190It was a lively end to May as the market wrestled with economic data and commentary from Fed speakers. The dollar...
June forex market seasonals: Some strong biases that run counter-trend
May was a strong month for the US dollar, which is in line with seasonal history. It's the best month for the dollar and added to that this year, with the dollar index rising 2.5%.Will the seasonals work again in June?The old adage in markets is 'sell in May and go...
OPEC leaves major newswires off the invite list for the upcoming meeting
OPEC didn't invite reports from from Reuters, Bloomberg News and Dow Jones to attend the OPEC+ meeting in Vienna this weekend, according to reports.No reason was given and reporters from other publications have been invited. It may be a result of comments from Saudi...
WTI crude oil futures settles at $68.09
The price of WTI crude oil settled at $68.14. That's down $1.37 or -1.97% on the day. The low price reached just above the $67 level at $67.03. The high price reached $69.69.For the month of May, crude oil fell -11.41% on the month. That was the worst month since...
Beige Book: Contacts across districts noted some cooling in labor market
Economic activity was little changed overall in April and early MayEmployment increased in most districts, though at a slower paceStaffing firms reported slower growth in demandPrices rose moderately over the reporting period, though the rate of increase slowed in...
US dollar falls after two Fed officials make the case for skipping a June hike
USDJPY 5 minute chartThe US dollar is under broad selling pressure after a pair of Fed speakers delivered broadly-similar comments that both highlighted the possibility of skipping a June hike and raising rates again in July, if necessary.Holding US central bank...
USDCAD finds support against the downside moving average target
USDCAD moved lower and tested the 200-hour MA target on the downside (see earlier post here). Buyers stalled the fall. The price moved back higher. That move to the upside took the price back to the 100-hour MA (blue line) where sellers are now leaning. So buyers are...
Harker: I am in the camp that we can skip a meeting
This economy keeps chugging alongWe're committed to getting inflation under control It would be a skip, not a pauseA pause says you may hold there for awhile and I don't know that we're ready for that yetNot seeing so much of a credit crunch as a credit squeeze after...
Feds Jefferson: Skipping a rate increase would allow Fed officials to see more data
Phillip JeffersonHolding US central bank policy rate constant at the current meeting should not be taken to mean rates have reached a peak for this tightening cycleSkipping a rate increase at coming meeting would allow Fed officials to see more data before deciding on...
USDCHF moves above the midpoint of 2023 range and 100 day MA. BULLISH.
USDCHF moved above the 100 day MA and the 50% of 2023 rangeThe USDCHF is up sharply today extending above a swing area on the daily chart between 0.9081 and 0.91015. The break above that area then targeted a dual technical level on the daily chart defined by the 50%...