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NZDUSD falls below 50% midpointThe NZDUSD yesterday moved down to test the 50% midpoint of the range since the 2022. That level comes in at 0.60242. The low price yesterday reached 0.6024.Today, the price moved below that 50% level, and it opened the door for further...
EURUSD moves below the trend line after testing swing areaIn the morning video (and post) on the EURUSD, I pointed out the resistance against the 1.06908 to 1.07041 area. The price moved up in the morning US session and found sellers lining up against the 1.07041...
The longer inflation is above 2%, the harder it is to bring it downThere's nothing groundbreaking here but what I'm looking for are some cracks from central banks regarding the balance between hiking and the economy. I don't think we'll see that until around September...
It was a painful day for European stock market bulls on Wednesday as broad-based selling hit, despite a German CPI report that could pave the way for an earlier ECB pause.Stoxx 600 -1.1%German DAX -1.7%UK FTSE 100 -1.0%French CAC -1.7%Italy MIB -2.1%Spain IBEX...
The euro is at a new session low, down 83 pips to 1.0651. The pair had attempted to find support at the early-European low of 1.0660 and bounced from there but the selling resumed in the last 20 minutes.Month-end flows have been a factor this week but the economic...
It's all about the data today. In the past hour, we've seen the dollar drop on poor manufacturing data only to jump right back on strong job openings numbers.GBP/USD shows the round trip.That chart arguably understates the magnitude of the moves. On most charts, the...
OPEC members pumped 28.01m bpd in MayProduction fell 460k bpd after voluntary cuts took effectOutput is down 1.5 mbpd from SeptApril output was revised down 150k bpdNigeria, Angola and Iraq are producing materially under their voluntary and formal cuts. It could be a...
Prior was 9.59mHires 3.9% vs 4.0% priorSeparations rate 3.7% vs 2.5% priorQuits 2.4% vs 2.5% priorThe dollar has jumped on this report, which indicates that companies are still gung-ho to find workers. The market is pricing in a 62% chance of a June hike. I'm not a...
USDCAD below the 100 hour moving averageThe better-than-expected Canada GDP brings the Bank of Canada back in play after their conditional pause in rate hike's. That has the USDCAD moving lower.Technically, the price just broke below its 100 hour moving average at...
The US dollar is under broad pressure on manufacturing worries after a regional manufacturing survey plummeted. The pound is taking full advantage and has nearly erased today's decline.Sterling is also benefiting from comments from BOE hawk Catherine Mann, who said...
The major indices in the US are opening lower. The Dow Industrial Average is down for the 7th out of 8 trading days. NASDAQ index is also lower after 3 straight days of gains. The S&P index is back below its 100-week moving average at 4198.61S&P index is below...
The GBPUSD moved higher yesterday but could not sustain momentum and get above the 38.2% retracement of the May trading range. The inability to extend above that level was a big failure for the buyers. The sellers are back in control. The price decline today has taken...
Bank of Canada Governor Tiff Macklem will be doing some soul searching ahead of the June 7 rate decision.In January, the central bank hiked rates to 4.50% and said this:Governing Council expects to hold the policy rate at its current level while it assesses the impact...
The USDJPY is trading in a fairly narrow up-and-down trading range today. The low to high trading range is 75 pips. The average of the last 22 trading days (around a month of trading), is 117 pips.Technically looking at the hourly chart below, the price low in the...
Residential real estate appears to be rebounding, with implications for the Fed 's inflation battleWhile lower rents will eventually be reflected in inflation data, home prices themselves are levelling outPandemic-related surge of homebuilding and renovation has...
On the daily chart below, we can see that GBPJPY has broken out of the 172.19 level, and it may now be pulling back to retest the resistance turned support. We’ve been seeing the pair rallying for a couple of months as the divergence between the BoE and BoJ’s monetary...
EURUSD bottomed at lower trend lineThe EURUSD fell to the lowest level since March 20 in training today. The low price extended to 1.0658. The declines erased the rebound gains from yesterday. The low price yesterday reach 1.06718 before rebounding to an intraday high...
Q4 was 0.0%March GDP 0.0% vs -0.1% expectedAdvance April GDP +0.2% m/mGDP +0.8% q/q vs 0.0% in Q4Implicit price q/q +0.2%Exports +2.4% vs +0.5% prior Imports +0.2% vs -3.3% priorHousehold spending on goods +1.5%, services +1.3% Favourable international trade and...
The strongest to the weakest of the major currenciesThe USD is the strongest of the major currencies , while the NZD is the weakest of the majors. The USD reversed some of the declines vs the EUR and the GBP from yesterday's trading. Inflation in Europe was weaker...
Prior +7.2%CPI -0.1% vs +0.2% m/m expectedPrior +0.4%HICP +6.3% vs +6.8% y/y expectedPrior +7.6%HICP -0.2% vs +0.2% m/m expectedPrior +0.6%The downside miss was already foreshadowed by the state readings earlier and this marks the lowest level in annual headline...