Bank of Portugal´s governor, and therefore ECB Governing Council member, Mario Centeno spoke at an event in Barcelona on Tuesday.Main points of relevance he made:Spain's CPI reading shows that Europe's inflation is easingReversal of supply shock should slow...
ICYMI: ECB’s Simkus sees June and July rate hikes; says too early to make a September call
Member of the European Central Bank (ECB) Governing Council and Bank of Lithuania Governor Gediminas Simkus spoke on Tuesday. "I think that in June and July we will have 25 basis point increases in the key rates," "Does this happen in September, too? It's too early to...
Trade ideas thread – Wednesday, 31 May 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 stocks close near unchanged as early enthusiasm wanes
Excitement for AI gripped markets on Tuesday once again. Nvidia gained 3% and briefly was valued at more than $1 trillion, while meme stock C3 AI gained 33%.Initially, all of tech soared but the mood soured throughout the day on economic worries.S&P 500...
Economic calendar in Asia Wednesday, 31 May 2023 – RBA Governor Lowe speaking & China PMIs
Central Banks <!--> --> <!--> --> <!--> Lowe and Chinese PMIs the focus for the session. Earlier:Be on the lookout for further intervention, verbal or otherwise, out of Japan also. Japanese authorities rattled the yen cage yesterday:...
Credit Agricole revises gold forecast, sees gold hitting $2050 by Q1 2024 on 3 factors
XAU/USD dailyIn a fresh analysis of market trends, Credit Agricole has made an upward revision to its gold price forecast for 2024. They now expect gold to peak at $2050 by Q1 2024 and then ease back to $2000 by the end of Q2 2024. The bank continues to hold its...
Crude oil settles at $69.46
The price of crude oil settled at $69.46, down -$3.21 or -4.42%. The high reached $73.55. The low extended to $69.02. The 50% of the move up from the low from May 4th came in at $69.19. The price lows for the day also moved below the swing low from mid-June near...
Goldman Sachs foresees a stable AUD/NZD, despite RBNZ’s dovish stance
AUDNZD dailyGoldman Sachs notes that the New Zealand Dollar (NZD) was the worst performing currency in the G10 this past week, following a notably dovish meeting of the Reserve Bank of New Zealand (RBNZ). Although the RBNZ hiked the rate by 25bps as anticipated, the...
NASDAQ index trades briefly in negative territory. Bounces
NASDAQ index got within 17 points of 50% midpoint targetThe NASDAQ index traded as high as 178.60 points to 13154.29. The price just reached a new session low at 12968.12. The current price trades at 12980 up 4.59 points or 0.04%. At session laws, the price was down...
Cable falls through 1.24 as risk sentiment worsens
The mood in markets is souring with the S&P 500 down 7 points, or 0.1%. It's looking increasingly like the FX and stock markets were behind the bond market, though I'm still extremely wary of month-end flows.In any case, some caution has spilled over into cable as...
More from Barkin: It would be shocking if rates fell again to zero in a future recession
That's an interesting comment. Is the thinking here that the Fed would somehow learn from its mistake? Because it certainly wasn't a mistake to cut to zero in the financial crisis.There's also a good argument that we're still living in a disinflationary world,...
GBPUSD’s volatile performance: A deep dive into the technical movements.
GBPUSD falls below 200 hour MAThe GBPUSD saw a remarkable surge during the European morning session, spurred by a key technical shift that propelled the price beyond the 200-hour moving average . It's worth recalling from last Wednesday when the price briefly moved...
Crude oil tumbles to key swing level
Crude oil tumbles lowerThe price of crude oil is tumbling lower. The current prices trading down $3.40 or -4.68% at $69.27. The low price just reached $69.21. Concerns about China's growth started the ball rolling to the downside fundamentally. Technicals also...
Got beef? Consumers increasingly don’t
AI imageQ1 earnings calls featured a decent dose of negative commentary on consumers and the economy and one novel bit came from Costco's Richard Galanti, who was asked about consumers trading down:Historically, like within fresh protein, we've always seen when...
Fed’s Barkin: There is uncertainty around where rates need to go
Barkin will be voting next year and that will be an interesting time for the FOMC as it wrestles with the impacts of high rates. For now, he's non-committal on the upcoming meeting, saying that Fed policy is in restrictive territory but there is uncertainty around...
AUDUSD made a break to the downside last week. What now?
Last week, AUDUSD took a downward turn, breaching the boundaries of a pre-established "red box" with a lower range of 0.6564 - 0.6572. This deviation from the swing area appeared to fortify the confidence of sellers, culminating in a further dip to a low of 0.64898...
High-security stock: CrowdStrike shares
No doubt you know how a secure password looks like – capital and lowercase letters, numbers and special characters. If you’ve been unaware of this rule, then share your email and current password in comments below – we will help you to think of a stronger password....
S&P index trades above and below unchanged. Key MA looms below.
The S&P index managed to close above its 100-week moving average last week for the first time since August, a feat that, although achieved by a slim margin , hands more control to buyers. In today's trading, the index hit a new peak since the week of August 15, at...
European equity close: UK markets suffer a steep loss
It's a mixed bag throughout markets today and even as US equities rally, European markets sold off. Closing changes:Stoxx 600 -0.3%German DAX -0.3%UK FTSE 100 -1.4%French CAC -1.4%Italy MIB -0.2%Spain IBEX -0.2%I don't like the look of this FTSE 100 chart:MoneyMaker...
WTI crude oil falls below $70 as China and US demand eyed
It is a mess today in markets as month-end flows make it difficult to discern any kind of pattern. Particularly hard hit is oil, as it breaks $70 and tests the May 15 low. The bulls have been getting excited about a double bottom and the apparent break higher last...