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Barclays lowered its Brent oil price forecast for this year to $84 per barrel down by $3 from its previous forecastits Q4 estimate of $92 a barrel Brent remained unchanged Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a...
The AUDUSD sellers had their shot in early US trading below a swing area between 0.6453 to 0.6458. They missed.The subsequent move to the upside then moved through the high from last week at 0.6784, but could not extend above the high from 2 weeks ago at 0.65228....
After the ugly reversal following Nvidia earnings on Friday, there were predictions of further pain for the Nasdaq. Instead, it's risen for four straight days and closed at the highest since August 1. A big rally on Friday could even put it in positive territory for...
PMIs from China's National Bureau of Statistics (NBS) are the data focus today. China's official Manufacturing PMI is expected to have contracted for the fifth month in a row. The Non-Manufacturing PMI is expected to have slipped a little from July. Its not all bad...
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 US dollar is up off the floor as US stocks give back some gains. Tomorrow is the final day of August so month-end flows have likely been a factor this week and Credit Agricole earlier in the week suggested there would be some USD buying.At one point stocks had...
USDMXN monthlyThe move to re-shore production to North America has been a tailwind for Mexico and for the Mexican peso. The central bank boosted its forecast for growth this yer and slightly raised inflation as well:Sees 2023 GDP at 3.0% vs 2.3% priorSees 2024 GDP at...
Crude oil futures are settling at $81.63. That's up $0.47 or 0.58%. The high price reached $82.05. The low price was at $80.88.The weekly cruel inventory data was released earlier today and showed a huge drawdown of -10.584M versus expectations of -3.267M. That comes...
The USDCHF is falling for the 2nd consecutive day and in the process has moved below its 100 bar moving out on the 4-hour chart at 0.87923, but stalled the fall ahead of the 200 bar moving average at 0.873336. The low price also tested the low from 2 weeks ago at...
S&P 500 dailyThis is probably way too premature but the right shoulder of the S&P 500 could start to form if this week's rally fizzles. I'm skeptical that it will last because it's built on the idea of pricing out Federal Reserve rate hikes. We're now below...
The next few years will determine the path for the remainder of the century in Germany and the early returns aren't good. The country's industrial base is facing intense competition from China while it struggles under the weight of high electricity costs due to the...
EURJPY tests the September 2008 highThe EURJPY is trading to a high of 159.608 in trading today. That is a new high for the year and new high going all the way back to September 2008 when the high price in that month also reached 159.608. The high price from July 2023...
A Reuters poll on the Bank of Canada:High risk that Bank of Canada will raise the key rate at least once more. 12 of 20 economistsBank of Canada to hold overnight interest rates steady at 5.0% on September 6. 31 of 34 economists.3 economists say a 25 basis point rate...
EURUSD corrects back below the 100 day moving averageThe EURUSD raced higher today, and in the process extended above the 50% midpoint of the move down from the August high. That level comes in at 1.09148. The price also moved above a swing area between 1.0911 and...
US stocks are moving higher in trading here today. The NASDAQ index is up 0.48%. The S&P index is up 0.32%. In the process, Apple is making another run to the upside (AAPL). Its shares are currently up $2.90 or 1.58% $187. Technically the prices moving above a...
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 EURGBP - both yesterday and today - moved up to test a swing area between 0.8609 and 0.8611 (see video yesterday HERE). Sellers leaned on each day. That area's importance increased on the hold. The ceiling is in place. The up and down move lower today, has now...
AUDCAD daily RBC added a short AUD/CAD position in its trade of the week portfolio targeting a move towards 0.8600, with a stop at 0.8850. "The bounce in the AUD-crosses over the last two weeks looks ripe to sell as we await key data in China later in the week," RBC...
WTI crude dailyPrior crude -6135KKGasoline -214K vs -933K expectedDistillates +1235K vs +189K expectedRefinery utilization -1.2% vs +0.0% expectedProduction estimate 12.8 mbpd vs 12.8 mbpd priorImpld mogas demand: 9.07 mbpd vs 8.91 mbpd priorThe API data late...
The USD has moved lower in the US session after some weaker data in the US (ADP, GDP) pushed the greenback lower. The GBPUSD is the biggest mover with the dollar losing -0.78% against it. The USD is down only -0.12% against the JPY. USD is now the weakest of the major...