The debt ceiling agreement led to a brief flurry of trading early in the day but much of that has now faded. It is surprising to see USD/JPY 35 pips lower because the flood of Treasury issuance should presumably push yields higher but that may already have been priced...
ForexLive European FX news wrap: Markets subdued in holiday trading
Headlines:Markets:AUD leads, EUR lags on the dayEuropean equities slightly lower; S&P 500 futures up 0.2%Gold down 0.1% to $1,945.17WTI crude down 0.2% to $72.51Bitcoin up 4.2% to $27,885It was a quiet session in Europe as it is a bank holiday and UK markets are...
Spain prime minister Sánchez calls for snap election in July
It is a bit of a surprise announcement as the general election would already be due in December. The Sunday votes were a bit of a litmus test for Sánchez and the outcome was a resounding failure for him as the conservative People's party saw massive gains across the...
Bitcoin Technical Analysis and Trade Idea
Are you ready to delve into the world of Bitcoin trading? In this Bitcoin technical analysis and trade idea for May 29, 2023, I will provide you with valuable insights into the current market conditions. By exploring the upward channel and volume profile, we will help...
A negative US30 and the differences between sectors
At last Friday’s close, the DJ Industrial (US30) was negative on the year, despite its strong performance to close the week. As of 30 December 2022 it had closed at 33,147, about 0.16% higher than the last trading session (33,093). In comparison, the SP500 is up...
Heads up: US non-farm payrolls to be released later this week
US non-farm payrollsThe data will be one to validate or invalidate the prevailing market sentiment, and that is currently one where traders are walking back on dovish Fed expectations since the banking crisis. As you can see from the pricing in the Fed funds futures...
FX Majors Weekly Outlook (29-02 June)
UPCOMING EVENTS:Monday: US Memorial Day.Wednesday: US Job Openings.Thursday: Eurozone CPI, US Jobless Claims, ISM Manufacturing PMI.Friday: US NFP.Wednesday: Recently US Job Openings missed expectations and caused a dovish reaction in the markets. The market now is...
Europe looks to inflation data again later this week
Eurozone CPI year-on-year (%)Now that markets can put behind them the US debt ceiling issue, the focus will start to turn back towards the balance between inflation, central banks, and the economic outlook.For Europe, it will be more about the inflation outlook again...
Dollar mildly lower as we get into holiday-thin trading in Europe
The dollar is mildly lower to start the new day but just be mindful about reading into the market moves today. My personal view is that one shouldn't read too much into any moves on a day like today.For one, we're faced with thin liquidity amid bank holidays in Europe...
European equities open higher to start the new week
Eurostoxx +0.4%Germany DAX +0.4%France CAC 40 +0.4%Spain IBEX +0.6%As such, even with markets being open in Europe, liquidity conditions are likely to be thinner during the session. The mood here mirrors the optimism seen in US futures, with S&P 500 futures up...
FX option expiries for 29 May 10am New York cut
There aren't any particularly large ones to take note of for today. And with trading sentiment heavily impacted by thinner conditions amid holidays in Europe and the US, there shouldn't be much appetite in any case. But looking ahead to the rest of the week, there...
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All quiet ahead of European trading today
That is likely to make for a slow and quiet session in European morning trade as well, even if regional markets may be open. In the US, all markets are closed so it is pretty much a long weekend in general for markets across the globe.But once we get back into the...
CME Globex trading hours over the Memorial Day holiday 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,...
Kiwibank: “Closing the chapter on rate hikes. The RBNZ is now on hold.”
A note from KiwiBank in NZ on the Reserve Bank of New Zealand. In brief:The RBNZ delivered a 25bp hike and left the peak in the OCR at 5.50%. The May meeting signalled the peak in the tightening cycle. The next move is a rate cut, but not for a while yet. The RBNZ...
There are no central bank speakers scheduled from Europe or the US on Monday, 29 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,...
ForexLive Asia-Pacific FX news wrap: Biden, McCarthy agree a debt deal
The big news to kick off the week was the debt limit agreement reached over the weekend in the US:The news acted as support for risk asset trades. Moves were not large, however US equity index futures are higher to begin the new week while the USD is a little weaker....
Goldman Sachs says if the US debt limit agreement passes Congress it trims GDP slightly
The debt limit agreement ICYMI:And, responses.follow-ups:Goldman Sachs assesses that if the deal passes Congress by June 5, which means the US avoids a default, the reduction in federal spending would trim US GDP by just 0.1% next year.Other analysts, Moody's for...
Gold Price Dented by US Dollar Rally with Higher Yields as Debt Ceiling Woes Recede
Gold, XAU/USD, Treasury Yields, Real Yield, US Dollar, Fed, Debt Ceiling - Talking PointsThe gold price has succumbed to US Dollar strength of late with the Fed in focusTreasury yields and real yields continue to elevate and might add to dollar demandIf Washington...
ICYMI: Oil – Wall Street Journal says “Tensions are rising between Saudi Arabia & Russia”
The Wall Street Journal (gated) cites unnamed sources for the info:Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, has expressed its anger to Russia for not following through fully on its pledge to throttle production in...