The major stock indices are moving to the upside in early US trading. The gains are being led by the NASDAQ index up about 0.5%. The Dow Industrial Average is up around 0.25% and trying to snap a 5 day decline. The NASDAQ soared by over 200 points yesterday on the...
USDJPY left to right chart bias is still to the upside. 50% retracement holds support.
The USDJPY dipped to the 50% midpoint of the range since the 2022 high after breaking above that level yesterday. The corrective move dipped just below that level but found buyers ahead of the better-than-expected US data. That data sent the USDJPY back to the upside....
IMF raises Italy’s 2023 GDP forecast to 1.1% from 0.7%
IMF also sees 2024 at 1.1%I find this is one of the saddest charts. It's Italian total real GDP since the start of this century; it's still not back to 2008 levels. In that time, Italian population has grown to 59m from 57m as well, so GDP per capital is even...
EURUSD bias remains to the downside after US data dump
The EURUSD was moving higher in pre-data trading with the price moving toward resistance levels on the hourly chart. The US data was largely stronger than expected, turning the USD back to the upside (the EURUSD lower). That move kept the bias pointing to the downside...
US dollar climbs as inflation continues to run hot
The US dollar jumped on a stronger PCE inflation reading as the odds of a June Fed hike crossed 50%.USD/JPY led the way in the rally, hitting a session high of 140.31, to marginally crest yesterday's peak and set a new high for the year. Since then though, it's...
US April durable goods orders 1.1% versus -1.0% expected
Durable goods increasesPrior 2.8% (revised to 3.3%)U.S. April durable goods orders increased by 1.1%, outperforming the consensus of a 1.0% decrease, and following a 3.3% increase in March (previously reported as 2.8%).Durable goods orders excluding transportation...
US April PCE core inflation 4.7% vs 4.6% expected
Prior was +4.6%PCE core MoM +0.4% vs +0.3% expectedPrior MoM +0.3%Headline inflation PCE +4.4% vs +4.2% priorDeflator MoM +0.4% vs +0.1% priorConsumer spending and income for April:Personal income +0.4% vs +0.4% expected. Prior month +0.3%Personal spending +0.8% vs...
US average good trade balance $-96.77 billion versus $-85.7 billion expected
Good trade balance widensPrior month $-82.70 billionThe international trade deficit rose to $96.8 billion in April, an increase of $14.1 billion from March's $82.7 billion.Exports decreased in April, reporting at $163.3 billion, down $9.5 billion from March.Imports...
US April wholesale inventories -0.2% vs +0.0% expected
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The AUD is the strongest in the US dollars weakest as the North American session begins
The strongest of the weakest of the major currenciesThe AUD is the strongest and the USD is the weakest as the North American session begins.. The currencies are seeing a rebound versus the greenback after the declines this week despite concerns about the US debt...
Busy US economic calendar tees up the long weekend
US trading may tail off early today ahead of a three-day weekend but that won't be before some critical pieces of economic data. We get four numbers to start the day at 8:30 am ET (1230 GMT) including:April PCEApril durable goods ordersApril advance goods trade...
ForexLive European FX news wrap: Dollar retraces gains ahead of final stretch of the week
Headlines:Markets:GBP leads, USD lags on the dayEuropean equities a little higher; S&P 500 futures up 0.2%US 10-year yields down 2.6 bps to 3.788%Gold up 0.6% to $1,952.39WTI crude up 0.9% to $72.48Bitcoin down 0.1% to $26,450It was a quiet session for the most...
HSBC raises BOE terminal rate forecast to 5.25%
The firm now expects the BOE to hike further in August and September, in addition to June <!--> Justin Low Friday, 26/05/2023 | 11:36 GMT-0 26/05/2023 | 11:36 GMT-0 --> <!--> Well, the calls are coming in now after the UK inflation data this week. In...
US deputy Treasury secretary says making progress on debt ceiling
Biden expects Congress to raise the debt ceilingWell, it's not done until it is done but then again, this has been an issue that almost always runs down to the wire over the last few decades. I definitely thought there might be more drama for markets and a better...
US futures nudge a little higher on the day
S&P 500 futures (5 mins)Dow futures are also seen up 0.1% and Nasdaq futures up 0.3% at the moment as we start to see light gains on the session now. In trading yesterday, there was a heavy contrast in the mood in Wall Street. The Dow suffered losses once again...
Dollar continues to sit a little lower in quiet trading
The dollar is slightly lower on the day but it doesn't take away from the gains so far this week, as the greenback continues to sit in the driver's seat ahead of the US PCE price data later. The technical levels outlined yesterday (as per below) are still very much in...
ECB’s Lane: No sense of certainty on terminal rate
Uncertainty in inflation dynamics is highECB shouldn't predict where rate hikes will end upHe's not trying to give much away but so far, other policymakers at the ECB have hinted that we should expect rate hikes in June and July with one more in September also up in...
ECB’s Lane: Food inflation will reverse later this year
Energy price fall will feed into core prices but timeframe is uncertainThere is some upside risks to wage growthReal wage growth correction has to be a gradual processTwo years ago, they were certain that inflation is just 'transitory'. In 2022, they were certain that...
GER40 one step away from highs, German economy in recession
This was a bad week in terms of economic data for Germany: it started on Tuesday with a contraction in manufacturing PMI for the 11th month in a row (42.9, well below the contraction threshold of 50), in a country where industry is its strong point; it continued with...
ECB’s Vujčić: Inflation momentum is still persistent
It is questionable if we will be able to get to 2% in the next two yearsHonesty is such a rarity in the profession nowadays, so the above comments are certainly a breath of fresh air. But if you really want to look at it in one way, it could be suggestive to mean that...