We are seeing an uptick in labor productivityThe low income consumer is clearly slowing downConsumer credit card delinquencies are starting to tick up Repeats that they probably have done enough on interest rates, wants to see where demand settles outStudent loans...
US stocks trading higher but some profit-taking in the NASDAQ
The US stocks are trading higher but some profit-taking is being seen in the NASDAQ index. Nvidia which was up as much as 8% in early premarket trading, is still up 4.81% but it's not 8%.A snapshot the market currently shows:Dow industrial average of 18.03 points or...
The USD is moving higher vs. the CAD, AUD and NZD today and making some breaks technically
The USD is moving higher will versus the commodity currencies including the USDCAD, AUDUSD and NZDUSD. In the process and there have been some technical breaks that are driving the price action. For the USDCAD, the price is low back above its 200 and 100-hour moving...
Former St Louis Fed President Bullard says we are in a higher-rate regime
Think St Louis Fed President James Bullard would shy away from the media after retiring from the St Louis Fed? Not a chance. No one loves to talk more than Bullard and he resurfaced today just ahead of Jackson Hole.Some highlights of his interview with Bloomberg:“I...
Eyes on NVDA stock as trading gets underway
NVDA premarketShares of NVDA are trading up about 7% ahead of the equity market open. I worry there could be profit taking at the open or some point today, despite the raft of upgrades following an incredible quarter.There has been extremely heavy options trading in...
Kickstart your FX trading with a technical look at the EURUSD, GBPUSD and USDJPY
Kickstart your FX trading date with a technical look at the EURUSD, USDJPY and GBPUSD:EURUSD: The EURUSD had a up-and-down trading day yesterday with the move to the upside stalling near its 100 hour moving average at 1.08692. In the Asian-Pacific session today, the...
Bond selling returns: US dollar climbs to the highs of the day
The latest economic data wasn't exactly a screaming buy for the US dollar. The durable goods orders data was soft while the initial jobless claims numbers were on the strong side.I wouldn't hang the latest dollar strength on that. Instead, I think bond flows are back,...
US initial jobless claims 230K vs 240K estimate.
Initial jobless claims fall to 230KPrior week 239K revised to 240KInitial jobless claims 230K vs 240K estimate4-week moving average initial jobless claims 236.75K vs 234.50K last week .Continuing claims 1,702M vs 1.708M estimatePrior week continuing jobless claims...
US July durable goods orders -5.2% vs -4.0% expected
Prior was +4.6%Non-defense capital goods orders ex-air +0.1% vs +0.1% expectedPrior non-defense capital goods orders ex-air +0.1% (revised to -0.4%)Ex transport +0.5% vs 0.2% expectedEx defense -5.4% vs +6.0% priorSome clunky transport orders have come through the...
Durable goods orders and initial jobless claims coming up next
USD/JPY 10 minsOne of the more-annoying things about the Jackson Hole symposium is the scheduling. We know when Powell will speak tomorrow but the rest of the schedule won't be released until 8 pm ET tonight, just as the event begins. I don't know why they can't...
Nasdaq Composite Technical Analysis – Watch this key resistance
The selloff that started at the beginning of August is starting to show signs of weakness. Although nothing changed fundamentally, the Nasdaq Composite started to rise as the market was just probably overstretched. This looks more like a pullback as the miss in...
ForexLive European FX news wrap: Dollar steady, equities higher led by tech after Nvidia
Headlines:Markets:USD leads, NZD lags on the dayEuropean equities higher; S&P 500 futures up 0.6%US 10-year yields up 1.6 bps to 4.213%Gold up 0.2% to $1,917.66WTI crude up 0.2% to $79.07Bitcoin down 0.3% to $26,509It was a quiet session for the most part but...
EURUSD Technical Analysis – Approaching key levels
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.The US economic data keeps on surprising to the upside, but inflation expectations and CPI readings continue to...
Aussie finds it tough to build on recent bounce
AUD/USD daily chartIt is a bit of a head scratcher considering the more positive mood in equities so far today. The only thing I can point to is lower commodity prices in which we are seeing iron ore prices fall slightly after the recent rally. That said, I reckon...
UK August retailing reported sales -44 vs -25 prior
This is not a good look as UK retail sales is seen falling in August at its quickest pace since March 2021. Adding to the misery is that retail stores continue to see a tough time in the month ahead, with the expectations reading still deeply negative at -21 (although...
Gold Technical Analysis – Pullback or the start of a trend?
The rise in US real yields coupled with a strong US Dollar have been weighing on Gold and we saw the yellow metal breaking the June low threatening a selloff towards the 1805 level. This week we got some bad news first from the PBoC which cut rates by less than...
Stock Indices Rally as Nvidia Reports Stellar Results
Article by IG Senior Market Analyst Axel RudolphFTSE 100, CAC 40, Nasdaq 100 Analysis and ChartsFTSE 100 benefits from risk-on appetiteThe FTSE 100 is on track for a second day of gains as it follows Asian stock indices higher ahead of today’s start of the Jackson...
US data in focus later today
Typically, the weekly jobless claims numbers may not have too much of an impact on markets. But today might be a little different. We've just had a slew of bad economic data from the PMI figures yesterday and if there are any signs that the hit is starting to affect...
Mixed flows so far in European morning trade
It's a quieter and slower start to proceedings even with the more buoyed mood in equities. Not much has changed after the open with European indices still holding decent gains on the day with S&P 500 futures still up by 0.7% and Nasdaq futures up by 1.3%...
Prigozhin’s plane believed to be brought down by Russia’s FSB, says UK defense sources
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,...