House Majority Leader Kevin McCarthy is to hold a press conference at 11:45 AM ET. I don't think he Is looking to announce a deal but will use the opportunity to criticize the White House for lack of progress. McCarthy has not spoken with Biden since Monday, and I...
EIA crude oil stocks draw of -12.456M vs 0.775M build
Crude oil -12.456M draw versus expectations of 0.775M builddistillates draw of -0.562M vs expected build of 0.385M buildgasoline draw of -2.053M vs expected drop -1.051M drawweekly crude oil imports -1.249M versus -0.127 million last monthweekly refinery utilization...
Dollar extends to the upside. New USD highs for the day vs JPY, CHF, CAD, AUD and NZD
The dollar is making a run to the upside. There are new highs for the day versus the JPY, CHF, CAD, AUD and NZD. The GBPUSD is testing its earlier lows.USDJPY: The USDJPY is trading to a new session high extending above the high from yesterday at 138.904 by a few pips...
Treas. Sec Yellen: Bidens commitment that US will not default is important
Yellen being a mouthpiece for the president:Early June as the debt ceiling default deadlineWill update Congress shortly about government financesBiden's commitment that all US will not default is importantWill try to increase the level of precision on datebelieves a...
On queue…GOP negotiator Graves says there is not been any progress on talks
GOP Negotiator Garret GravesOn queue:GOP negotiator Garret Graves says there is not been any progress on talksEarlier today, McCarthy said:Debt ceiling talks are still productive He adds that negotiators will get together on Wednesday morning (but he has not spoken...
USDJPY buyers in control. Watch to understand why and what would hurt that bias today
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 opening bell: Major indices trading lower
Major US stock indices open lower. The Dow is down for the 4th consecutive day. The S&P and NASDAQ are working on back-to-back declines. After the close Nvidia will report earnings . It has been a high flyer in 2023 and one of the euphoric AI stocks.Dow industrial...
US stocks set to open lower
The Dow industrial average is set to open lower for the 4th consecutive day while the S&P and NASDAQ are adding to their declines from yesterday's trade. Futures are currently implying:Dow industrial average -86 pointsS&P index -20 pointsNASDAQ index -87...
BOE Bailey says projections show government will meet inflation target this year
BOE head Bailey is speaking on the economy and says:Our projections show government will meet inflation target this yearWill not speculate on where April inflation data leaves us in terms of forecasts (below the forecasts perhaps)Quite a lot of inflation is...
For what it is worth….McCarthy says debt ceiling talks are still productive
The folly continues with McCarthy (for what it is worth) saying that debt ceiling talks are still productive. He adds that negotiators will get together on Wednesday morning (but he has not spoken with Biden since Monday). Earlier McCarthy signaled that he'd like to...
EURUSD sellers had their shot. Buyers had their shot. Both are bad shots so far.
Sellers tried to push the EURUSD to new lows and below a floor and key swing area but failed. The snapback rally the price back to the falling 100-hour moving average . That, along with the 100-day moving average of 1.0813 and the following 200-hour moving average of...
Bank of America now sees three more Bank of England rate hikes
There has been a parade of boosts to Bank of England rate hike forecasts today following hot inflation data. The CPI report showed prices up 8.7% y/y compared to 8.2% expected.Bank of America is the latest to raise their estimate of the terminal rate as they now see...
Fed’s Waller and the FOMC minutes highlight the economic calendar
The US economic calendar today is a light one but includes a big speech from the Fed 's Waller at 1210 pm ET. He's speaking on the economic outlook at a conference held by the University of California Santa Barbara. It comes at a time when the Fed funds futures market...
The JPY is the strongest and the NZD is the weakest as the NA session begins
The strongest to weakest of the major currenciesThe JPY is the strongest and the NZD is the run-away weakest of the majors as the North American session begins. The NZD has tumbled lower after the RBNZ raised rates by 25 basis points, with debate between unchanged and...
ForexLive European FX news wrap: UK core inflation runs hot
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 2.5 bps to 3.675%Gold up 0.3% to $1,981.22WTI crude up 1.7% to $74.14Bitcoin down 1.8% to $26,727The UK CPI data was the main highlight in...
US MBA mortgage applications w.e. 19 May -4.6% vs -5.6% prior
Prior -5.7%Market index 205.0 vs 214.9 priorPurchase index 158.3 vs 165.4 priorRefinance index 443.0 vs 468.2 prior30-year mortgage rate 6.69% vs 6.57% priorA surge higher in rates in the past week weighed further on mortgage applications with both purchases and...
Dollar stays in favour as equities slump
S&P 500 futures are now down 16 points, or 0.4%, with major European indices posting losses of around 1.5% to 1.8% at the moment. The sour mood is keeping the dollar underpinned, with the currency stretching gains now on the session.EUR/USD is down 0.2% to session...
German economy to post modest growth in Q2 – Bundesbank
German economy to grow modestly in Q2Easing supply bottlenecks, fall in energy prices to support industry recoveryThis should also support exports, especially since global economy has regained some momentumPrivate consumption still likely to stagnatePrice growth to...
UK May CBI trends total orders -17 vs -20 prior
The order book balance is still rather subdued, even if the headline reading is a three-month high. It is still tracking below the historic average of -13 with export order balance falling sharply to -26 from -9 in the previous month. That said, UK manufacturers are...
Mastering the Art of Safe and Sustainable Trading: Key Strategies for Traders
Education and awareness are paramount to success in finance and trading. Regardless of their experience level, every trader can benefit from mastering the art of safe and sustainable trading. In this article, we will delve into key strategies and practices that...