UBS on the headwinds for gold (UBS refer to these as 'short-term'):surprisingly resilient US economic data & concerns over the Federal Reserve’s likely responsefed fund futures ... markets are pricing roughly even chances of another rate hike by Novemberhas pushed...
Bank of America says another stock market indicator flashing bullish, highest in 18 months
Bank of America refers to the number of stocks where consensus earnings estimates have risen is advancing relative to the number where estimates have fallen.BoA have their proprietary Global Earnings Revision Ratio, its rise is bullish for stocks, particularly for...
North Korea says its satellite launch failed, will try again in October
North Korea launched a satellite in the early AM. It says the launch failed at the third stage and it plans another launch in ocot. Says the failure was not from a serious problem. And if someone else pays for it, perhaps via having their Bitcoin stolen.MoneyMaker FX...
Goldman Sachs preview Federal Reserve Chair Powell speech coming up Friday at Jackson Hole
Federal Reserve Chair Powell will deliver his speech at Jackson Hole on Friday, 25 August. scheduled at 10.05 am US Eastern time.This summary of a Goldman Sachs note is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day...
Economic calendar in Asia for Thursday, 24 August 2023 is nearly empty
The only item on the calendar is the regular weekly International Transactions in Securities data from Japan. Even into Europe/UK time its sparse before picking up for the US session. This snapshot from the ForexLive economic data calendar, access it here. The times...
Trade ideas thread – Thursday, 24 August 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,...
Nvidia EPS /revenues beat estimates. EPS $2.70 vs $2.09 est. Rev $13.507B vs 11.224B est.
EPS $2.70 versus estimate of $2.09 Revenue $13.51B versus estimated $11.224BRevenue of $16B estimate for next quarter vs $12.1B estimateBreaking down revenue:DataCenter $10.32B vs estimate of $7.691BGaming $2.49B vs estimate of .$2.4BAutomotive $253M vs estimate of...
Forexlive Americas FX news wrap: Soft PMI reverses US dollar rally
Markets:Gold up $19 to $1916US 10-year yields down 14 bps to 4.19%WTI crude oil down $1.08 to $78.55S&P 500 up 51 points to 4449AUD leads, GBP lagsDo any of these moves matter ahead of NVDA earnings? I don't know but I haven't seen an earnings released this hyped...
Major indices all close higher today as yields move lower. Nvidia earnings eyed.
The major indices all closed higher today led by the Nasdaq index ahead of Nvidia earnings after the close. Will the earnings season end on a high note or a low note? The earnings release is expected to be at around 4:20 PM ET with estimates of $2.09 EPS on revenues...
GBPUSD has a volatile down and back up day. What next?
GBPUSD trades back near the 100/200 hour moving averagesThe GBPUSD has a volatile down and up day. In the European session, the price fell sharply on the back of weaker UK PMI flash data. That move to the downside to the price below its 100-day moving average, but the...
Earnings preview: NVDA stock trades near all-time high. Beware of sell-the-fact
What time are NVDA earnings: Wednesday, 23rd August a 16:20 ET -- 20 minutes after the bell, thought that time may not be exact.Nvidia (NVDA) is about to unveil its quarterly earnings, and the anticipation is insane. I can't remember an earnings report that was this...
WTI crude futures settle at $78.89
Today, crude oil futures fell back below the $79 level that has been a decent support level and resistance going back to April (see red numbered circles on the chart below). The fall below the level took the price down to a intraday low of $77.62 before bouncing back...
BRICS countries agree to expand membership
BRICS leaders (sans Putin) met this week in South Africa and expanding the group has been on the agenda for awhile so this isn't a surprise. The aim -- at least for China -- is creating a something to counter the G7.Saudi Arabia is high on the list of countries that...
Wagner leader Yevgeny Prigozhin killed in a plane crash
There are various reports that a Wagner-owned Embraer Legacy 600 Business Jet was shot down by Russian air defenses over the Tver region by a Pantsir air defense system (though some reports say a bomb may have been planted on board).Tass reports that Yevgeny Prigozhin...
US treasury auctions of $16B of 20 year bonds at a high yield of 4.499%
The US treasury auctioned off $16B of 20 year bonds at a high yield of 4.499%. The WI level at the time of the auction was at 4.49%.High Yield:4.499%Previous auction: 4.036%Six-auction average: 3.968%WI at the time of the auction: 4.49%Tail: 0.9 basis pointsPrevious...
US treasury to auction off a $16 billion of 20 year bonds at the top of the hour
The US treasury will auction off $16 billion a 20 year pause at the top of the hour. The details of the last auction and the 2nd with averages of the major components are outlined below. The auction success will be contingent on the details of the components. High...
USD fall continues. The greenback is now lower vs most of major currencies
The USD is continuing its move to the downside in the NY session after the weaker than expected flash PMI data. The greenback is now weaker versus all the major currencies with the exception of the GBP, after trading at higher levels after both EU and UK PMI data also...
European equity close: The FTSE 100 likes the idea of lower rates
Good news is bad news for the moment but you can't sustain a rally on bad news for long; or at least until rate cuts are near.Closing changes today:Stoxx 600 +0.4%German DAX +0.2%FTSE 100 +0.7%French CAC +0.1%Italy MIB +0.3%Spain IBEX +0.05%UK FTSE 100 dailyMoneyMaker...
Broader US indices making new highs
Both the S&P index and the NASDAQ index are trading to new session highs and are making new week highs as well. The S&P is trading to new highs going back to last Wednesday. The NASDAQ index is trading to the highest level since Tuesday of last week.In the...
Bad news is still good news… but the bad news is mounting
The market is increasingly comfortable that the Fed has hit the terminal top and will cut rates by 100 basis points in 2024.US 10-year yields are down 10 bps to 4.22% today and Fed funds futures are implying a lower path from Powell ahead of Jackson Hole. The impled...