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NASDAQ index extends to a new high for the yearThe NASDAQ index has pushed higher. It leads the way with a gain of about 0.53% (up 67 points at 12724.16 currently). Meanwhile, the S&P is near unchanged at 0.07% while the Dow industrial average is down -0.36%. The...
While staffers meet on Capitol Hill, a scheduled Biden/McCarthy meeting is penciled in at 4:30 PM ET. That sounds so predictable, but I would not be surprised if there are some snags as each side gets their last political "I am being tough" posturing in before they...
The major stock indices are mixed/little changed in early US trading:Dow Industrial Average is down -7.0 points are -0.02% at 33419S&P index is up 4.29 points or 0.11% at 4196.94NASDAQ index is up 20 points or 0.17% at 12679Russell 2000 is up 6.55 points or 0.37%...
Not market moving, but the White House debt ceiling team has arrived on Capitol Hill to start discussions. Pres. Biden is back in town, and my guess is talks if successful (or even not), will move from Capitol Hill to the White House where the bigwigs (Biden,...
The buyers in the USDJPY are making a play as Fed's Bullard speaks more hawkishly. The price is above a swing area on the 4-hour chart and also a swing area on the daily. The high from last week is eyed at 138.74. If the buyers can stay above the swing area support,...
The forex and crypto markets are two popular financial markets with a combined market capitalization worth over US$ 7 trillion. Cryptocurrency trading only became popular over the last decade but has grown in leaps, led by Bitcoin, the first and most valuable...
EURUSD trades back above 100 hour MAThe EURUSD has extended above its 100-hour moving average at 1.08215 for the 2nd time today. Late in the London morning session, the price moved above that moving average but backed off. The modest fall to price back to the 100-day...
Base case remains relatively slow growth for the rest of the year and into 2024Recession arguments are overstatedThe September median of the Fed funds target of 5.11% (dot plot) was based on slow growth and inflation improvements that have not occurredThe Fed will...
Micron Technology, is speaking at a JPMorgan conference, estimated that the recent decision by China's Cyberspace Administration (CAC) could affect its total revenue by a low to high single-digit percentage. The company clarified that smartphones are not included in...
The strongest to the weakest of the major currenciesThe CHF is the strongest and the AUD is the weakest as the North American day (and week gets started). For today, U.S. President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet to negotiate an...
Headlines:Markets:CHF leads, JPY lags on the dayEuropean equities lower; S&P 500 futures flatUS 10-year yields flat at 3.678%Gold down 0.2% to $1,972.01WTI crude up 0.1% to $71.62Bitcoin down 0.1% to $26,803It was a quiet session for the most part with a lack of...
Not seeing evidence that banking stress is doing Fed's job on inflationFed has to keep going in battle against inflationServices inflation seems "pretty darn entrenched"It may be that we have to go north of 6% but that isn't clear yetThere seems to be some differing...
Similar to EUR/USD and USD/JPY last week, it looked like gold was facing a technical break lower as price fell through the support region of $1,975-81. However, with the dollar getting checked back on Friday and in trading today, we are seeing price action consolidate...
EUR/USD is up 0.2% to 1.0825 currently, sitting near the highs for the day. The range today may be relatively narrow still but buyers are seen making a play once again as they contest the 100-hour moving average:EUR/USD hourly chartThe key level has been a solid...
Prior +2.3%; revised to +1.7%Looking at the details, building construction decreased by 2.4% and civil engineering by 2.3% on the month. And there was also a softer revision to the February number. But the notability of the data is rather immaterial since it pertains...
There might not be any major releases or key risk events today but let's take a look at what else is on the calendar for the remainder of the week.France May flash manufacturing, services, composite PMI (23/5)**Germany May flash manufacturing, services, composite PMI...
The upcoming week is expected to be relatively calm in terms of economic events, although there are still several important data releases to keep an eye on. On Tuesday, attention will be on the euro area's Flash Manufacturing PMIs and Flash Services PMIs, as well as...
Market pictureCryptocurrency market capitalisation fell 2% over the week to $1.12 trillion, mostly fluctuating between $1.11 trillion and $1.14 trillion. The market is in no hurry to pick a trend, bringing the cap back into its chosen range and moving on to news of...
UPCOMING EVENTS:Tuesday: S&P Global US PMIs.Wednesday: RBNZ Policy Decision, UK CPI, FOMC Minutes.Thursday: US Jobless Claims. Friday: US PCE.Tuesday: The US Manufacturing PMI is expected at 50.0 vs. 50.2 prior, while the Services PMI is seen at 52.6 vs. 53.6...
With little in terms of economic releases to work with, markets are still largely getting a feel of things involving the US debt ceiling. There were some concerns late last week and that is perhaps what also weighed on the dollar, with the supposed breakout last week...