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The major US stock indices are closing lower for the 3rd consecutive day. That losing streak goes back to Friday. Remember markets were closed on Monday in the US.The final numbers are showing:Dow industrial average -102.37 points or -0.30% at 33951.40S&P index...
MUFG discusses the possibility of a more aggressive monetary policy tightening by the Bank of England (BoE) in response to a concerning inflation print in the UK.Here are the key takeaways from the text:High Inflation: The May Consumer Price Index (CPI) in the UK...
The price of WTI crude oil settles the day at $72.53. That is up $1.34 or 1.88%. The high price reaches $72.72. The low price reached $70.80. Looking at the daily chart, the 100-day moving averages about $74.62. The price is not closed above its 100 day moving average...
The USD was mixed at the start of the trading day. Below are was the dollar changes vs the major currencies near the start of the US session. The USD at the start of the US trading dayLooking at the snapshot of the strongest to the weakest now shows the USD is lower...
Pressing ahead now with additional rate increases could 'needlessly drain' momentum from the economyPolicy hasn't been restrictive long enough for effects to hit, so it's prudent to waitRisk of waiting is that inflation rebounds, but 'that's not my baseline'Some...
EUR/JPY monthlyThe euro is strong today and one reason is buying via EUR/JPY as that pair climbs above last week's highs to make fresh 15-year highs.The monthly chart is a compelling case of momentum and is backed by widening interest rate differentials. I expect...
Ahead of June 7 hike, the BOC debated hiking vs holding and signalling a July hikeGoverning Council felt enough data had accumulated to convince them more restrictive policy was neededGoverning Council is increasingly concerned that the disinflationary momentum needed...
The implied odds of a Fed rate hike at the July 26 Fed meeting are at 76%, which is about the same as before Powell spoke today. In a sense, he endorsed the market pricing, saying that decisions will be made meeting by meeting. At the same time, he highlighted that...
As the Fed chair testimony got underway, a snapshot of the markets showed:EURUSD 1.0925USDJPY 142.22GBPUSD 1.2717USDCHF 0.8978USDCAD 1.3201AUDUSD 0.6764NZDUSD 0.6174In the US stock market:Dow industrial average -115 points at 33939.47S&P index -20.53 points at...
Prior sale was 3.954%, six auction average 4.04%Bid to cover 2.87 vs 2.56 priorThe front-end has been pushing up on higher rate hike expectations but the long end has been flat for the past month. This 1.8 bps stop through is a strong indication that long-dated bonds...
GoolsbeeDecision last week was a close call for meIt is a perfectly appropriate to have a reconnaissance mission nowTrying to figure out if we have done enough, how much more needs to be doneOver next several months will get some markers on do we have a handle on...
Fed Powell on the slow decline in inflation :Factors contributing to inflation decline are happening but much later and all taking longer than we had hopedService sector much less responsive to rate hikes and cost of capitalWe never use the word pause and wouldn't use...
More on the USD as the reserve currency:As long as we have rule of law, relative price stability, open capital accounts, democratic institutions, we will retain dollar as reserve currencyHistory shows this is not a permanent status but it is a lasting oneThere is not...
The NZDUSD has seen up-and-down price action today, with the last push to the upside. That move was helped by support holding against the 200-day moving average of 0.6153. There were three separate tests of that moving average in trading today, and each dip found...
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,...
EURUSD extends the range for the day/weekThe EURUSD extended the 28 pip trading range seen prior to the Powell testimony. The range is now up to 58 pips. That is still short of the 22 day average of about 69 pips (but it is better).Looking at the 4-hour chart, the...
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,...
> Central Banks > Powell: There is a gradual cooling in the labor market but we're not there yet Central Banks Comments from the Fed Chair <!--> --> Adam Button Wednesday, 21/06/2023 | 14:55 GMT-0 21/06/2023 | 14:55 GMT-0 <!--> --> Highlights...
The USDCAD has it tried to move above its 100 hour moving average on a number of occasions, but fails before reaching its 200 hour moving average above that level. That keeps the sellers more in control. The buyers need to get above the 100 hour moving average and...
Fed Powell testifies on Capitol HillFed Q&A testimony has begun:Level for rates and speed of hikes are separateIt may make sense to move rates higher, at more moderate paceFed is now moderating the pace of rate hike'sbanking regulation should be transparent,...