Markets:WTI crude oil up $1.89 $72.75US 10-year yields up 2.4 bps to 3.57%Gold down $5 to $1982S&P 500 rallies 46 points or 1.1%NZD leads, JPY lagsBetter comments on the debt ceiling appeared to trigger a round of risk trades, though it was a bit of delayed,...
Happy days are here again. Russell 2000 leads stocks higher.
The major US indices or rose around 1.2%, but the Russell $2000 small-cap stocks was the big winner with a gain of 2.21%.A snapshot of the phone numbers are showing:Dow industrial average up 408.63 points nearly racing the declines from yesterday of 422 points. The...
Cisco earnings after the close. What are analysts expecting
Cisco Systems is scheduled to announce its third-quarter fiscal 2023 results after the closeThe company projects a year-over-year revenue increase of 11-13% for the quarter.Analysts estimate revenues of $14.39 billion, a 12.1% increase from the prior year.The...
USDCAD moves below series of MAs today with one more to go
The USDCAD has been moving up and down in recent trade including today. However, the price has seen the pair from the high move below the 100 day MA, the 100 hour MA, the 200 day MA but has been able to find support buyers at the 200 hour MA. Can the last MA now be...
Video: A broad look at markets, the dollar and commodities
DXY dailyI spoke with Dale Pinkert of Forex Analytix earlier today about the Federal Reserve's monetary policy, inflation, and market expectations.We first spoke about the economic and social climate in South Africa because I was there last week and I delved into...
WTI crude oil climbs $2 as OPEC sticks to its word
WTI crude oilOil is riding a strong risk mood and signs that OPEC+ members are following through on their pledged output cuts. The cuts took effect from May 1 but early signs showed high exports from Russia and many were skeptical they would play along, creating a...
US treasury auctions $15 billion of 20 year bonds at a high yield of 3.954%
The US treasury auctioned off $15 billion a 20 year bonds:High yield 3.954%WI level at the time of the auction 3.964%Tail -1.0 basis points versus six-month average of -1.0 basis pointsDirects (a measure of domestic demand 18.1%) versus six-month average of...
U.S. Treasury to auction off $15 billion of 20 year bonds at the top of the hour
U.S. Treasury to auction off $15 billion of 20 year bonds at the top of the hour. The six-month average of the major components shows:Bid to cover 2.65XTail -1.0 basis pointsDirects (a measure of domestic demand), 18.0%Indirects (a measure of international demand),...
NZDUSD gives up gains but holds support levels too
NZDUSD stalls ahead of 100 day MA todayThe NZDUSD moved to a new high for the weekend in the process extend above the 38.2% retracement of the move down from last week's high to last week's low. That level comes in at 00.6258. That high price stalled against the high...
Atlanta Fed GDPNow tracker rises to 2.9% from 2.6% yesterday
Atlanta Fed GDPNow tracker risesThe Atlanta Fed GDPNow tracker for 2Q growth rose to 2.9% from 2.6% yesterday. That is the highest level for the Q2 growth from the Fed 's model. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted...
USDJPY keeps stretching higher helped by yields
USDJPY above the 200 day MA and looks toward highsThe USDJPY is stretching to new session highs and in the process is working toward the May 2 high of 137.767. Above that level and the high price from March 8 would be targeted at 137.91. That is the high price for the...
European equity close: UK lags again
Stoxx 600 -0.2%UK FTSE 100 -0.4%German DAX +0.3%French CAC -0.1%Italy MIB flatSpain IBEX +0.2%The FTSE is underperforming on worries about stagflation. Yesterday's job data was soft and today Bailey highlighted ongoing risks of a wage-price spiral.UK FTSE 100...
Biden speaks on debt ceiling: Says he’s confident on agreement
Supposedly, one of the reasons for the better tone in markets today is that Republican comments on the debt ceiling have been more constructive. I think anyone truly worried about the debt ceiling needs their head checked. It's been passed 78 consecutive times without...
EURUSD on the 5-minute intraday chart, stays below falling 100 bar MA
In the morning video, I spoke of the key support in the EURUSD ahead of the 100-day MA and 50% midpoint of the move up from the March 15 low. Both those levels come in at 1.0805. You can watch the short video here:Since then a new low was made at 1.0895 which stayed...
EIA weekly crude oil inventories +5040K vs -920K expected
Prior was +2951KGasoline -1381K vs -1060K expDistillates +80K vs +57K expRefinery utilization +1.0% vs +0.5% expProduction estimate 12.2mbpd vs 12.3 mbpd priorThe API data released late yesterday showed:Crude +3690KGasoline -2460KDistillates -886KCushing +2870KWTI...
USDCHF moves above 0.9000. Can it stay above?
USDCHF bases against the 100 hour MA todayThe USDCHF is trending higher today. Looking at the hourly chart above, the technical "go-ahead" came after the pair tested its rising 100-hour moving average in the Asian session and found willing buyers. That started the...
USD/CAD goes on a 50-pip round trip. What’s next.
USDCAD 10 minUSD/CAD took a dive early in North American trading but has bounced right back. That goes with a similar move in oil and stocks. For crude, the weekly US inventory data is due at the bottom of the hour and that could producer more volatility.Yesterday,...
US stocks are trading higher erasing some of the declines from yesterday
The major US stock indices are trading higher in early US trading. The S&P and Dow are raising some of the comments from yesterday. The NASDAQ is doing better than the decline from yesterday. The Dow industrial average has been down 6 the last 7 days and for the...
US regional bank shares pop after Western Alliance reports deposit growth
The broader equity market and risk aversion is getting a lift from US regional banks. Shares of Western Alliance Bancorp (WAL) are up 13% after the company reported that deposits have grown by $2 billion this quarter (up to May 12).Earlier this week, shares of PacWest...
GBPUSD rebounds after a break below downside target fails
The GBPUSD is bouncing higher erasing the declines seen into the London session. The move takes the pair back toward the 100-hour moving average where there should be resistance. A swing area is also near that level (just ahead of natural resistance at...