As the bell rings and your stock trading gets underway on the major exchanges, the major indices are trading mixed. With 6 minutes now gone since the opening bell The Dow industrial average is trading up 16 points or 0.05% at 33565.85S&P index is trading down...
More Goolsbee:If the Fed sees lack of progress on the price side, it will have to tighten
More from Fed's Goolsbee is on the wires saying:If Fed sees lack of progress on the price side, it will have to raise restraint.Trying not to put much weight on conventional measures of overheatingHave not decided what to do at the next meetingRecent inflation was...
US futures are implying a modestly lower open
US futures are implying a modestly lower open after closing mixed yesterday:Dow industrial average futures are implying a -25.27 point decline after falling -68.61 points yesterdayS&P index futures are implying a -7.51 point decline after rising 0.98 points...
Kickstart your FX trading on September 28 w/ a technical look at EURUSD, USDJPY and GBPUSD
To kickstart your trading day in the Forex on September 27, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective:EURUSD: The EURUSD yesterday and today tested the low swing area (between 1.04846 and 1.05335) and found willing buyers each...
Feds Goolsbee: Fed will return inflation to target, and can do it without a recession
Chicago Fed Pres. Richard Goolsbee is speaking and says:Holding to 'inevitability’ that job losses are needed to slow inflation risks a 'near-term policy error.’Some analysis shows inflation reaching target soon, 'without further policy tightening’ and only a modest...
The long-end disconnect helps to explain why the Fed is struggling to control inflation
Fed funds vs 10y yieldsThis is a chart the Federal Reserve and market participants are thinking about right now.In the past, 10-year rates roughly matched Fed funds but this time there's a 120 basis point gap. What that means is that hiking to 5.25-5.50% isn't as...
XAU/USD Price Forecast: Where’s the Bottom for Gold?
GOLD OUTLOOK & ANALYSISHawkish Fed speak and resilient US jobs market keep gold upside limited.Fed speakers in focus later today.Threatening signs as triangle breakout coupled & death cross develops. Recommended by Warren Venketas Get Your Free Gold Forecast...
US initial jobless claims 204K vs 214K estimate
Initial jobless claims and continuing claims for current wkPrior week jobless claims 201K revised to 202KInitial jobless claims 204K vs 214K est.4-week moving average initial jobless claims 217.25K vs 217.0K last week.Continuing claims 1.670M vs 1.675M estimate. Prior...
US Q2 2023 final GDP +2.1% vs +2.1% expected
The Q1 second reading was +2.1%Final Q1 reading was +2.0% annualizedQ4 was +2.6% annualizedDetails:Consumer spending +0.8% vs +1.7% prelimConsumer spending on durables % vs -0.3% prelimGDP final sales +2.1% vs +2.2% prelimGDP deflator +1.7% vs +2.0% prelimCore PCE...
US GDP and initial jobless claims coming up next
Happy Thursday.As usual, that means it's initial jobless claims day. There have been several points in the past two years where it looked like claims were going to break higher but they've repeatedly been reeled back in. Last week's fall helped to kick off another leg...
The AUD is the strongest and the USD is the weakest as the NA session begins
The strongest to weakest of the major currenciesThe AUD is the strongest and the USD is the weakest as the NA session begins. ANZ business confidence increased to 1.5 from -3.7 last month. That helped to kickstart the NZDUSD to the upside and the AUD followed. The USD...
Dow Jones Technical Analysis – The bears remain in control
It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more...
Germany September preliminary CPI +4.5% vs +4.6% y/y expected
Prior +6.1%CPI +0.3% vs +0.3% m/m expectedPrior +0.3%HICP +4.3% vs +4.5% y/y expectedPrior +6.4%HICP +0.2% vs +0.3% m/m expectedPrior +0.4%The ECB can take some comfort from the headline reading as it falls back below the 5% mark, and that also goes for core annual...
ForexLive European FX news wrap: Dollar and oil pull back a little
Headlines:Markets:AUD leads, USD lags on the dayEuropean equities mixed; S&P 500 futures down 0.1%US 10-year yields up 3.7 bps to 4.647%Gold flat at $1,875.15WTI crude down 0.4% to $93.28Bitcoin up 0.8% to $26,446The two main outperformers this week are the...
Dip buyers keep things interesting on the day
Equities had that familiar sinking feeling just about an hour ago but have found some relief right after this post here. It's still a heavy-looking week all things considered and I wouldn't count out another wave of selling later in US trading, especially if bonds...
China to introduce tax exemptions and cuts for affordable housing
Taxes will be exempt for urban land used for the construction of affordable housing projects and stamp duty will also be waived for management firms and buyers of said projects, all starting from 1 October. Adding to that, there will be a reduced deed tax of 1% to be...
S&P 500 Technical Analysis – We are at a key trendline
It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more...
Equities start to feel the squeeze again as higher yields continue to weigh
S&P 500 futures are now down 0.2% after having kept relatively steadier earlier in the session as higher bond yields are biting at stocks once again now. 10-year Treasury yields are seen up to 4.64% and that is starting to weigh on equities sentiment once again...
Dollar holds tentatively lower so far on the day
The greenback is down slightly on the day but I wouldn't really read too much into it, at least for now. EUR/USD is up 0.15% to 1.0515 while GBP/USD is up 0.35% to 1.2175 on the day. In comparison to the moves this week, the changes today don't mean anything much. Not...
Saxony September CPI +5.4% vs +6.8% y/y prior
This just confirms that German annual inflation is set to ease in September, with the estimated reading being 4.6% - down from 6.1% in August. That said, the monthly reading is expected to show a rise in consumer prices with the Saxony reading also seen up 0.3% on the...