The EIA is reporting that:U.S. overall crude production grew by 0.7% to 12.99 million barrels per day in July, the highest level since November 2019.Texas experienced a 1.3% increase in crude production, reaching 5.63 million barrels per day in July, setting a new...
USDCAD snaps back higher and in the process is retesting 100/200 bar MA on 4-hour chart
The USDCAD made new lows for the week earlier today and in the process tested a swing area between 1.3401 and 1.34214. The low price reached 1.34154 bouncing higher. The last 4 or so hours have seen a sharp move back to the upside helped by declining oil prices.The...
European equity close: A look at the day, week, month and quarter
The month ended with some equity buying in Europe but it wasn't a pretty picture for the week or September (aside from the UK). I do love when a month ends on a Friday though, so it's a clean slate for October.On the day:Stoxx 600 +0.5%German DAX +0.5%France CAC...
Canada July budget deficit of C$4.86 billion vs $3.87 billion a year ago
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,...
GBPUSD moves back down to test the 100 hour MA. Will buyers come in?
The GBPUSD moved above its 100-hour moving average yesterday after trending lower for the 1st half of the trading week. The move back above the 100-hour moving average give the buyers the go-ahead to push higher toward the 200-hour moving average. In trading today...
UAW to expand strike against Ford and GM
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,...
The inflation metrics the Fed is watching closely are headed in the right direction
WSJ Fedwatcher Nick TImiraos is highlighting the improvements in inflation in the US and offered up this chart.Zooming out further, core goods inflation is up just 0.5% y/y while housing rose 7.4% but the latter is a major laggard and will fade rapidly in the coming...
AUDUSD technical bias shifts to the upside today, but work to do to get outside “Red Box”
The AUDUSD sellers had their shot this week with a move outside of the "Red Box" that has confined the pair between 0.6356 and 0.65214 for 7 trading weeks now. The failure to break - and move lower this week - has given the buyers a go-ahead to push higher midweek....
US dollar erases losses as the month winds down
There may be a bit of a rush for USD liquidity into month end. Otherwise the latest move in the dollar is tough to explain.Notably, stocks are off their best levels so many that's a canary in the coalmine? In any case, the dollar is now roughly flat on the day against...
ECB’s Villeroy: Recent volatility in long bonds has been somewhat excessive
ECB's VilleroyData shows that headline and core inflation declining progressively across EuropeToday's data shows that the ECB's monetary policy is effectiveRecent volatility in long bonds has been somewhat excessiveData confirms that current level of our key interest...
September final UMich US consumer sentiment 68.1 vs 67.7 expected
Prelim was 67.7Prior was 69.5Current conditions 71.4 vs 69.8 prelim (75.7 prior)Expectations 66.0 vs 66.3 prelim (65.5 prior)1-year inflation 3.2% vs 3.1% prelim (3.5% prior)5-10 year inflation 2.8% vs 2.7% prelim (3.0% prior)I don't think the climbs in inflation is a...
Treasury’s Brainard: Core inflation is now in pre-pandemic range
There are risks to the economy but it remains resilientEconomy is very resilient, the last thing we need is a government shutdownBrainard was offside on the transitory inflation call and was shuffled to the Treasury as she looks to make more of a political career,...
Major US stock indices open with solid gains as inflation eases
The major US stock indices are opening with solid gains as inflation eases. Core PCE data in the US rose 0.1% less than 0.2% expected. The year on year fell to 3.9% from 4.3% last month.US yields are lower are helping the rebound:2-year yield 5.026% -4.4 basis...
US equities set for a strong open as bond yields fall
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,...
Kickstart your FX trading on September 29 w/ a technical look at EURUSD, USDJPY and GBPUSD
To kickstart your trading day in the Forex on September 29, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective. Below is a verbal summary of the video details:EURUSD: The EURUSD this week moved down to test a key target area near...
S&P 500 Futures Largely Unchanged as the Fed’s Preferred Gauge of Inflation Cools to 3.9%
US PCE DATA KEY POINTS:August U.S. consumer spending advances 0.4% versus 0.4% expected.CorePCE, the Fed’s favorite inflation measure, climbs 0.1% month-on-month and 3.9% from a year earlier, in line with expectations down from a revised 4.3% YoY in July.Short-Term US...
Weekly Market Recap (25-29 September)
Monday:ECB’s Villeroy (hawk – voter) spoke over the weekend and on Monday and although he acknowledged that rates might have peaked, he added that they will be kept at elevated levels for a long time:In the euro area, I believe we will soon reach the high point of...
US Senator Dianne Feinstein has died at 90 – report
California Senator Dianne Feinstein has clearly been ill for some time but she was still being rolled out to vote for key bills because the Democrats only have a one-vote majority. Her death will allow California Governor Gavin Newsom to appoint a replacement. There...
US August core PCE +3.9% y/y vs +3.9% expected
Core PCE y/yPrior was +4.2% (revised to +4.3%)Core PCE +0.1% m/m vs +0.2% expectedPrior m/m +0.2%Headline inflation PCE +3.5% y/y vs +3.5% expected (Prior +3.4%)Deflator +0.4% m/m vs +0.5% expected (prior was +0.2%)The inflation numbers are on the low side of...
US advanced good trade balance for August -84.27B versus $-91.4 billion estimate
> US advanced good trade balance for August -84.27B versus $-91.4 billion estimate US advance good trade balance for August 2023 <!--> --> <!--> Prior $-91.18 billionAdvance goods trade balance for August 2023 -$84.27B vs $-91.4 billion...