Powell AI imageThe Fed previously hiked rates on May 3 to 5.00-5.25%Statement continues to say "inflation remains elevated"Recent indicators suggest that economic activity has continued to expand at a modest paceJob gains have been robust in recent months"Holding the...
Some levels ahead of the FOMC rate decision
Below is a snapshot of the markets ahead of the FOMC rate decision:EURUSD 1.0853USDJPY 139.39GBPUSSD 1.2683USDCHF 0.8978USDCAD 1.3301AUDUSD 0.6814NZDUSD 0.6221DXY 102.75US stocks:Dow industrial average down -154 points at 34058.49S&P index up 6.40 points or 0.15%...
EURUSD reaches 50% midpoint at 1.0865 (well just short). A move above will look to 1.0900.
EURUSD buyers are more in control.So what levels are in play through the FOMC rate decision?The EURUSD extended up to - and then through - the 200 bar moving average on the 4 hour chart at 1.08334 (see green line on the chart above). The price has moved to a high of...
Five things to watch for in the FOMC decision
AI imageThe FOMC decision on interest rates is due at 2 pm ET (1800 GMT). Here are five things to watch for:1) No change in ratesIn May, this looked like a close call but just before the Fed blackout hit, a pair of Fed officials offered strong hints about skipping the...
USDCAD moves to a new session low ahead of Fed rate decision
USDCAD trades to new low going back to FebruaryThe USDCAD is trading to a low of 1.32722. That took out the swing low from February 15 at 1.3273 and trades at the lowest level since February 2. The low price for the year was also on February 2 at 1.32613. Move below...
USDCHF sellers take firm control. Take pair to lowest level since May 22.
The USDCHF is moving sharply to the downside as sellers take firm control. The pair moved below the 50% midpoint of the move up from the May low. That midpoint level comes in at 0.8983 and is now close risk. On the downside, a swing area between 0.8969 and 0.89769 is...
Nvidia trades to a new all-time high. AI euphoria continues.
Shares of Nvidia has reached a new all-time high of $422.76. That took out the high price from May 30 at $419.38. For the trading year, the price is now up 188.26%. The price closed in 2022 at $146.14.Shares of Apple are trading up $0.94 or 0.51% $184.21. That would...
Eurpean equity close: Strong gains ahead of the FOMC decision
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 moves above next target swing area and looks to the 50% midpoint
EURUSD continues its run higherThe dollar selling continues and that includes a move to new highs for the EURUSD.Looking at the 4-hour chart above, the price has now moved above a swing area between 1.08424 and 1.08485 (see video from earlier today). The next target...
JP Morgan eyes potential early-summer pullback in USD/JPY after reaching key levels
USDJPY dailyJP Morgan has recently weighed in on the technical outlook for the USD/JPY currency pair, highlighting potential levels of interest after the pair reached specific targets.According to JP Morgan, USD/JPY experienced a pullback after meeting its...
US weekly crude oil inventories +7919K vs -510K expected
Prior was -451KGasoline +2108K vs +316K expectedDistillates +2123 vs +1208K expectedRefinery utilization -2.1% vs +0.1% expectedSPR draw of 1.9 million barrelsPrivate oil inventories released late yesterday:Crude +1024KGasoline +2075KDistillates +1394KBrent crude oil...
NZDUSD trades above the next target and looks toward the key 100-day MA
The NZDUSD has the biggest change of the major currency pairs with a gain of nearly 1%. That move took the price above its 50% midpoint of the move down from the May high at 0.61838, and also above a swing area between 0.6202 and 0.62059. Close support will now be at...
China has been holding ‘urgent’ meeting with business leaders on boosting growth
Earlier today, Bloomberg reported that Chian has convened 'urgent' meetings on the economy with business leaders on how to revitalize the economy.Meeting attendees characterized "an "unusually urgent" tone in the meetings, which were described by "people present"....
Commodity currencies lead the way ahead of FOMC. AUD/USD hits highest since Feb
The Australian and New Zealand dollars are running away with the idea of a longer potential Fed pause, just hours before the latest decision. NZD/USD is up 1.0% and AUD/USD up 0.75% as the pairs rally following softer US producer prices.There may be also something of...
US stocks are trading little changed ahead of the FOMC rate decision
The US stock market is now open. The Dow industrial average is trading to the downside while the S&P and NASDAQ index are trading near unchanged. Most of the pre-marketing trading was in positive territory for the S&P and NASDAQ index.US PPI data was lower...
Coinbase Stock: Is There Life After SEC’s Lawsuit?
Some days are just bad, while others are downright catastrophic. This was shaping up to be one of those days. Or one of those weeks. Coinbase stock has lost about 20% over the last seven days due to the Securities and Exchange Commission launching a lawsuit against...
Reuters: Bank of England to lift bank rate by 25 bps next week. GBPUSD tests May high.
A Reuters poll of 64 economists shows that all expect the Bank of England to lift the bank rate by 25 basis points to 4.75% at their June 22 meeting (next Thursday).They also estimate that the bank rate is to peak at 5.0% in Q3. That was the same as May 31...
USDJPY falls to the 100/200 hour MAs after lower PPI data
The USDJPY has seen a fall back toward the 100/200 hour moving averages between 139.53 and 139.60 after the tamer PPI data in the US. The fall in price lower has found support buyers against the moving average levels on the 1st test. It would take a move below those...
Buyers are making a play in the EURUSD after the better PPI data
The better PPI data has a push the EURUSD to new session highs and new highs going back to May 22. In the process, the price has moved back above its 100-day moving average of 1.08048 and it's 38.2% retracement of the move down from the April high. That level comes in...
US May PPI final demand 1.1% % versus 1.5% expected
US PPI falls to the lowest level since December 2020Prior month 2.3% year on year and 0.2% month-to-monthFinal Demand Year over Year (YoY) 1.1% versus 1.5% expected. Lowest level since December 2020.Final Demand Month over Month (MoM) -0.3% % versus -0.1% expectedEx...