Markets:Gold down $3 to $1958US 10-year yields down 1 bps to 3.73%Bitcoin down 2.3% to $25,833WTI crude oil down 3.10 to $67.07S&P 500 up 0.8% and Nasdaq up 1.5%AUD leads, CHF lagsIn theory today was a prep day because the next three US trading days feature: CPI,...
NASDAQ surges. S&P and Dow also off to a good start for the week
Coming off a 7 straight weeks of gains, the NASDAQ index was certainly due for a correction, right?Not today. The NASDAQ index sword by 1.53% with a gain of over 202.77 points to 13461.91. The S&P had a solid 0.94% gain to 4339.07. The Dow industrial average rose...
Economic calendar in Asia – Tuesday, 13 June 2023 – Australian business confidence
While unlikely to move AUD too much the National Australia Bank business survey (business confidence and conditions are the twin 'headlines' from this report) is the focus on the data agenda for the session ahead. The RBA popped in a rate hike in May, which is likely...
Trade ideas thread – Tuesday, 13 June 2023
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,...
Why the market is so confident the Fed will skip hiking rates in June despite the CPI risk
Trading US CPI on Tuesday will be particularly tough because it comes the day before the FOMC decision. With the market pricing in just a 25% chance of a hike, it would take an enormous beat on expectations to flip the script.A big reason why the market is so...
Ethereum falls to the lowest since March as the regulatory onslaught continues
Those who have been around the forex market for awhile have seen this before: When the SEC wants someone out of business, they win. The US retail FX market was cleaned out by regulators who can always find some kind of deficiency. In crypto, the early wild-west nature...
WTI crude oil futures settle at $67.12
WTI crude oil futures are settling at $67.12. That is down $3.05 or -4.35%.The price low today reached $66.80. The high was at $70.33. Looking at the 4-hour chart below, the low price today extended below the low from May 31 at $67.03. That was the lowest level since...
GBPJPY tests and bounces off the 100 hour MA at 174.39
GBPJPY moved above a key swing area but rotated back downThe GBPJPY moved to the highest level going back to December 2015 in trading today. Looking at the weekly chart, in extending higher, the price moved above a swing area between 174.83 and 175.475. The high price...
Macron: Ukranian counter-offensive started and was meticulously planned
France has intensified delivery of ammunition and weapons; that will continue in the coming weeksThe 'weeks' line might be a hint at how long it will last. In terms of markets, USD/RUB is near a one-year high at the moment. The offensive hasn't gone great so far and...
US May Federal budget deficit $240 billion vs $236 billion expected
Year ago May deficit was $66 billionApril surplus was $176 billionYear to data deficit at $1.165 trillion vs $246 billion a year earlierOutlays $548 BReceipts $307 BI always find the gap between outlays and receipts to be the most ominous. You need to raise receipts...
Nasdaq extends gains to 1% as chipmakers lead the way
Anything related to AI or anything that could be related to AI is surging.Today it's chipmakers lead the way with Broadcom and Intel as the two top performers. Nvidia has flattened out after gapping higher on earnings at the end of may but still trades at 35x sales....
Dollar bid stalls despite a tail at the 10-year sale
USD/JPY looked like it only needed a nudge to break out of the two-day range capped near 139.70 but when higher-than-expected yields materialized at a 10-year Treasury auction, it still couldn't get through. The 2 bps tail at the 10-year sale would usually lead to US...
U.S. Treasury auctions off $32 billion in 10 year notes at a high yield of 3.791%
High-yield 3.791%Tail 1.5 basis points versus segment average of 0.9 basis pointsWI level at the time of the auction 3.776%Bid to cover 2.36Xversus assessment average of 2.44XDirects 19.9% versus a 6 month average of 18.5%Indirects 62.3% versus 6-month average of...
The US treasury to auction off $32 billion of 10 year notes at the top of the hour
The U.S. Treasury will auction off $32 billion of 10-year note at the top of the hour. The treasury has already auctioned off $40 billion of the 3 notes earlier today with domestic demand solid, but international demand was less than average. Below were the results...
Sources:FTC to file injunction to block Microsoft’s Activision deal
The UK has already blocked the deal. The European Commission has approved the deal. This is not a surprise given the Biden administration's tone toward mergers.Microsoft shares are trading up $0.86 or 0.26% $327.63. Activision Blizzard shares are down -$0.11 or -0.14%...
NASDAQ index adds 100 points and looks toward the-Friday
The NASDAQ index is now up 100 points or 0.76% with 13359.47. That takes the price within 26 points of the high from Friday and the high for the year at 13385.95. A move above that level would take the price to the highest level since April 2022.Meanwhile, the S&P...
USDCHF moves closer to its 100 day moving average
USDCHF bases near the 100 hour MA and races higherThe USDCHF is up about 0.66% today, trading in the current hourly bar to a new session high at 0.91013. The moves is short of the high from Wednesday and Thursday near 0.91069 and also the important 100-day MA at...
European equity close: German DAX rings up a 0.9% gain
Closing changes for the main European bourses:Stoxx 600 +0.1%UK FTSE 100 flatGerman DAX +0.9%Italy MIB +0.9%French CAC +0.5%Spain IBEX +0.4%The trend lately has been towards more divergence in European equities. I suspect that signifies money going to work.MoneyMaker...
US sells 3-year notes at 4.202% vs 4.200%
> US sells 3-year notes at 4.202% vs 4.200% Results of the $40 billion US 3-year note auction <!--> Adam Button Monday, 12/06/2023 | 15:32 GMT-0 12/06/2023 | 15:32 GMT-0 --> <!--> Prior was 3.695%That's a slight tail. ADVERTISEMENT - CONTINUE READING...
AUDUSD retraces back to the 100 day MA. Can buyers hold support?
AUDUSD closed above its 100 day MA on FridayThe AUDUSD closed right near its 100-day moving average on Friday after extending above the level moving to a high near 0.6750 before rotating back to close at 0.6743. That was just above the 100-day moving average currently...