MON: NY Fed Survey of Consumer Expectations.TUE: OPEC MOMR, German Final CPI (May), UK Jobs Data (Apr/May), German ZEW Survey (Jun), US CPI (May).WED: FOMC Announcement, IEA OMR (2024 Forecast), UK GDP (Apr), Swedish CPIF (May), EZ Industrial Production (Apr), US PPI...
Forexlive Americas FX news wrap 9 Jun: USD falls this week as market awaits the FOMC
This week, the US dollar, tracked within a 103.290-104.400 range in the DXY index. That index (heavily weighted to the EUR) for the week fell -0.49%. The decline was initially triggered this week by below-expectation US services ISM data. In that report, released on...
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NASDAQ index closes higher for the 7th consecutive week
The major US stock indices are closing marginally higher on the day and marginally higher for the week. The NASDAQ's gain this week was good enough for the 7th consecutive up week.The final numbers are showing:Dow Industrial Average 43.17 points or 0.13% at...
US crude oil futures settle at $70.17
The price of the WTI crude oil futures is settling at $70.17. That's down -$1.12 or -1.54%. The low price today reached $70.10. The high price was at $71.77.For the week, the price fell $1.57. The price last week settled that $71.74.Crude oil prices recorded a second...
NZDUSD up today, but stalls near 38.2% of the May trading range
The NZDUSD moved higher today based on the lows against a swing area near the 0.60829 level before moving to the upside and breaking outside of what has been an up-and-down trading range until today (largely under the 0.6100 level). The move to the upside today did...
Court records show Trump faces 37 criminal counts
Trump arrested (AI image)It will be interesting to see how this indictment goes. Trump has a good chance of being the next US President but this also had a good chance of landing him in jail. Notably, none of the 37 counts has mandatory minimums, though maximums reach...
Morgan Stanley: USD to grind higher, JPY may lead G10 gains but USD/JPY shorts challenging
Morgan Stanley, a leading global financial services firm, has recently expressed its outlook on the US dollar (USD) and Japanese yen (JPY) in its latest report.Morgan Stanley analysts believe that the US dollar has the potential to continue to gradually strengthen...
EUR/USD struggles for direction amid eurozone recession and anticipated ECB hikes
EURUSD daily chartThe euro has appreciated against the US dollar despite the revelation that the eurozone economy has slipped into a technical recession after a larger than anticipated downward revision of Q1 GDP growth, according to MUFG. The eurozone economy has...
Baker Hughes US oil rig count 556 vs 555 prior
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 falls back to the key swing area. Can support hold?
EURUSD falls to the swing areaIn an earlier post, I spoke to the selling seen in the EURGBP. It is tumbling lower today and as such, that tail is wagging the dog. Putting it another way, the EURGBP is influencing the price action in the EURUSD today.At the start of...
And just like that, the major indices move into the red
... And just like that, the gains in the major indices are erased.The Dow Industrial Average trading down 25 points or -0.07% of 33809.42. The Dow was up 141.7 points at session highsS&P index moved to a low of 4292.05. That took the index down -1.87 points. It...
EURGBP breaks to lowest level since August 2022
EURGBP falls to the lowest level since August 2022The EURGBP is tumbling lower in trading today. The price is currently down -0.47%, and in the process took out the lows from early June at 0.85667. The pair is also below swing lows from December 2022 between 0.8546...
European equity close: The FTSE 100 is down in 6 of the past 7 weeks
On the day:Stoxx 600 -0.2%German DAX -0.3%FTSE 100 -0.5%French CAC -0.2%Italy MIB -0.3%Spain IBEX -0.3%On the week there was some strong divergence:Stoxx 600 -0.35%German DAX -0.5%FTSE 100 -0.5%French CAC -0.5%Spain IBEX +0.5%The FTSE 100 is down in 6 of the past 7...
SocGen foresees potential tweaks in Japan’s yield curve control policy in the near future
USDJPY dailySociete Generale (SocGen) recently highlighted Japan's extraordinary nominal GDP growth in Q1, which stood at an annualized rate of 8.3%, in stark contrast to the average annualized growth of 0.3% over the last 25 years. The bank suggests that, given this...
S&P index reaches the top side target area. Sellers lean on the test.
S&P test sets key upside targetsThe S&P index moved up to a high of 4322.62 today. That high price move between the 61.8% retracement of the move down from the January 2022 high to the low reached in October 2022 at 4311.11, and the swing high going back to...
British Pound Latest – GBP/USD and EUR/GBP Highlight Sterling’s Strength
GBP/USD Prices, Charts, and AnalysisSterling bolstered by rate hike expectations.Key economic data and events next week will drive GBP/USD and EUR/GBP. Recommended by Nick Cawley How to Trade GBP/USD Get My Guide The British Pound is closing a positive week on the...
USDCAD retraces the move higher after the weaker Canada jobs report and tests May lows
USDCAD retests the lows from MayThe USDCAD spiked higher after the weaker-than-expected jobs report this morning. The price which tested its low from early May at 1.33132 in the late European session (the low reached 1.33157), moved up to a high of 1.33688. That high...
Funds are bearish on copper but it’s the go-to metal for the energy transition
Max Layton, Citi’s managing director for commodities is featured in a Bloomberg story today on the coming wave of copper demand. LME copper prices are at $8,300 today and he sees them 'easily' rising to $12,000-15,000 in 2025 as flat supply runs into a wave of...
AUDUSD moves from support at the 200 day MA to resistance at the 100 day MA.
The AUDUSD corrected in the early Asian session after the sharp move higher yesterday took the price above the 200 day moving average and a retest of the high price from Wednesday. The move to the downside in the Asian session took the price down to retest the 200 day...