The White House says the report that Iran and the US are close to a deal on Iran's uranium enrichment and sanctions relief is false.The earlier reports sent oil nosediving with WTI hitting $69.03. here's been some skepticism and a $2.20 bounce but there's more than...
USDCAD bias remains lower, but low today can’t take out yesterday’s low
USDCAD down on the day but mixed signalsThe USDCAD is currently experiencing a dip in its trading value, with the lowest price point registered during early European trading hours. However, this decline halted at the same low point observed on May 10 and did not...
Atlanta Fed GDPNow remains unchanged at 2.2%
Atlanta Fed GDPNowThe Atlanta Fed GDPNow estimate for 2Q comes in at 2.2% that is unchanged from the model estimate released yesterday: In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is...
SEC Gensler: Crypto sec. issuers need to register investment contracts or meet exemptions
SEC's Gensler is on the wires saying:Issuers of crypto securities need to register the offer and sale of their investment contracts with the SEC, or they must meet requirements for exemption.The "vast majority" of crypto tokens meet the SEC's investment contract...
Federal Reserve reports first-quarter Household net worth rises by $3 trillion
First-quarter household net worth rose $3 trillionHousehold debt is up by 2.2%Stock gains added $2.4 trillionReal estate declined by $600 billion for the 3rd straight quarterly declineGovernment debt rises 4.5% in Q1Business debt up 3.8% in Q1Household assets in money...
USD continues its fall as European traders exit for the day
The US dollar is continuing to fall with the greenback reaching new lows versus nearly all the major currencies (the CHF is the exception). EURUSD: The EURUSD is extending above the high from last week at 1.07779. Risk is now the swing area between 1.0747 and 1.0759....
Oil prices take a dive on report that US and Iran near interim nuclear deal
There is a report that the US and Iran are near an interim deal on nuclear enrichment and oil exports, according to the Middle East Eye, citing a source from Iran. Talks have taken place between US Iran negotiator Robert Malley and Iran's ambassador to the US but it's...
AUDUSD extends above 200 day MA. Buyers in control.
The AUDUSD is up testing the high from yesterday's trading at 0.6717. The high price just reached 0.67149 after breaking back above its 200-day moving average of 0.66907.AUDUSD retests the high from yesterdayRecall from yesterday, the price action continued its run to...
European equity close: Some divergence creeps in
European stock markets opened lower then slowly fought their way into positive territory. As the US came online there was a second wave of selling but the lows held, creating a double bottom, and buyers returned in the last hour, even as European currencies...
IMF urges US to stay the course on fighting inflation
I don't think the FOMC is going to bring up comments from the IMF at next week's meeting but it's worth noting that the Fed is under pressure globally to clamp down on inflation because of the brutal spillovers to emerging markets.The latest world economic outlook...
Euro nears a two-week high as US dollar continues slide
EURUSD dailyWatch out for some minor stops if the euro can get through 1.0779, which was the June 1 high.The US dollar continues to slide today as Treasury yields fall and on a weak initial jobless claims report. Tellingly, I'd begun to see some calls for euro slides...
EIA weekly natural gas inventories +104B vs +113B expected
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,...
Citigroup dismantles CitiFX team – report
Citigroup has reportedly 'dismantled' its CitiFX global team.Bloomberg reports that all jobs within the CitiFX global strategy FX team in New York and London have been affected with some leaving the company and others reassigned, citing people familiar.That's a sad...
GBPUSD moves to new session highs. Looks toward swing area near 1.25367 to 1.2547.
The GBPUSD is moving to a new session high and has now seen successive higher highs for 4 consecutive days (and higher lows as well). Price action has been choppy however. The price spike higher yesterday saw the price extend above the 50% midpoint of the May trading...
US April wholesale sales +0.2% vs +0.4% expected
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,...
Cable tops 1.25 as the dollar falls further
The US dollar is at fresh session lows as Treasury yields slip. Earlier I highlighted dollar selling but noted that the bond market wasn't a part of the move. That may be changing now with US 10-year yields down 3 bps and 2s down 6.7 bps.The soft jobless claims number...
US stocks trading mixed with the NASDAQ marginally higher.The Dow industrial average lower
With the US stocks now 15 minutes into the new trading day, the major indices are mixed. The Dow industrial average is marginally lower. The S&P is near unchanged and the NASDAQ index is marginally higher. A snapshot of the market currently shows:Dow industrial...
USDJPY rotates lower and back below the 100/200 hour MA. Ups and downs continue.
The USDJPY moved lower after the initial jobless claims moved to new 20-month highs. The data, pushed the USDJPY back below its near converged 100/200 hour moving averages at 139.70. Those moving averages are not risk-defining levels for sellers looking for more...
Gold regains losses, USD dives post claims data!
The Dollar extends decline on the climb of initial jobless claims retesting 20-day SMA, at 103.50, extending its slump from an overnight high. The pop higher in initial jobless claims helped lower the temperature on Fed rate hike fears. Significant is the fact that...
Cryptocurrencies under renewed pressure
Market pictureThe cryptocurrency market capitalisation fell 1.8% to $1.1 trillion over the last 24 hours as risky assets lost traction, dragging the Nasdaq lower. Markets were surprised by interest rate hikes in Australia and Canada, raising the chances of a similar...