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White House says report on Iran oil deal is false

White House says report on Iran oil deal is false

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...

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Atlanta Fed GDPNow remains unchanged at 2.2%

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...

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USD continues its fall as European traders exit for the day

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....

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AUDUSD extends above 200 day MA. Buyers in control.

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...

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European equity close: Some divergence creeps in

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...

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IMF urges US to stay the course on fighting inflation

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...

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Euro nears a two-week high as US dollar continues slide

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...

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Citigroup dismantles CitiFX team – report

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...

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US April wholesale sales +0.2% vs +0.4% expected

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,...

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Cable tops 1.25 as the dollar falls further

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...

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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...

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Cryptocurrencies under renewed pressure

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...

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