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The NASDAQ index is down close to 2% on the day and in the process tests the 14,000 area. That area is a key technical area going back to mid-July. The price gapped above the level and then retested the level on July 21, July 24, and again last week on July 27. A move...
The AUDUSD has moved below a key swing area on the daily chart below 0.65468 up to 0.65847 (also watch 0.6566 between that areas). The price is also below the 61.8% retracement of the move up from the 2022 low to the 2023 high. That level comes in 0.65468 as well. If...
WTI crude oil dailyThere were rumours of an oil draw in the range of 16 million barrels as early as Friday so when the news was delivered of a record 17 million barrel draw in the US were announced, it may have triggered profit taking. It's a classic case of 'buy the...
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,...
Prior -600KGasoline +1480K vs -1300K expectedDistillates -796K vs +112K expectedRefinery utilization -0.7% vs 0% expectedProduction estimate 12.2 mbpd vs 12.2 mbpd priorImpld mogas demand: 8.84 mbpd vs 8.94 mbpd priorAPI data released late yesterday:Crude...
The USDCHF is moving to a new session high, and in the process is extending above its 50% midpoint of the move down from the June 30 high to the July 27 low. That midpoint level comes in at 0.8784. Key barometer for traders.The USD in general is rising as it is being...
It's tough to find a reason to buy bonds today.First, Fitch downgraded the US credit rating. Second, US ADP employment was much stronger than expected, highlighting a higher path for the Fed funds rate.As a result, long-dated US yields are breaking to new highs for...
WTI crude oil is down 45-cents to $80.89 ahead of the EIA weekly oil inventory data at the bottom of the hour. Oil prices spike to $82.43 earlier after the API report showed a massive 15.4 million barrel draw.The consensus on the EIA data is:Crude -1367KGasoline...
The major US indices are moving lower. The Fitch downgrade is an excuse to push lower from elevated levels. The NASDAQ is leading the way with a decline of close to -1.4%. Looking at the hourly chart, the NASDAQ index has gapped below its 100-hour moving average...
YouGov is out with a UK inflation expectations poll:1-year ahead inflation expectations 4.3% vs 5.0% in June5-10 year ahead inflation expectations 3.2% vs 3.3% in JuneThese are moving in the right direction but a hike is still coming tomorrow with the market pricing...
The GBPUSD initially moved higher after the initial downgrade, but found willing sellers near the 61.8% retracement of the move up from the end of June load to the July high (see video from late yesterday outlining the level). A level came in at 1.2801. The high price...
A Fitch director spoke with Reuters and offered some more colour on the downgrade decision:Fitch held meetings with the US Treasury ahead of the decision warned about decision, not about downgradeKey areas behind decision were deterioration on fiscal and debt side,...
The USDJPYs initial reaction off of the Fitch downgrade was to the downside in the US dollar. The price fell toward a swing area between 142.23 and 142.65 on the daily chart (see video). In between sits the 61.8% retracement of the longer-term move down from the 2022...
US equity futures are down 33 points to 4568 shortly ahead of the open. That's down about 0.7% but above the 4552 low set early in Europe.Selling re-accelerated after the Treasury's quarterly refunding announcement showed larger auction sizes. That boosted Treasury...
The EURUSD moved higher after the Fitch US debt downgrade and in the process extended back toward its 100-hour moving average (blue line in the chart below). For the 3rd day in the last 4, sellers leaned near the level and stalled the rally. A few hours later the...
US 30 year yieldsQuarterly refunding of $103B to raise $19B of cash and refund $84 billion in maturing securitiesIntends to gradually increase coupon sizes in Q32-year and 5-year note auctions to increase by $3B per month 10s to increase by $3B2-year floaters to...
Prior was +497K (revised to +455K)Details:small (less than 50 employees) +237K vs +299K priormedium firms (500 – 499) +138K vs +183K priorlarge (greater than 499 employees) -67K vs -8K priorJob stayers 6.2% vs 6.4%Job changers 10.2% vs 11.2%Full reportWow, yet another...
The Fed hiked interest rates by 25 bps as expected leaving everything else unchanged. Fed Chair Powell didn’t hint to anything in his press conference and just reaffirmed their data dependency keeping all the options on the table. The data since the FOMC meeting has...
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.5%US 10-year yields down 3 bps to 4.017%Gold up 0.3% to $1,950.98WTI crude up 0.7% to $81.96Bitcoin up 1.1% to $29,550The big news on the day is Fitch downgrading the...
The Fed hiked interest rates by 25 bps as expected and kept everything unchanged. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. The US data since the FOMC meeting has been supporting the soft-landing narrative as the labour...