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The Canadian dollar is back to where it was before the Bank of Canada decision to hike interest rates by 25 bps. The move took the overnight rate to 4.75%, which is the highest since 2001 and will add to the squeeze on consumers.Perhaps mitigating the decline was that...
AUDUSD moves to a new session lowThe AUDUSD is trading to a new session low at 0.66529. The pair has moved back into the trading range from after the RBA rate hike yesterday. Earlier today the price broke to a new high going back to mid-May. That move higher yesterday...
NASDAQ index falls back below the 50% midpointThe NASDAQ index has scooted lower and currently trades down -133.30 points or -1.01% at 13142.79. A low price reached 13133.98.The decline has taken the price back below the swing high going back to August 2022 at...
The US dollar didn't stay down for long.USD/JPY is a good illustration of the rollercoaster in the forex market today as it sank in rapid fashion just ahead of 10 am in New York only to pull a U-turn and a rip to the highs of the day.USDJPY 5 minsWhat's been tough for...
Stoxx 600 intradayEuropean stocks opened flat, found some life midway through trading and then gave it all back in the last hour of trading to finish slightly lower.Closing changes:Stoxx 600 -0.2%UK FTSE 100 0.0%German DAX -0.2%French CAC 0.0%Italy MIB 0.0%Spain IBEX...
The NZDUSD is moving lower after an earlier move higher in the early New York session ran out of steam. The high price reached the high of a swing area between 0.60829 and 0.60949. The subsequent fall took the price back below the 100-hour moving average of 0.60703...
The Atlanta for GDPNow estimate for Q2 growth was revised to 2.2% from 2.0% from their last release on June 1. The revision comes after the US international trade data earlier todayAtlanta Fed GDPNow estimate for Q2 growthThe high estimate has reached 2.9%. The low...
The market is feeling increasingly confident that the Federal Reserve is near the end of the hiking cycle and that the economy isn't headed for a hard landing.With that, the VIX traded down to 13.9 today, which broke the July 2021 post-pandemic low of 14.1.VIX...
The US dollar moved lower in early US trading, but has hit a wall and reversed back to the downside erasing most of the gains. US yields have moved to the upside helping to support the greenback. The 2 year yield is up at 4.583% up 6.0 basis points. The 5 year yield...
Prior was +4488KGasoline +2746K vs +880K expectedDistillates +5057K vs +1328K expectedRefinery utilization +2.7% vs +0.6% expectedProduction estimate 12.4 mbpdRefineries ran hard last week in an attempt to build product inventories ahead of driving season.API data...
USDCAD falls to the swing area targetsThe Bank of Canada raised rates by 25 basis points to 4.75% from 4.5% ending their "conditional pause" period. The USDCAD moved lower after the report to a level of 1.33199. That took the price below the 38.2% retracement of the...
The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening.Globally, consumer price inflation is coming down, largely reflecting...
Prior was 4.50%The market was pricing a 60/40 chance of a hold ahead of the decisionThe Bank of Canada last hiked rates in JanuaryStatement highlights:underlying inflation remains stubbornly highCanada’s economy was stronger than expected in the first quarter of...
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,...
The major US indices are moving higher in early trading with the NASDAQ leading the way. Yesterday, prices close modestly higher. Stanley Druckenmiller in a interview on Bloomberg said that Nvidia is a company to own for the next 2 or 3 years as the AI becomes...
The Bank of Canada decision is a close call but the market isn't seeing it quite as a coin flip. Yesterday's pricing was right at 50/50 on whether they hike by 25 basis points or not but today there's more of a tilt towards waiting.Current pricing is at 60% for no...
The USDJPY has tried to move to the upside but needs to get above its 200-hour moving average at 139.739. The 100-hour moving average of 139.476 has been broken, but that move is failing with the price moving back toward the low from today and the loafer yesterday at...
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,...
The GBPUSD buyers are trying to make a play to the upside. But the question is can they keep the momentum going? The move so far has taken the price above a swing area between 1.2435 and 1.24497 and the 100-hour moving at 1.24542. Staying above those levels would keep...
The signal from the Federal Reserve that they plan to skip hiking at the June meeting came as a surprise to markets, perhaps because traders were focused on data from statistics agencies.The Fed pulls from a wide range of data and speaks to many contacts. They may be...