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Dow Industrial Average leads the way today with a 2.12% gain on the day
It was time for the laggard indices to take control today. Both the Dow industrial average and the Russell 2000 of small-cap stocks outperformed the NASDAQ which is been the big outperformer in 2023.The final numbers for the day are showing:Dow industrial average rose...
OPEC+ is considering an additional output cut of around 1 mbpd – report
It will be an interesting weekend in Vienna as Reuters now reports that the additional cut would be 1 million barrels per day. None of this is a huge surprise and the timing of the leaks before the weekend appears designed to put a squeeze on shorts but that squeeze...
EURGBP sellers remain in control, but some key support held this week
The EURGBP fell to the lowest level since December 2022 this week. The run lower moved into a swing area on the daily chart which has done a good job of defining resistance and support going back in time (to as far as 2021). The holding of that level has given buyers...
OPEC will debate additional cut among possible options – report
Breaking.Reuters cites 3 sources saying that OPEC+ will debate an additional oil production cut among possible options at Sunday's meeting. The report doesn't say what the other options are, but are presumably to keep with the plan and expect balances to tighten in...
Fed’s Powell to testify on June 11, during the Fed blackout (Update: this can’t be right)
Fed Chair Jerome Powell has been scheduled to testify on June 11 at 10 am ET for the Senate Banking Committee.It's highly unusual for the Fed chair to testify during the blackout period and this edition will come right before the June 14 meeting. Presumably, this is...
Russell 2000 makes a break for it
The story in equity markets for the past six months has been tech stocks outperforming value, in part due to expectations of a recession, in part due to the AI boom, in part due to poor commodity prices and in part due to bank-heavy value indexes that have been beaten...
USD/JPY is testing 1.40 once again as the dollar climbs
USDJPY 1 hour chartThe yen is broadly softer today but the US dollar is taking particular advantage in the wake of the strong non-farm payrolls report.USD/JPY stalled out yesterday just ahead of 140.00 but broke through today as the pair benefits from rising long-term...
Baker Hughes oil rig counts fall -15 to 555 in the current week
Oil rigs -15 to 555Gas rigs unchanged at 137Total rigs -15 to 696The levels of rigs have continued to trend lower. Looking back toward the beginning of the year, the rig count on January 13 showed:Oil rigs: 623. Down 68 Gas rigs: 150. Down 13Total rigs: 775 The price...
US yields trade to new highs after Fitch comments
The US yields are moving to new highs after the comments from Fitch that the US would remain on negative credit watch (to be resolved in the 3rd quarter).The 2-year yield is up near 4.5% up 15 basis points and 4.491%. The 10-year yield is at 3.681% up 7.3 basis...
GBPUSD moves back toward break area from yesterday’s trading
GBPUSD was back toward the break area from yesterdayIn the earlier video, I talked about the 50% midpoint of the May 2023 trading range at 1.24933 as being a key level to get below if the sellers were to take more control. That happened over the last few hours of...
Fitch says will resolve US negative ratings watch in Q3
Fitch is out with something of an ominous warning on the US credit rating.Fitch Ratings affirmed that the United States’ ‘AAA’ credit rating will remain on a Rating Watch Negative despite the resolution of the debt limit impasse. It was placed on ratings watch on May...
Iraq oil minister: We will not hesitate to take any decision to create more balance
The OPEC meeting is this weekend and most as expect no change but it's certainly not set in stone, as OPEC surprised at the start of April and prices are lower then they'd like.We will not hesitate to take any decision to create more balance in the market OPEC+ wants...
GBPJPY extends to highest level since January 2016
GBPJPY works toward 175 high from January 2016The GBPJPY reached a high at 174.67 today. That took the price to the highest level since January 2016. There are a number of swing lows and highs going back to 2013 above and below that level (from around 174.75 to 175.50...
British Pound Week Ahead: GBP/USD, EUR/GBP and GBP/JPY Outlooks
GBP/USD Prices, Charts, and AnalysisLittle domestic economic data or events next to guide Sterling.GBP/USD clients have turned net short. Recommended by Nick Cawley How to Trade GBP/USD Get My Guide The British Pound has had a strong week, making multi-week gains...
European stock surge for the second day
DAX dailyClosing changes:Stoxx 600 +1.5%UK FTSE 100 +1.6%German DAX +1.3%French CAC +2.0%Italy MIB +2.0%Spain IBEX +1.7%On the week:Stoxx 600 +0.2%UK FTSE 100 -0.2%German DAX +0.5%French CAC -0.6%Italy MIB +1.3%Spain IBEX +1.4%The turn of the calendar prompted a swift...
Timiraos: Non-farm payrolls won’t resolve Fed rate scenarios
The latest from Fedwatcher Nick Timiraos has been published at the Wall Street Journal. Friday’s jobs report does little to clarify the Federal Reserve’s debate over whether to hold rates steady this month. But it underscores the prospect that, if officials do so,...
Stocks heading higher as week working to a close in Europe
As the European markets work toward the close, the stock markets are pushing higher. France's CAC Is up 1.93%. The Dow industrial average is up 500 points or 1.7% and is in positive territory for the week.A snapshot of the US market shows:Dow industrial average up...
Some weakness under the surface of US jobs report but Fed on pace for July hike – CIBC
The US dollar has grinded higher in the past hour, even as risk assets add to gains. The S&P 500 is now up 1.3% on the day and even with that, cable is down 41 pips.The market generally sees the US employment report as strong but there's been no change in the 29%...
EURUSD dips back below the 200 hour MA. USDJPY also breaks above MAs.
As yields move higher, the USD is too. The 2-year yield is now up 12.7 basis points. The 10-year yield is up 5.4 basis points and nearer the highs for the day. EURUSD falls below the 200 hour MALooking at the EURUSD it is trading to a new session low and in the...