nonfarm payrolls and the consensus estimateConsensus estimate +190K (range +100K to +293K)Private +165KFebruary +311KMarch +236KApril +190KUnemployment rate consensus estimate: 3.5% vs 3.4% priorParticipation rate prior 62.6% Prior underemployment U6 6.6%Avg hourly...
WTI crude all future settle at $70.10
The price of WTI crude futures are settling at $70.10. That's up to dollars $0.01 or 2.95%. The high price reached $71.05. The low price was a $67.54.Today the inventory data showed:Crude oil build of 4.488 million versus an expected drawdown of -1.336 millionGasoline...
Dell announces earnings early. EPS $1.31 versus $0.85 expected
Dell was expected to announce their earnings after the close. However the stock has been halted and the earnings have been released early. EPS came in at $1.31 versus $0.85 expectedRevenues were at $20.9 billion versus $20.1 billion expectedDell shares were trading at...
Student debt relief is the next big political drama in the US
The debt ceiling drama is winding down but US politics won't stay out of financial markets for long.Today, the US Senate voted on legislation to block the President's student debt relief program. The vote was 52-46 with moderate senators Joe Manchin of West Virginia...
Bitcoin buyers are holding more control. What would change that technical view?
Looking at the daily chart of bitcoin , the price moved lower yesterday and tested its rising 100-day moving average. Support buyers came in against that level. Today the price was able to move below the 100-day moving average but found support buyers near the 38.2%...
Citi predicts +200k for May NFP, maintains its call for Fed hikes in June and July
US non-farm payrollsThe upcoming May employment report, to be released tomorrow, will be one of the final data releases that will influence market expectations for another potential rate hike on June 14, according to Citi. As the Federal Reserve enters a blackout...
Harker: It’s time to hit the stop meeting for at least one meeting
Reports today from retailers show that consumers aren't spending like they used toMy preference, barring any change in data outside our forecast, is for skipping a rate hikeIt's prudent policy to skip JuneLet's skip and see how it goesIf inflation started coming down...
Fed’s Harker: We’re close to the place where we can hold rates in place
Closely monitoring data to assess whether additional policy tightening will be neededProjects 2023 GDP growth below 1%, unemployment to rise to 4.4%Expects inflation to fall to around 3.5% this year and 2.5% next year, at 2% target in 2025Sees promising signs that...
Damn the torpedoes (or UK Regulators): Microsoft looks for ways to close Activision deal
Microsoft is reportedly exploring ways to proceed with the $69 billion acquisition of Activision Blizzard, despite a veto on the deal by the UK regulators. This course of action would likely lead to legal action from the UK's Competition and Markets Authority (CMA)....
S&P index back above its 100 week moving average
S&P index back above the 100 week moving averageWith the S&P index trading near session highs at 4220.84 up 41 points or 0.98%, the index is also back above its 100-week moving average of 4198.93. The high price reached 4231.10 today. That was the highest...
Atlanta Fed GDPNow estimate for 2Q growth comes in at 2.0%
Atlanta Fed GDPNow estimate for 2Q growthThe Atlanta Fed GDPNow model estimate for Q2 growth comes in at 2.0%. That is marginally higher than the May 26th estimate. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in...
US dollar making new session lows versus the EUR, GBP, CAD, AUD and NZD.
The strongest to weakest of the major currenciesThe USD is making new session lows versus the EUR , GBP, CAD, AUD and NZD. The greenback is the weakest of the major currencies now. The JPY was the weakest at the start of the US session. The AUDUSD is the biggest mover...
European equity close: A strong start to June
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,...
Major US stock indices are trading a new session highs
The major US stock indices are trading to new session highs. The gains are led by the NASDAQ index which is up over 100 points or 0.79%. The Dow Industrial Average is also back in positive territory. It has been down 7 of the last 8 trading days.A snapshot the market...
Why the US dollar is falling today
The US dollar is at the lows of the day in broad selling that's helping to lift risk assets.Some of the help has come from softer pricing data in the ISM report and via unit labor costs but that's balanced out by very strong ADP jobs numbers. Yet the dollar is down...
EIA weekly oil inventories +4488K vs -1386K expected
Prior was -12450KGasoline -207K vs -497K expectedDistillates +985K vs +862K expectedRefinery utilization +1.4% vs +0.7% expectedImplied gasoline demand 9.10 mbpd vs 9.44 mbpd priorAPI data from late yesterday:Crude +5202KDistillates +1841KGasoline +1891KWTI crude oil...
USDCAD moves back below 100 day MA at 1.35164
USDCAD is testing the near converged 100/200 day MAsAhead of the oil inventory data at the top of the hour, the USDCAD is breaking lower as dollar selling intensifies. The crude inventories are expected to show a draw of -1.386 million. However, the private data...
OPEC+ unlikely to cut further. EIA weekly oil inventories up next
EIA weekly US oil inventories are due out at the top of the hour. They follow natural gas inventories (which were bearish) because of the US holiday on Monday.WTI crude is currently up 20-cents to $68.32, which is a bit of a surprise because API inventories at the...
AUDUSD is testing it’s key 200 hour moving average for first time since May 11.
The AUDUSD is testing at 200 hour moving average of 0.65467. The high price reached 0.6548, and backed off on the first look. The current price is trading at 0.6537.The price of the AUDUSD has not traded/closed above it's a 200-hour moving average since May 11. A...
US construction spending for April 1.2% versus a 0.2% expected
Construction spending rises strongly in AprilPrior month 0.3%Total construction spending in April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, marking an increase of 1.2 percent from the revised March estimate of $1,885.0 billion.The...