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Economic activity was little changed overall in April and early MayEmployment increased in most districts, though at a slower paceStaffing firms reported slower growth in demandPrices rose moderately over the reporting period, though the rate of increase slowed in...
USDJPY 5 minute chartThe US dollar is under broad selling pressure after a pair of Fed speakers delivered broadly-similar comments that both highlighted the possibility of skipping a June hike and raising rates again in July, if necessary.Holding US central bank...
USDCAD moved lower and tested the 200-hour MA target on the downside (see earlier post here). Buyers stalled the fall. The price moved back higher. That move to the upside took the price back to the 100-hour MA (blue line) where sellers are now leaning. So buyers are...
This economy keeps chugging alongWe're committed to getting inflation under control It would be a skip, not a pauseA pause says you may hold there for awhile and I don't know that we're ready for that yetNot seeing so much of a credit crunch as a credit squeeze after...
Phillip JeffersonHolding US central bank policy rate constant at the current meeting should not be taken to mean rates have reached a peak for this tightening cycleSkipping a rate increase at coming meeting would allow Fed officials to see more data before deciding on...
USDCHF moved above the 100 day MA and the 50% of 2023 rangeThe USDCHF is up sharply today extending above a swing area on the daily chart between 0.9081 and 0.91015. The break above that area then targeted a dual technical level on the daily chart defined by the 50%...
Boston Fed president Susan Collin (nonvoting member) at a Fed Listens event on COVID, is on the wires saying:Fed is intent on reducing inflation Says inflation is simply too highSince she is speaking on Covid and presumably it's a story and impact in the rearview...
NZDUSD falls below 50% midpointThe NZDUSD yesterday moved down to test the 50% midpoint of the range since the 2022. That level comes in at 0.60242. The low price yesterday reached 0.6024.Today, the price moved below that 50% level, and it opened the door for further...
EURUSD moves below the trend line after testing swing areaIn the morning video (and post) on the EURUSD, I pointed out the resistance against the 1.06908 to 1.07041 area. The price moved up in the morning US session and found sellers lining up against the 1.07041...
The longer inflation is above 2%, the harder it is to bring it downThere's nothing groundbreaking here but what I'm looking for are some cracks from central banks regarding the balance between hiking and the economy. I don't think we'll see that until around September...
It was a painful day for European stock market bulls on Wednesday as broad-based selling hit, despite a German CPI report that could pave the way for an earlier ECB pause.Stoxx 600 -1.1%German DAX -1.7%UK FTSE 100 -1.0%French CAC -1.7%Italy MIB -2.1%Spain IBEX...
The euro is at a new session low, down 83 pips to 1.0651. The pair had attempted to find support at the early-European low of 1.0660 and bounced from there but the selling resumed in the last 20 minutes.Month-end flows have been a factor this week but the economic...
It's all about the data today. In the past hour, we've seen the dollar drop on poor manufacturing data only to jump right back on strong job openings numbers.GBP/USD shows the round trip.That chart arguably understates the magnitude of the moves. On most charts, the...
OPEC members pumped 28.01m bpd in MayProduction fell 460k bpd after voluntary cuts took effectOutput is down 1.5 mbpd from SeptApril output was revised down 150k bpdNigeria, Angola and Iraq are producing materially under their voluntary and formal cuts. It could be a...
Prior was 9.59mHires 3.9% vs 4.0% priorSeparations rate 3.7% vs 2.5% priorQuits 2.4% vs 2.5% priorThe dollar has jumped on this report, which indicates that companies are still gung-ho to find workers. The market is pricing in a 62% chance of a June hike. I'm not a...
USDCAD below the 100 hour moving averageThe better-than-expected Canada GDP brings the Bank of Canada back in play after their conditional pause in rate hike's. That has the USDCAD moving lower.Technically, the price just broke below its 100 hour moving average at...
The US dollar is under broad pressure on manufacturing worries after a regional manufacturing survey plummeted. The pound is taking full advantage and has nearly erased today's decline.Sterling is also benefiting from comments from BOE hawk Catherine Mann, who said...
The major indices in the US are opening lower. The Dow Industrial Average is down for the 7th out of 8 trading days. NASDAQ index is also lower after 3 straight days of gains. The S&P index is back below its 100-week moving average at 4198.61S&P index is below...
The GBPUSD moved higher yesterday but could not sustain momentum and get above the 38.2% retracement of the May trading range. The inability to extend above that level was a big failure for the buyers. The sellers are back in control. The price decline today has taken...
Bank of Canada Governor Tiff Macklem will be doing some soul searching ahead of the June 7 rate decision.In January, the central bank hiked rates to 4.50% and said this:Governing Council expects to hold the policy rate at its current level while it assesses the impact...