IMF forecasts rarely make it onto the economic calendar but they can be market movers, especially the forecast regarding global growth.The estimates are released quarterly, with the prior edition from April 11 and showing:2023 global GDP +2.8% vs 2.9% in January2024...
Earnings start to heat up tomorrow with Alphabet and Microsoft scheduled to release
The impact of the earnings season will start to be felt a little more starting tomorrow with Microsoft and Alphabet/Google scheduled to release the earnings after the close. Before the open, Verizon, GM, 3M, GE, Raytheon will release earnings. Today Verizon announced...
WTI crude oil settles above the 200-day moving average for the first time since August
WTI crude oil settled above the 200-day moving average for the first time since August in a rare win for the bulls this year.The rally above the 200dma improves the technical picture for oil and doesn't leave much standing in the way to a return to the April high of...
Dow on its way to up day #11
The Dow industrial average is up about 220 points or 0.63% at 35447. A gain today would be the 11th consecutive update for the 30 industrial stocks. The biggest winner today is Chevron with a gain of 2.60%. Goldman Sachs and JP Morgan are both up over 2% on the...
Extremely crowded dollar-short position is tough to believe but might be an opportunity
EURUSD dailyThe latest CFTC weekly report on forex futures positioning data shows that US dollar net shorts are at a record, or at the widest since 2021, depending on who you ask. The net short position for the week ending July 18 rose 18% to 568,721 contracts.That's...
Goldman Sachs: We expect BOJ to tweak YCC this week, but see limited JPY rally
Goldman Sachs expects the Bank of Japan (BoJ) to make adjustments to the Yield Curve Control (YCC) at their upcoming meeting. However, the bank foresees a limited appreciation of the Yen following this adjustment, attributing the potential restraint to...
U.S. Treasury auctions off $42 billion over to your notes at a high yield of 4.823%
> U.S. Treasury auctions off $42 billion over to your notes at a high yield of 4.823% WI level at the time of the auction 4.820% <!--> --> <!--> High-yield 4.823%WI level at the time of the auction 4.82%Tail 0.3 basis points versus six-month average...
USDCAD falls back below the 100/200 hour MAs and that tilts the bias back down
The USDCAD traded in a narrow band last week of about 120 pips. The price closed near the highs and above the 30.2% retracement of the July trading range at 1.3204.In trading today, the Asian-Pacific session saw the price initially moved to the upside but stall ahead...
European equity close: UK leads the way while Spain lags
Closing changes for the main European bourses:Stoxx 600 +0.1%German DAX flatFrance's CAC flatUK's FTSE 100 +0.3%Spain's IBEX -0.4%Italy's FTSE MIB +0.2%The soft Eurozone PMIs didn't weigh too heavily on equities. The post-CPI momentum in UK equities...
China pledge to step up policy support underpins rally in oil and Chinese equities
Is genuine China stimulus finally coming?There has been a slow pivot in Chinese policy ongoing for the past two months but the market appeared to be frustrated with piecemeal offerings rather than broader stimulus. Inflation is low in China but policymakers have been...
AUDUSD trades up and down with a 200 day moving average stalling before today
The AUDUSD fell lower in the early Asian session, and in the process tested support targets near the 61.8% retracement of the move up from the July 6 low at 0.67117, and the 200-day moving average of 0.67175. The low price reached 0.6714 between those levels, and...
Bank of Canada survey higlights the expected end of rate hikes
The Bank of Canada today released its Q2 survey of market participants and this was the most-notable question. It indicated that the BOC's latest rate hike to 5% will be the last and that the 24% chance of a hike priced in for September will dwindle.The gradual return...
GBPUSD sellers reestablish control after move higher fails
The GBPUSD is lower on the day after a move back above the 50% retracement in the European session (at 1.2866). The price has rotated back to the downside funding support near the 1.28000 level, but staying below the 50% midpoint level as well.In trading today, it...
Oil breaks through the 200-day moving average and runs. Levels to watch
The oil market last week ended on a technical cliffhanger with crude flirting with the 200-day moving average. Then at the open today, it backed off, falling 50 cents in early trading in what looked like a rejection.The mood has shifted though despite weak PMIs...
USDJPY trades above and below the 50% midpoint of the move down from the end of June high
The USDJPY moved higher on Friday and in doing so extended above the 50% midpoint of the move down from the June 28 high to the July 14 low. That level comes in at 141.149. The price has traded above and below that level in trading here today. The US PMI data came out...
US July flash S&P Global services PMI 52.4 vs 54.0 expected
Prior was 54.4Manufacturing 49.0 vs 46.2 expectedComposite 52.0 vs 53.2 priorThe fall in the services index ends a streak of five months of improvement while manufacturing improved close to the 50 mark. The services one is a much larger part of the US economy and the...
US stocks higher. Gains led by the broader indices
The major indices are higher led by the broader NASDAQ and S&P index. The Dow Industrial Average is also higher although lagging a bit. The Dow has trying to close higher for the 11th consecutive trading day. A snapshot of the market currently shows:Dow Industrial...
EURUSD lower but off the low. Some decent support holds.
The EURUSD fell lower on the back of weaker PMI data out of Europe. The price fell below the 38.2% retracement at 1.1106 on its way to a low price of 1.1064. That low stalled within a swing area on the 4-hour chart between 1.1062 and 1.1075, and ahead of the 50%...
US stock futures nudge higher ahead of a big week
US stock futures are modestly higher ahead of the weekly open. Today's earnings from Dominoes were notable as the company said that during Q2, their average price increase was 3.9%. That's a sign that inflation is still too high.The main events this week are the...
Eyes on the US after European PMIs slump
Here's the story on the PMIs so far today:UK July flash services PMI 51.5 vs 53.0 expectedEurozone July flash services PMI 51.1 vs 51.5 expectedGermany July flash manufacturing PMI 38.8 vs 41.0 expectedFrance July flash services PMI 47.4 vs 48.4 expectedJapan Jibun...