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Good news is bad news for the moment but you can't sustain a rally on bad news for long; or at least until rate cuts are near.Closing changes today:Stoxx 600 +0.4%German DAX +0.2%FTSE 100 +0.7%French CAC +0.1%Italy MIB +0.3%Spain IBEX +0.05%UK FTSE 100 dailyMoneyMaker...
Both the S&P index and the NASDAQ index are trading to new session highs and are making new week highs as well. The S&P is trading to new highs going back to last Wednesday. The NASDAQ index is trading to the highest level since Tuesday of last week.In the...
The market is increasingly comfortable that the Fed has hit the terminal top and will cut rates by 100 basis points in 2024.US 10-year yields are down 10 bps to 4.22% today and Fed funds futures are implying a lower path from Powell ahead of Jackson Hole. The impled...
The USDCHF rose earlier in the session, but cannot extend above the high of a swing area between 0.8805 and 0.88273. The high price today reached between that area at 0.88163 before rotating back to the downside.The weaker US PMI data sent a price to new session lows,...
Prior was -5960KGasoline +1467K vs -888K expectedDistillates +945K vs +218K expectedRefinery utilization -0.2% vs +0.4% expectedAPI data late yesterday showed:Crude -2418KGasoline +1898KDistillates -153KOil has ticked higher on the headline, paring losses from...
Total employment lowered by 0.2%This is the preliminary estimate of March 2023 total employment with the final revision coming in early February. There had been some talk of 500K job losses so it's not quite as bad, but it's still a significant drop and softens US...
Prior was 697KSingle family sales +4.4% vs -2.8% priorMedian sale price $ 436.7K vs $478.2K a year ago (-8.7%) Supply months 7.3 vs 7.4 months priorThis is a solid report but the a couple things are growing more clear. 1) Home builders are cutting the size of homes...
It's now the USD turn to react to lower PMI. The US manufacturing and services PMI came in weaker than expected. The manufacturing came in at 47.0 versus 49.3. The services index dipperd to 51.0 from 52.2. The composite index remained just above the 50 level at 50.4...
> Eurozone August flash consumer confidence -16.0 vs -14.3 expected Early release of August eurozone flash PMI <!--> Adam Button Wednesday, 23/08/2023 | 13:49 GMT-0 23/08/2023 | 13:49 GMT-0 --> <!--> Prior was -15.1 ADVERTISEMENT - CONTINUE READING...
Buyers in the USDCAD took the price above a swing area between 1.3564 and 1.3585 after weaker Canadian retail sales. The buyers are making a play and potentially looking toward the extremes from April and May as the next key targets. If the price can stay above the...
Prior was 52.3Manufacturing 47.0 vs 49.3 expected (prior was 49.0)Composite 50.4 vs 52.0 prior"Cost pressures regained some momentum as the rate of input price inflation quickened on the back of greater fuel, wage and raw material costs."US firms were more upbeat in...
The major US indices are opening higher with modest gains across the board. US rates are lower ahead of flash PMI data coming out soon, followed by consumer confidence and a new home sales at 10 AM. Consumer confidence expected at -14.3 versus -15.1. New home sales...
The charts speak for themselves today:Eurozone services PMIUK services PMIThe market certainly noticed with the euro and pound both dropping today. The pound has fallen particularly hard as the market rethinks the need for rate hikes.In Canada, there were signs of...
Kickstart your FX trading day with a look at the EURUSD, USDJPY and GBPUSD from a technical perspective:EURUSD: The EURUSD has moved sharply lower after weaker PMI data. The price is testing its 200-day moving average at 1.0797. The last time the price moved below the...
Prior was +0.2%June advance reading was 0.0%Ex autos -0.8% vs +0.3% expected (prior was 0.0%, revised to -0.3%)July advance reading +0.4%June year-over-year sales -0.6% vs +0.5% priorSales ex autos y/y -3.3%Vehicle sales are the only thing holding up sales and I...
Some large Canadian retailers reported a failing consumer this summer in earnings and now it's time to see the official data. We get the June retail sales report today, which is expected to be flat but eyes will be on the July advance reading.The consensus on June is...
Ethereum, like his big brother Bitcoin, eventually fold as the big picture outlook is starting to look more and more bleak with global growth endangered by the Chinese ailing economy and lack of big stimulus from the authorities, and the “higher for longer” stance...
The strongest to the weakest of the major currenciesThe JPY is the strongest and the GBP is the weakest as the North American session begins.The USD is mostly, but moderately higher as US traders enter for the day.The flash manufacturing and services data was dumped...
Headlines:Markets:JPY leads, GBP lags on the dayEuropean equities mixed; S&P 500 futures up 0.16%US 10-year yields down 6.9 bps to 4.258%Gold up 0.4% to $1,904.34WTI crude down 1.4% to $78.51Bitcoin up 0.3% to $25,926It was all about the PMI data releases in...
European indices have pared their earlier gains as US futures also pull back from the highs earlier. At first, it seemed like the awful PMI data in Europe would have no impact on equities but we are starting to see some nerves creep up again now. Here's a snapshot of...