The decision was expected by markets:From RBC's response, analysts at the bank note that while headline CPI has slowed, the BoC's preferred core measure remains persistently above the 2% target. Inflation is likely to gain in the near term: Wage growth is still...
UBS forecasts the S&P 500 to as high as 4700
S&P 500 forecasts from analysts at UBS:in Q4 the index will remain rangebound, hitting 4500 by the end of 20234700 by June of 2024UBS say that:resumption of student loan paymentsa cooling labour marketthat will both weigh on economic growth.On profit expectations...
US to cancel Alaska oil, gas leases issued in a federal wildlife refuge under Trump
Info comes via Reuters reporting on a decision by the US Interior Department.said it would cancel oil and gas leases in a federal wildlife refuge that were bought by an Alaska state development agency in the final days of former President Donald Trump's administration...
Private oil survey data shows larger than expected draw for the headline crude number
The inventory data from the private survey is out now, official data (usually) comes out on Wednesday morning (US time), but this week due to the holiday Monday it'll be Thursday morning.--Expectations I had seen centred on:Headline crude -2.1 mn barrelsDistillates...
Economic calendar in Asia 07 September 2023 – China trade data, RBA Gov Lowe speaking
Chinese trade data for August is due today. Its listed at 0300 GMT but that time is variable for this data point, any time around there is a good bet. The July trade data was awful, both imports and exports fell. We had a special guest poster covering that last...
Trade ideas thread – Thursday, 7 September 2023
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,...
Forexlive Americas FX news wrap: US services sector continues to shine
Markets:Gold down $9 to $1916US 10-year yields up 3.1 bps to 4.30%WTI crude oil up $0.99 to $87.68S&P 500 down 34 points to 4468EUR leads, GBP lagsThe overall moves in the FX market today weren't large but there was significant movement under the surface. It...
Does Xi skipping the G20 signal a challenge to his leadership?
Yesterday's blockbuster column in Nikkei touched on some sensitive issues in China. The weekly column on China from Katsuji Nakazawa has a mixed history but if this one is true, it would mean that Xi Jinping is under some real pressure.The column argues that Xi's...
Oil climbs for the ninth consecutive day
OIl dailyOil is getting harder to ignore, both as a macro factor and for its own sake. WTI settled up 85-cents today to $87.54. It's another high settlement dating back to November.The breakout from the 2023 range has been confirmed now and the only question is where...
Beige Book: Most Districts indicated economic growth was modest
Most Districts indicated economic growth was modest during July and AugustConsumer spending on tourism was stronger than expected but other retail spending continued to slow, especially non-essentialSome Districts highlighted reports suggesting consumers may have...
Fed’s Beige Book coming up next
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,...
Credit Agricole: Is 148 the line in the sand for Japan’s MOF to intervene in USD/JPY?
Masato KandaCredit Agricole explores the rising tensions surrounding the USD/JPY exchange rate, particularly in the wake of strong warnings from Japan's Vice Minister of Finance, Masato Kanda. The report considers whether a move to 148 in USD/JPY could compel the...
S&P 500 decline extends to 1%. Head and shoulders pattern emerging?
It's been a one-way trade in the US stock market since the strong ISM services reading and it's continuing. Last week, I highlighted the possibility of a head-and-shoulders pattern shaping up on the S&P 500 and today's drop adds to the case.We're still a long ways...
Senate votes to confirm Philip Jefferson as Fed vice chair
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,...
European equity close: A break to the downside?
Closing changes:Stoxx 600 -0.6%German DAX -0.2%UK FTSE 100 -0.2%French CAC -0.8%Italy MIB -1.4%Spain IBEX -0.8%I've been carefully watching the Stoxx 600 for the past week or so as it rang off a series of doji stars on the chart. Today it broke to the downside but...
Nasdaq falls 1.2% as the ‘good news is bad news’ mode hits
Nasdaq Comp dailyThe Nasdaq Composite is down 1.2% and trading at the lows of the day. The selling acclerated after a strong US services survey from the Institute for Supply Management. Rather than cheering a resilient economy, the market is fretting about higher...
ECB’s Visco: Interest rates have gone where they needed to go
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,...
November Federal Reserve hike pricing rises above 50%
Jerome Powell studying the calendar (AI image)Federal Reserve pricing now suggests a 52% chance of a hike at the November 1 meeting, up from 40% earlier in the week. The jump comes after a surprisingly strong ISM services survey showed an acceleration in August,...
US August ISM services 54.5 vs 52.5 expected
> US August ISM services 54.5 vs 52.5 expected August 2023 US services survey from the Institute for Supply Management <!--> Adam Button Wednesday, 06/09/2023 | 14:00 GMT-0 06/09/2023 | 14:00 GMT-0 --> <!--> US ISM Services PMI ADVERTISEMENT -...
Bank of Canada holds rates at 5.00% as expected
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,...