The Dow industrial average is set to open lower for the 4th consecutive day while the S&P and NASDAQ are adding to their declines from yesterday's trade. Futures are currently implying:Dow industrial average -86 pointsS&P index -20 pointsNASDAQ index -87...
BOE Bailey says projections show government will meet inflation target this year
BOE head Bailey is speaking on the economy and says:Our projections show government will meet inflation target this yearWill not speculate on where April inflation data leaves us in terms of forecasts (below the forecasts perhaps)Quite a lot of inflation is...
For what it is worth….McCarthy says debt ceiling talks are still productive
The folly continues with McCarthy (for what it is worth) saying that debt ceiling talks are still productive. He adds that negotiators will get together on Wednesday morning (but he has not spoken with Biden since Monday). Earlier McCarthy signaled that he'd like to...
EURUSD sellers had their shot. Buyers had their shot. Both are bad shots so far.
Sellers tried to push the EURUSD to new lows and below a floor and key swing area but failed. The snapback rally the price back to the falling 100-hour moving average . That, along with the 100-day moving average of 1.0813 and the following 200-hour moving average of...
Bank of America now sees three more Bank of England rate hikes
There has been a parade of boosts to Bank of England rate hike forecasts today following hot inflation data. The CPI report showed prices up 8.7% y/y compared to 8.2% expected.Bank of America is the latest to raise their estimate of the terminal rate as they now see...
Fed’s Waller and the FOMC minutes highlight the economic calendar
The US economic calendar today is a light one but includes a big speech from the Fed 's Waller at 1210 pm ET. He's speaking on the economic outlook at a conference held by the University of California Santa Barbara. It comes at a time when the Fed funds futures market...
The JPY is the strongest and the NZD is the weakest as the NA session begins
The strongest to weakest of the major currenciesThe JPY is the strongest and the NZD is the run-away weakest of the majors as the North American session begins. The NZD has tumbled lower after the RBNZ raised rates by 25 basis points, with debate between unchanged and...
ForexLive European FX news wrap: UK core inflation runs hot
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 2.5 bps to 3.675%Gold up 0.3% to $1,981.22WTI crude up 1.7% to $74.14Bitcoin down 1.8% to $26,727The UK CPI data was the main highlight in...
US MBA mortgage applications w.e. 19 May -4.6% vs -5.6% prior
Prior -5.7%Market index 205.0 vs 214.9 priorPurchase index 158.3 vs 165.4 priorRefinance index 443.0 vs 468.2 prior30-year mortgage rate 6.69% vs 6.57% priorA surge higher in rates in the past week weighed further on mortgage applications with both purchases and...
Dollar stays in favour as equities slump
S&P 500 futures are now down 16 points, or 0.4%, with major European indices posting losses of around 1.5% to 1.8% at the moment. The sour mood is keeping the dollar underpinned, with the currency stretching gains now on the session.EUR/USD is down 0.2% to session...
German economy to post modest growth in Q2 – Bundesbank
German economy to grow modestly in Q2Easing supply bottlenecks, fall in energy prices to support industry recoveryThis should also support exports, especially since global economy has regained some momentumPrivate consumption still likely to stagnatePrice growth to...
UK May CBI trends total orders -17 vs -20 prior
The order book balance is still rather subdued, even if the headline reading is a three-month high. It is still tracking below the historic average of -13 with export order balance falling sharply to -26 from -9 in the previous month. That said, UK manufacturers are...
Mastering the Art of Safe and Sustainable Trading: Key Strategies for Traders
Education and awareness are paramount to success in finance and trading. Regardless of their experience level, every trader can benefit from mastering the art of safe and sustainable trading. In this article, we will delve into key strategies and practices that...
China president Xi says wants to take Russia cooperation to a higher level
Wants to increase collaboration with Russia on investment, trade, economyThis comes as he meets with Russian prime minister Mishustin in Beijing. The visit by Russian officials to China is a symbolic one, as it reaffirms that both countries are still keeping close...
Is Rivian ready for a comeback? Stock forecast for the next 12 months
Rivian is a hyped electric car stock that has been in endless fall since its IPO. But the company’s new financial report pushed analysts to consider that the worst might be behind Rivian. Let’s try to examine if this is the moment when we can invest in stock on the...
Innovative Financial Trading in Africa with JustMarkets
An innovative force in the global trading scene for over a decade, JustMarkets has earned its reputation as a reliable and creative broker firm. Its customer-centric approach has garnered the attention of industry insiders and financial leaders, especially during the...
Crypto Hits the Ceiling
Market pictureThe crypto market lost 1.8% over the past 24 hours to $1.120 trillion, returning to Monday's levels. The growth momentum of the previous day was not supported by the new portion of bad news about the debt ceiling, which launched a pull from risky...
Ifo economist: German economy heading towards stagnation in Q2
German economy is treading waterStrong collapse in expectations in industry is strikingIndustry export expectations have fallen markedlyRate hikes have appeared to dampen demandAs evident from the PMI data, the manufacturing sector - which Germany relies mostly upon -...
Germany May Ifo business climate index 91.7 vs 93.0 expected
Prior 93.6; revised to 93.4Current conditions 94.8 vs 94.8 expectedPrior 95.0; revised to 93.1Expectations 88.6 vs 91.9 expectedPrior 92.2; revised to 91.7This marks the first drop in the headline reading since October last year as German economic conditions begin to...
AUD/USD on the brink once more
AUD/USD daily chartAmid a negative turn in risk sentiment and the kiwi also stumbling lower post-RBNZ, the aussie is finding it tough to stay afloat with AUD/USD now down 0.6% to 0.6570 on the day.The pair is now contesting the March and April lows at around the...