The major US stock indices are trading mixed in early US trading. The Dow Industrial Average is trading above and below unchanged. The S&P and NASDAQ index remain in negative territory. A snapshot of the market currently shows:Dow Industrial Average -9.23 points...
The ups and downs in the currency markets continue
The US session is seeing a move back lower in the US dollar after gains in the European session. The S&P manufacturing flash index came in weaker than expected 48.5 versus 50.0 although the services index was higher than expectations. New home sales were also...
US new-home sales for April 0.683M versus 0.665M estimate
Prior month 0.656M (revised from 0.683M previously reported)Sales of new single-family houses in April 2023 were at a seasonally adjusted annual rate of 683,000 versus 655,000 expectedThis is a 4.1% increase from the revised March rate of 656,000 and an 11.8% increase...
Richmond Fed Composite Index for May -15 versus -10 last month
Richmond Fed manufacturing activity indexPrior month -10For the full report CLICK HERERichmond Fed composite index -15services index -10 versus -23 last monthmanufacturing shipments -13 versus -7 last monthprices paid 4.95 versus 7.57 last monthprices received 5.39...
GOP negotiator Graves: I don’t think things are going well over debt ceiling talks
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,...
S&P/Global manufacturing PMI May 48.5 versus 50.0 expected
> S&P/Global manufacturing PMI May 48.5 versus 50.0 expected S&P Global manufacturing and services flash estimate for May 2023 <!--> --> <!--> Manufacturing PMI flash 48.5 versus 50 expected. Services PMI 55.1 versus 52.6 estimatecomposite...
Speaker of the House McCarthy: We are nowhere near a debt ceiling deal
The House Majority leader McCarthy spoke about making progress after the meeting yesterday. A summary: He described as "productive" and "professional," though no agreement was reached. According to McCarthy, the discussion's tone was more amicable than previous...
USDJPY makes new highs for the year, but momentum slows
The USDJPY moved to a new high going back to November 2022 in trading today, but could not maintain momentum. The price is rotated back to the downside ahead of the US stock market open. Technically, failure to extend hire is a disappointment, but if the price can...
Feds Logan: Does not talk on monetary policy or the economy
Dallas Fed Pres. Logan says:Speed of transactions has highlighted the need to manage liquidity risksEvery bank should be ready to borrow from the FedImportant that banks regularly test liquidity provision to make firms and system more resilientIf all banks regularly...
Apple announces a multiyear deal with Broadcom for chips for iPhone
Apple is announcing a multiyear deal with Broadcom for 5G chips and other components. It was thought that Apple might develop its own chip, but that is not the case.Broadcom shares are up sharply by 3.9%. Apple shares are trading down -0.54% in premarket trading.The...
EURUSD stretches toward the low from last week and away from 100 day MA. What next?
The EURUSD is stretching toward the low from last week and in the process of moving toward the low from last week. A move below that level and the 1.0750 level (swing low level from the daily chart) should open the downside for the pair as traders become more...
GOP Graves on debt talks: GOP and White House are still far apart on debt ceiling deal
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,...
Philadelphia Fed nonmanufacturing Index for May -16.0 versus -22.8 in April
> Philadelphia Fed nonmanufacturing Index for May -16.0 versus -22.8 in April Philadelphia Fed nonmanufacturing index for May 2023 <!--> --> <!--> Prior month -22.8Philadelphia Fed nonmanufacturing Index -16.0 versus -22.8 last monthfirm level...
Canada April producer price index -3.5% versus -1.8% expected
Canada PPI retraces the pandemic run upPrior -1.8%PPI YoY -3.5% versus -2.2% last month revisedPPI MoM -0.2% versus -0.1% last month (revised from a +0.1%)Raw material price index MoM 2.9% versus -0.9% last month (revised from -1.7%)Raw material price index MoM -10.8%...
The JPY is the strongest and the AUD is the weakest as the NA session begins
The strongest to the weakest of the major currenciesThe JPY is the strongest and the NZD is the weakest as the North American session begins. The JPY was the weakest yesterday with declines of -0.36% to -0.68% vs the major currencies with the NZDJPY the biggest mover...
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ForexLive European FX news wrap: Dollar begins to flex its muscles again
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.2%US 10-year yields up 2.9 bps to 3.747%Gold down 0.5% to $1,958.93WTI crude up 1.0% to $72.75Bitcoin up 1.6% to $27,331Euro area PMI data reaffirmed growth in the...
BOE’s Bailey: We are nearer to the peak on interest rates
Rate hikes must be conducted carefullyCannot try to fight inflation with very severe increase in ratesWe do have a challenge in how we communicateMeanwhile, BOE policymaker, Catherine Mann, is out saying that they can't make a judgment on peak interest rates yet....
Crypto attracts buyer interest, but reversal needs proof
Market pictureCrypto market capitalisation rose 1.4% over the last 24 hours to $1.138 trillion. After quiet trading on Monday, most gains came on Tuesday morning. The timing of the move is due to news on the US debt ceiling, where there is no deal yet, but Biden notes...
AUDUSD Technical Analysis
On the daily chart below for AUDUSD, we can see that the price has recently sold off from the top of the range and it’s now approaching the support at 0.6563. AUDUSD has been trading within this range since the Silicon Valley Bank collapse in March, so it hasn’t done...