The NZDUSD has moved lower in trading today. The move comes ahead of the QoQ CPI data that will be announced in the new trading day in New Zealand. The expectations are for a gain of 0.9% versus 1.2% last quarter.Technically, the price moved briefly below it to...
Atlanta Fed GDPNow Q2 tracker rises to 2.4% from 2.3%
Atlanta Fed GDPNow estimate for Q2 growthThe Atlanta Fed GDPNow Q2 growth estimate moves up to 2.4% from 2.3% on July 10. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.4 percent on...
Microsoft trading higher after announcing AI Chatbot pricing.Shares trade to new AT high
Microsoft is trading sharply higher after announcing AI Chatbot pricing. Chatbot is to be included within the Microsoft office library. The cost will be $30 per month more for Office subscribers.Microsoft shares are trading up $15.81 or 4.57% at $361.78.The gain...
GBPUSD breaks below 100 hour MA. The 2nd break below today. Can the sellers push lower?
GBPUSD falls back below the 100 hour MAGBPUSD sellers are currently exerting pressure as the price falls below the 100-hour moving average (blue line in the chart above), which is at 1.3076. Earlier today, the price briefly dipped below this moving average after the...
European equities surge in late trading as global yields fall
The intraday chart of the Stoxx 600 shows how it was a ho-hum day until the last 90 minutes of trade as yield fell and stocks caught a steady bid.stoxx 600 5 min chartStoxx 600 +0.7%German DAX +0.4%French CAC +0.4%Italy MIB +0.4%Spain IBEX +0.2%US stocks are at...
The USDCHF sellers remain in control from longer and shorter term perspective. Here’s why.
The USDCHF sellers remain in control from a longer and shorter-term perspective.USDCHF more bearish on the weekly chartLooking at the weekly chart above, the price for the USDCHF broke below its 2021 low-level last week at 0.87568, and has remained below that level...
Gold shines as yields fall, nearing $2000 mark
Gold daily chartChinese reports of rates cuts and stimulus are helping to lift commodities today and gold is riding that momentum to a $28 gain to $1982.It's also getting help from the bond market as European yields tumble and US rates follow them lower. The market is...
USDCAD buyers had their shot above 200H MA/50% retracement and missed.Its the sellers turn
USDCAD up and down tradingThe USDCAD has seen buyers in the early North American session take the price higher and above its 200-hour moving average of 1.32314, and 50% midpoint of the move down from the July 6 high at 1.3239. The high price reached 1.32424, but could...
AUDUSD consolidates with technical levels defining the up and down range.
The AUDUSD is consolidating in up-and-down trading. On the downside, a swing level of 0.6786 followed by the 38.2% retracement of the move up from the July 6 low at 0.67814, is providing the support (see red number circles and the retracement level). On the topside,...
Italian 10-year yields fall to 4.0%
Have a look at the chart of Italian 10-year yields:BPTsThat is a massive wedge shaping up and we're now back testing the downside. The 17 bps drop today is part of a 41 bps drop in the past six trading days.German bund yields are also down 10 bps today as the market...
US business inventories for May +0.2% versus 0.2% expected
Inventories to sales ratioPrior month 0.2% revised to 0.1%Business inventories 0.2% versus 0.2% expectedRetail inventories ex-autos -0.1% versus -0.3% last monthIn May, the combined value of distributive trade sales and manufacturers' shipments reached an estimated...
US July NAHB housing market index 56 vs 56 expected
NAHB housing market indexPrior was 55Details:Current single family home sales 62 versus 61 in JuneHome sales over next 6 months 60 versus 62 in June Index of prospective buyers 40 versus 37 in JuneSome angst about mortgage rates may have crept back into this series...
USDJPY consolidates but below the 100 hour MA at 138.457
The USDJPY has tried to move above its 100 hour moving average at 138.457 (blue line in the chart below). The price moved above that moving average during trading yesterday, and could not sustain the momentum. Today, the price tried again but again failed. Getting and...
BOJ’s Ueda: Still some distance to sustainably achieve 2% inflation target
BOJ has been patiently maintaining easy policyUnless our assumption on need to sustainably achieve 2% target changes, our narrative on monetary policy won't changeThis doesn't sound like a guy who wants to change YCC at the end of the month. The yen is falling on the...
Major indices trading lower in early US trading
The major US stock indices are trading lower in early trading. The declines are led by the NASDAQ index which is down around -0.3%. The Dow industrial average which is on a 6-day winning streak is trading above and below unchanged. A snapshot the market currently...
GBPUSD consolidates and tests the 100 hour MA at 1.3072 area. Key technical barometer.
The GBPUSD has been trading up and down today and consolidated the gains after reaching a high on Friday in the pair near the low of a swing area on the daily chart. The US session low has so far tested it rising 100-hour moving average of 1.30729. The price of the...
US May industrial production -0.5% versus 0.0% expected
Prior was -0.2% (revised to -0.5%)Manufacturing output -0.3% vs 0.0% expectedPrior output +0.1% (revised to -0.2%)Capacity utilization 78.9% vs 79.5% expectedThis is a soft reading that takes the shine off the strong retail sales data earlier. It's certainly a...
US dollar climbs after beat on the retail sales control group
Underlying momentum remains strong for US consumers and that's helped to lift the US dollar today, threatening an eight-day winning streak for the euro.EUR/USD was trading at 1.1256 ahead of the report but has fallen to 1.1229, down slightly on the day.EURUSD daily...
EURUSD consolidates after reaching a key retracement target. What next?
The EURUSD has chopped to a new high for the year and in doing so extended up to test the 61.8% retracement of the trading range for the pair since the 2021 high. That level comes in at 1.1274. The high price today reach 1.12749 just one PIP above that target level....
Canada June CPI 2.8% y/y versus 3.0% expected
Prior was 3.0%CPI m/m % vs +0.3% expectedPrior m/m reading was 0.4%Gasoline prices -% vs -18.3% y/y in prior month Gasoline prices % m/m vs -0.8% prior monthEx gasoline +4.0% y/y vs +4.4% priorFood +8.3% y/y vs +8.3% y/y priorMortgage interest costs 30.1% y/y vs 4.9%...