San Francisco Fed Pres. Mary Daly comments:Prudent to refrain from commenting on Fed policy actionDeclined to say what Fed should do at June meetingWants to see if policy tightening is affecting economyBanking stress have a calm, banks are in solid shapeFed must be...
GBPUSD sellers try to take more control in up and down day
The pattern of late in the GBPUSD is that the moves above the 100 hour MA have FAILED. That gives the sellers more control as long as the price can remain below that MA level. When looking at the 4-hour chart, the last move higher on Friday also tested a key 200 bar...
ECB’s Villeroy: Primary question today is not how much further to hike rates.
Primary question today is not how much further to hike rates, but how large the pass-through of what is already in the pipeIn current tightening cycle, the lag in policy transmission may be at the upper end of 1 – 2 year range. I expect today that we will be at the...
Federal Reserve Survey: Higher prices have negatively affected most households
A fed survey of US households reports:A decline in financial well-being from a recent Fed survey of consumersHigher prices have negatively affected most householdsOne-third of households cited inflation as their main financial challenge73% of respondents say they were...
McCarthy not positive above debt limit negotiations
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,...
Biden/McCarthy now meeting at 5:30 PM
The proposed Biden/McCarthy meeting will now take place at 5:30 PM ET an hour later than the earlier time of 4:30 PM ET.Meanwhile social media reports suggest a large explosion near the Pentagon complex in Washington DC. Stocks moved lower with the Dow industrial...
Euro zone consumer confidence flash at -17.4 in May versus -16.8 estimate
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,...
NASDAQ index extends to a new high for the year (and going to August 2022)
NASDAQ index extends to a new high for the yearThe NASDAQ index has pushed higher. It leads the way with a gain of about 0.53% (up 67 points at 12724.16 currently). Meanwhile, the S&P is near unchanged at 0.07% while the Dow industrial average is down -0.36%. The...
Biden/McCarthy meeting to be at 4:30 PM ET in the White House (well scheduled….)
While staffers meet on Capitol Hill, a scheduled Biden/McCarthy meeting is penciled in at 4:30 PM ET. That sounds so predictable, but I would not be surprised if there are some snags as each side gets their last political "I am being tough" posturing in before they...
Major US indices are little changed in early Monday trading
The major stock indices are mixed/little changed in early US trading:Dow Industrial Average is down -7.0 points are -0.02% at 33419S&P index is up 4.29 points or 0.11% at 4196.94NASDAQ index is up 20 points or 0.17% at 12679Russell 2000 is up 6.55 points or 0.37%...
White House Debt Ceiling team arrives on Capitol Hill
Not market moving, but the White House debt ceiling team has arrived on Capitol Hill to start discussions. Pres. Biden is back in town, and my guess is talks if successful (or even not), will move from Capitol Hill to the White House where the bigwigs (Biden,...
USDJPY buyers make a play again. Can the buyers keep the control?
The buyers in the USDJPY are making a play as Fed's Bullard speaks more hawkishly. The price is above a swing area on the 4-hour chart and also a swing area on the daily. The high from last week is eyed at 138.74. If the buyers can stay above the swing area support,...
Unveiling the Future: How Forex Is Surpassing Bitcoin
The forex and crypto markets are two popular financial markets with a combined market capitalization worth over US$ 7 trillion. Cryptocurrency trading only became popular over the last decade but has grown in leaps, led by Bitcoin, the first and most valuable...
EURUSD makes another try above its 100 hour MA, but Bullard slows rise.
EURUSD trades back above 100 hour MAThe EURUSD has extended above its 100-hour moving average at 1.08215 for the 2nd time today. Late in the London morning session, the price moved above that moving average but backed off. The modest fall to price back to the 100-day...
Fed’s Bullard (non-voter)
Base case remains relatively slow growth for the rest of the year and into 2024Recession arguments are overstatedThe September median of the Fed funds target of 5.11% (dot plot) was based on slow growth and inflation improvements that have not occurredThe Fed will...
Micron estimates impact of China ban to be low to high single digits
Micron Technology, is speaking at a JPMorgan conference, estimated that the recent decision by China's Cyberspace Administration (CAC) could affect its total revenue by a low to high single-digit percentage. The company clarified that smartphones are not included in...
The CHF is the strongest and the AUD is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe CHF is the strongest and the AUD is the weakest as the North American day (and week gets started). For today, U.S. President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet to negotiate an...
ForexLive European FX news wrap: Dollar mixed in quiet start to the week
Headlines:Markets:CHF leads, JPY lags on the dayEuropean equities lower; S&P 500 futures flatUS 10-year yields flat at 3.678%Gold down 0.2% to $1,972.01WTI crude up 0.1% to $71.62Bitcoin down 0.1% to $26,803It was a quiet session for the most part with a lack of...
Fed’s Kashkari: It’s a close call on whether to raise or pause in June
Not seeing evidence that banking stress is doing Fed's job on inflationFed has to keep going in battle against inflationServices inflation seems "pretty darn entrenched"It may be that we have to go north of 6% but that isn't clear yetThere seems to be some differing...
Gold waits on dollar direction for next move
Similar to EUR/USD and USD/JPY last week, it looked like gold was facing a technical break lower as price fell through the support region of $1,975-81. However, with the dollar getting checked back on Friday and in trading today, we are seeing price action consolidate...