WTI crude futures are selling at $71.86. That's down $0.97 or -1.33%. The high-priced rate reached $72.97. The low price was $71.52.Looking at the chart, the price settled just below the 200-hour moving average at $71.88. The 100-hour moving average at $71.23. Going...
NZDUSD retraces to swing area. What now?
NZDUSD fall below 100 hour. Seller take control.The NZDUSD traded up and down during yesterday's trade. The low for the day stalled against an upward-sloping trendline. Highs for the day stalled within a swing area between 0.6258 and 0.6273. The price high from...
WSJ Timiraos: Outlines debt limit impasse playbook
The WSJs Timiraos, in an article outlines the "loathsome" playbook in the event of a Debt-ceiling standoff. The expectations are that we don't get to that point but you never know.Potential actions from the Fed include Buying Treasurys shunned by investors due to...
GBPUSD continues move lower. What would ruin the trend move now?
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,...
Senate Majority Leader Schumer: Debt talks are moving forward
US Senate Majority Leader Schumer:Debt ceiling negotiations are making progressSenators should be ready to return to Washington within a 24-hour period during next week's recess as debt ceiling talks move forwardPres. Biden has traveled to Japan to participate in the...
EURUSD makes new lows
EURUSD falls away from its 100 day MA/50% retracementThe EURUSD is trading to new session lows and in the process is running further away from its 100-day moving average. In the morning video on the EURUSD, I spoke to the breaking of the 100-day moving average and the...
Feds Bullard: Higher rates are insurance against inflation. Leaning toward a June hike.
St. Louis Fed Pres. James Bullard in a Financial Times interview is leaning toward a hike in June:higher rates are insurance against inflation he will keep an open mind going into June meeting but is inclined to another hikefall in treasury yields offsets banking...
US 30 year mortgage rises to 6.39% from 6.35% last week
Freddie Mac is out saying that the 30-year fixed rate mortgage rose to 6.39% from 6.35% in the prior week. Existing home sales this morning fell -3.4% to 4.28M annualized rate from 4.43M last month. The problem in the housing is supply. The months supply of housing...
European stock indices close higher. German DAX closes at a new 2023 high.
The European stock indices are closing higher with he German Dax leading the way. That index is closing in a new 2023 hi and at the highest level going back to January 2022. The all-time high price reached 16290.19 in November 2021. The price today closed at 16163.37...
BOC Macklem. Far too early to be thinking of interest rate cuts. USDCAD tests key target.
Bank of Canada System Review was released earlier. Some highlights:The Bank of Canada (BoC) expresses increased concerns about households' ability to service debt due to higher borrowing costs compared to 2022.A rise in households facing financial pressure is...
AUDUSD moves to new session low and new low for May 2023
The AUDUSD has been stepping lower since peaking last week. The corrective moves higher have been finding willing sellers against the falling 100 hour moving average . That has kept the sellers more in control. In trading yesterday and again today the price moved up...
GBPUSD stayed below a key hourly MA today and that gave sellers the go-ahead to push lower
The GBPUSD moved below the 100 hour moving average late in the day yesterday after a break above a failed. In trading today in the Asian session, the high found the sellers against that moving average, and it gave the sellers the go-ahead to push to the downside.That...
Politico: McCarthy says he thinks an eventual debt bill needs to be on floor next week
From Politico's Jake Sherman on debt ceilingWe are not there. I see a path"I just believe where we were a week ago and where we are today is a much better place because we've got the right people in the room discussing it in a very professional manner with all the...
US existing home sales for April 4.28M versus 4.30M estimate
Existing home sales dips in AprilPrior month 4.44M revised to 4.43MUS existing home sales 4.28M vs 4.3M estimateInventory of homes for sale at 1.04 million, up 1% from the year before2.9 months of supply. Six-month is considered a balance marketExisting home sales...
US leading index for April -0.6% vs -0.6% expected
Leading economic index pointing toward recessionPrior month -1.2%The Conference Board Leading Economic Index® (LEI) for the U.S. fell by 0.6% in April 2023 to 107.5 (2016=100), following a 1.2% decrease in March.The LEI showed a 4.4% decline over the six-month period...
Fed Insider Timiraos: Fed members suggest June rate rise will be a close call
Fed insider/watcher from the WSJ Nick Timiraos is out with an article outlining comments from Fed to Logan from this morning where she said "We aren't there yet"Timiraos says:Federal Reserve officials suggest that the decision to raise interest rates at the next...
Feds Collins: Falling minority unemployment rates promising for the economy
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,...
The major stock indices are trading mixed in early US trading
The barbell of the major stock indices is back in play today with the Dow Industrial Average lower. The S&P near unchanged, and the NASDAQ index is marginally higher.A snapshot of the market 8 minutes into the open and showing:Dow Industrial Average -88.30 points...
The USDJPY breaks to the upside after Fed Logan comments
The USDJPY is trading and breaking to the upside after Fed's Logan said that the data does not support a pause in June. The move to the upside has taken the price away from its 200-day moving average and above a swing area between 137.499 and 138.139. The price is...
Oil Steady But Outlook Remains Cloudy!
The ascent in the Oil prices has stalled for now and USOIL is a tad lower on the day currently at $72.66 per barrel, UKOIL at $76.78. Markets are increasingly confident that an agreement on the US debt ceiling can be found, which has helped to bolster risk appetite....