NZDUSD stalls ahead of 100 day MA todayThe NZDUSD moved to a new high for the weekend in the process extend above the 38.2% retracement of the move down from last week's high to last week's low. That level comes in at 00.6258. That high price stalled against the high...
Atlanta Fed GDPNow tracker rises to 2.9% from 2.6% yesterday
Atlanta Fed GDPNow tracker risesThe Atlanta Fed GDPNow tracker for 2Q growth rose to 2.9% from 2.6% yesterday. That is the highest level for the Q2 growth from the Fed 's model. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted...
USDJPY keeps stretching higher helped by yields
USDJPY above the 200 day MA and looks toward highsThe USDJPY is stretching to new session highs and in the process is working toward the May 2 high of 137.767. Above that level and the high price from March 8 would be targeted at 137.91. That is the high price for the...
European equity close: UK lags again
Stoxx 600 -0.2%UK FTSE 100 -0.4%German DAX +0.3%French CAC -0.1%Italy MIB flatSpain IBEX +0.2%The FTSE is underperforming on worries about stagflation. Yesterday's job data was soft and today Bailey highlighted ongoing risks of a wage-price spiral.UK FTSE 100...
Biden speaks on debt ceiling: Says he’s confident on agreement
Supposedly, one of the reasons for the better tone in markets today is that Republican comments on the debt ceiling have been more constructive. I think anyone truly worried about the debt ceiling needs their head checked. It's been passed 78 consecutive times without...
EURUSD on the 5-minute intraday chart, stays below falling 100 bar MA
In the morning video, I spoke of the key support in the EURUSD ahead of the 100-day MA and 50% midpoint of the move up from the March 15 low. Both those levels come in at 1.0805. You can watch the short video here:Since then a new low was made at 1.0895 which stayed...
EIA weekly crude oil inventories +5040K vs -920K expected
Prior was +2951KGasoline -1381K vs -1060K expDistillates +80K vs +57K expRefinery utilization +1.0% vs +0.5% expProduction estimate 12.2mbpd vs 12.3 mbpd priorThe API data released late yesterday showed:Crude +3690KGasoline -2460KDistillates -886KCushing +2870KWTI...
USDCHF moves above 0.9000. Can it stay above?
USDCHF bases against the 100 hour MA todayThe USDCHF is trending higher today. Looking at the hourly chart above, the technical "go-ahead" came after the pair tested its rising 100-hour moving average in the Asian session and found willing buyers. That started the...
USD/CAD goes on a 50-pip round trip. What’s next.
USDCAD 10 minUSD/CAD took a dive early in North American trading but has bounced right back. That goes with a similar move in oil and stocks. For crude, the weekly US inventory data is due at the bottom of the hour and that could producer more volatility.Yesterday,...
US stocks are trading higher erasing some of the declines from yesterday
The major US stock indices are trading higher in early US trading. The S&P and Dow are raising some of the comments from yesterday. The NASDAQ is doing better than the decline from yesterday. The Dow industrial average has been down 6 the last 7 days and for the...
US regional bank shares pop after Western Alliance reports deposit growth
The broader equity market and risk aversion is getting a lift from US regional banks. Shares of Western Alliance Bancorp (WAL) are up 13% after the company reported that deposits have grown by $2 billion this quarter (up to May 12).Earlier this week, shares of PacWest...
GBPUSD rebounds after a break below downside target fails
The GBPUSD is bouncing higher erasing the declines seen into the London session. The move takes the pair back toward the 100-hour moving average where there should be resistance. A swing area is also near that level (just ahead of natural resistance at...
The Midweek Update: 17 May 2023
Dollar bulls take control midweek as the DXY benefits from a broadly risk-averse investor sentiment. Dollar The Greenback rolls into midweek retreating from a monthly low to set the highest price for the month of May thus far. Factors driving this renewed optimism in...
Major US indices set to open higher
The major US stock indices are rebounding in trading today on hopes that there will be a debt deal. Pres. Biden and congressional leaders met yesterday at the White House with somewhat positive comments that a deal could be hashed out. House Majority Leader McCarthy...
USDJPY makes a break for it…
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,...
EURUSD sniffs key support target and finds early buyers
The EURUSD extended to a new low going back to early April and in the process has moved closer to key support defined by the 100 day moving average and 50% retracement of the move up from the March 15 below. That level comes in at 1.0805. The low price today reach...
Reuters Poll: 65% expect Fed funds to be at 5% – 5.25% at end of year
A Reuters poll of economists shows:65% expect the Fed funds rate to be at 5% – 5.25% at the end of the year (75 of 116)73% expect the US to fall into recession this year ( 34 of the 46)54% see the US default over debt ceiling is higher than previous standoffs (22 of...
US housing starts for April 1.401M vs. 1.400M estimate
Housing starts dipPrior report 1.420M revised lower to 1.371MHousing starts 1.401M vs 1.400M estimate.Building permits 1.416M vs 1.437M estimate. Prior month was revised to 1.437M from 1.430M previouslybuilding permits fell -1.5% versus -3.0 revised last month.It is...
House Speaker McCarthy: We have a structure to find a way to come to a conclusion
US House Speaker McCarthy speaking on CNBC:I'm going to spend all my effort to make sure we get the job doneWe have the opportunity to find a common ground but only a few days to get the job doneThe only thing I'm confident about is now we have a structure to find a...
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