The major European indices closed higher on the day. A snapshot of the closing levels shows:German DAX, +0.45%Frances CAC, +0.45%UK's FTSE 100, +0.23%Spain's Ibex, +0.04%Italy's FTSE MIB, +0.28%in other markets as European traders look to exit:crude oil is down $0.18...
EURUSD extends above swing area high at 1.09759
EURUSD moves above swing area. Stay above is bullish.The EURUSD is trading to a new session high as European traders look to exit for the day. The price has now moved above a swing area between 1.09618 and 1.09759 (see red numbered circles). That swing area has been...
A nice bounce in the GBPUSD. Retracing the declines of the day.
The GBPUSD move down to test its 100 hour moving average 1.27456. See the video below:The low price reached 1.2749 and found willing buyers against that moving average level. A swing area was also entered between 1.2738 and 1.2759. Buyers leaned against support (see...
BOE’s Bailey: UK inflation is unacceptably high, but expected to decrease significantly
The current preoccupation is inflation.Inflation is unacceptably high.The aim is to bring inflation down to the 2% target.Headline inflation is expected to decrease significantly over the rest of the year.Enhanced digitalization should not be used significantly to...
Feds Daly: US economic momentum continues to surprise
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Feds Mester: Fed will need to tighten somewhat further to lower inflation
> Central Banks > Feds Mester: Fed will need to tighten somewhat further to lower inflation Central Banks Cleveland Fed Pres. Loretta Mester speaking <!--> --> <!--> --> Fed will need to tighten somewhat further to lower inflationFed policy...
New York Fed one year ahead expected inflation at the lowest level since April 2021
> Central Banks > New York Fed one year ahead expected inflation at the lowest level since April 2021 Central Banks New York Fed inflation for June <!--> --> <!--> --> One year ahead inflation at 3.8% in June versus 4.1% in May. The lowest...
Feds Barr: Inflation is far too high
Fed's Barr spoke earlier about banking regulation and is now making comments about the economy:Inflation is far too highWe are quite attentive to bringing inflation down to target.We have made a lot of progress on inflation.Recent moves on rates are part of the...
USDCAD tests 200 hour MA at 1.3270. Barometer for buyers and sellers.
The USDCAD is down testing the 200 are moving average of 1.3270.USDCAD tests the 200 hour MALooking at the hourly chart, the USDCAD pair last moved below that moving average on Tuesday of last week, but momentum stalled and the price rotated back to the upside.On...
Fed’s Barr: Plans to propose several changes to bank capital rules
Fed's Barr (who is in charge of banking supervision at the Fed) is on the wires speaking about regulationThe existing capital framework is sound, but there are plans to build on those requirements.In the coming months, plans to propose several changes to bank capital...
US employment trends for June 114.31 versus 116.15 last month
> US employment trends for June 114.31 versus 116.15 last month US employment trends for June 2023 <!--> --> <!--> Prior month 116.15 revised to 115.53US employment trends for June 2023 comes in at 114.31 ADVERTISEMENT - CONTINUE READING BELOW -->...
US wholesale inventories for May 0.0% versus -0.1% expected
> US wholesale inventories for May 0.0% versus -0.1% expected Wholesale inventories and wholesale sales for May 2023 <!--> --> <!--> Prior month inventories -0.1%wholesale inventories 0.0% versus -0.1% expectedwholesale sales -0.2% versus 0.2%...
Major US stock indices modestly higher in early US trading
The major US stock indices are trading modestly higher in early US trading. The Dow industrial average is leading the way with a gain of around 0.27%. The NASDAQ index is trading above and below unchanged. A snapshot of the market 6 minutes into the open is...
Mannheim June used car price index falls by 4.2%.
Mannheim used vehicle value indexThe Mannheim June used-vehicle price index drops:Wholesale used-vehicle prices decreased 4.2% in June from May, making the Manheim Used Vehicle Value Index (MUVVI) decline to 215.1, down 10.3% from a year ago.The 4.2% drop in the MUVVI...
The GBPUSD falls toward 100 hour MA and swing area to start the trading week
The GBPUSD surged on Friday, helped by the lower nonfarm payroll data in the US. The price rise took the price to the June high at 1.28478. The theme high price on Friday reached 1.28487 - a pip ahead of the June high. The price backed off into the close and in...
Canada building permits for May up 10.5% versus 7.0% expected
Canada building premits rebounds from a -21.0% plungePrior month -21.0% revised from -18.8%The total monthly value of building permits in Canada increased by 10.5% to $10.5 billion in May.On a constant dollar basis (2012=100), the total value of building permits...
Quiet on the event and economic event calendar today
The economic and event calendar is somewhat limited today:Canada building permits for May will be released at 8:30 AM with expectations of a 7.0% increase after a -18.8% plunge last month. Data can be volatile on a month over month basisAt 10 AM ET, US wholesale...
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ForexLive European FX news wrap: Dollar steadies, stocks catch a light breather
Headlines:Markets:USD leads, AUD lags on the dayEuropean equities slightly higher; S&P 500 futures flatUS 10-year yields flat at 4.048%Gold flat at $1,923.62WTI crude down 0.7% to $73.36Bitcoin down 0.2% to $30,194It's a quiet one to start the new week in Europe,...
China’s Xi pledges to continue working with Russia to develop strategic partnership
This comes just days after Yellen's meeting with top Chinese officials and for Xi to make such a pledge, is basically a bit of a slap in the face to the US. Xi is saying that China will continue working with Russia to develop a "comprehensive strategic partnership of...