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,...
Fed’s Williams – isn’t happy with where inflation is, says fighting it is the Fed main job
Federal Reserve Bank of New York President John Williams. As head of the NY Fed Williams has a permanent vote on the FOMC, and indeed is its vice-chair.Williams is participating in a moderated discussion before the 2023 Annual Meeting of the Central Bank Research...
Economic calendar in Asia – Thursday, 6 July 2023 – not a busy one
There isn't anything on the data calendar likely to move FX rates too much upon release. Eyes and ears will be upon Japan for any indications of yen intervention, verbal most likely still at this stage, with USD/JPY back approaching 145. This snapshot from the...
Trade ideas thread – Thursday, 6 July 2023
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,...
AUDUSD tips below the 100/200 hour MAs
AUDUSD falls below the 100/200 hour MAsThe AUDUSD has moved below its 100 and 200-hour moving averages at 0.6660. The current price trades just below the level of 0.66577. The low for the day reached 0.66532. Trading below those levels and staying below those levels...
ANZ: Recommends selling EUR/CHF on a spike towards 0.99
EUR/CHF dailyANZ is suggesting a trading strategy on the EUR/CHF currency pair based on the latest policy stance of the Swiss National Bank (SNB).Key Points:SNB’s New Approach: ANZ highlights that the Swiss National Bank (SNB) revealed in its June meeting that it is...
Crude oil settles at $71.79
WTI crude oil futures are settling at $71.79. That's up an even $2 on the day or 2.87%. The high price today reached $72.17. The low price was at $69.90. The high price from June 21 reached $72.72. That is the next upside target. Above that the high price from June 8...
Stocks tilt to the downside. Yields move to the upside. USD is moving higher.
US stocks are drifting more to the downside. Yields are moving higher and the USD is moving higher after the FOMC meeting minutes. Labor Market remained tight, but there are signs of some slowing:Labor market conditions remain tight, with robust payroll gains and low...
FOMC Minutes: Some participants favored or could have favored 25 bps hike
Those favoring hike noted tight labor market, stronger economic momentum and little evidence of inflation on path to 2%Fed staff saw mild recession likely to start later this yearAlmost all participants jusuged it appropriate or acceptable to leave rates unchangedA...
FOMC minutes coming up at 2 pm ET
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,...
It’s not just markets that are hot, so is the weather
You're not the only one sweating this week. July is always hot in the northern hemisphere but yesterday was the hottest day recorded globally since records began in 1979.The average temperature hit 17.18 degrees Celsius, based on satellite data, which breaks the...
Kuwait minister: Oil output capacity will be 3.2 million barrels per day by end of 2024
The Minister of Kuwait has stated that the country's oil output capacity will reach 3.2 million barrels per day (BPD) by the end of 2024. However, he denied that Kuwait is seeking an increase in its OPEC quota. This follows the earlier statement by the CEO of Kuwait's...
USDCAD buyers took a shot at the upside and failed
USDCAD above 100 hour MA but key swing area eyed.The USDCAD fell to - and through - the 200-hour MA (and a swing area between 1.3207 - 1.32299) yesterday, but failed. The price rebounded into the close modestly.Trading today, the Asian session saw increased upside...
EURUSD trades to a new low. Price is below the 38.2% retracement.
In the earlier video (see below), on the EURUSD I spoke to the 200-hour MA above and the 38.2% below. The price needed to get above the 200-hour MA or below the 38.2% retracement below. You can watch the video below. The high for the US session stayed below the...
USDJPY snaps back higher after break of 200 hour MA fails
USDJPY falled on break below the 100 hour MAThe USDJPY fell below the 200-hour MA earlier today (see earlier video HERE). That MA is the green line in the chart above. That break was the 1st break below that moving average since June 14. Buyers should have turned to...
European equity close: Steady selling all day
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,...
Kuwait wants to pump more oil
Oil came under some pressure after an Al Arabyia report said Kuwait, citing the oil minister, said the country looked to increase its production quotas, but will abide by OPEC decisions.The minister said they aim for 3.2 mbpd of capacity before the end of 2024. WTI is...
AUDUSD lower on the day after squeeze higher post RBA decision yesterday stalls
The Reserve Bank of earlier in the change and go to sleep 10%Australia kept rates unchanged yesterday at 4.10%. There were some expectations for a 25 basis point hike (around 60-40 for unchanged vs 25 bp hike). The Reserve Bank of Australia (RBA) said the decision was...
MUFG: We continue to run long AUD/NZD despite the post-RBA correction lower
MUFG, the Japanese financial services group, remains committed to a long position on AUD/NZD, expecting it to rally towards 1.12.Key Points:Continued Long AUD/NZD Position: MUFG continues to hold a long AUD/NZD position as part of their trade idea mentioned in their...
Oil holds gains above $70, and that’s where Morgan Stanley expects it to stay
brent crude dailyThe API private oil inventory data is due out later today and will be the next market mover for crude; though it usually leaks early. We're now past the period of seasonal strength for oil but we're into a period of voluntary production cuts from...