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 Powell: My own forecasts are similar to the committee’s forecasts
Fed Chair PowellWe expect the labor market to gradually coolAlso expect inflation to move down this yearRepeats that strong majority of committee believes two more rate hikes before year endDecisions last week was to move more slowlyWill do what it takes to get...
USDCHF bounces higher today. Back above 100 hour MA with 200 hour MA looming on topside
USDCHF extends above its 100 hour moving averageThe Swiss National Bank (SNB) was in play today as they raised interest rates to 1.75% from 1.5% in response to medium-term inflation increases. The bank stated that further rate hikes might be necessary to maintain...
Bitcoin eases back below $30,000 after custodian deal sours
Bitcoin 10 minsSome modest selling has crept into bitcoin, bringing the price back below $30,000 after BitGo revealed that it terminated a merger deal with rival custody firm Prime Trust.After considerable effort and work to find a path forward with Prime Trust, BitGo...
USDJPY breaks to a new high. Above 61.8% of move down from the 2022 high.
USDJPY extends above retracement level The USDJPY has continued its run to the upside getting above the 61.8% retracement of the move down from the 2022 hi. That level comes in at 142.49. The current price is trading at 142.68 after reaching a high price of 142.754....
EIA weekly US oil inventories -3831K vs +329K expected
Prior was +7919KGasoline +479K vs +113K expDistillates +433K vs +705K expSPR release 1.7 million barrels.API data released late yesterday has weighed on oil prices today:Crude +1246KGasoline +2935KDistillates +301KThe latest EIA numbers are certainly better than API...
Goldman Sachs now sees 50 bps Bank of England hike in August
The calls continue to roll in with bank after bank seeing higher rates. Goldman Sachs is now leading the calls for 50 bps in August, something the market is pegging at about a 32% chance. Next month's CPI report will be a critical input but the tougher forecast for...
USDCAD sniffs the 50% midpoint of the move up from October 2021 low
USDCAD sniffed the 50% midpoint of move up from October 2021The USDCAD moved to a new low going back to September 2022, and in the process sniffed the 50% midpoint of the move up from the October 2021 low. The level comes in a 1.3132. The low price came in at 1.3137...
Fed’s Powell: We have not seen much progress in the way of services inflation
A strong majority of FOMC feels there is a little further to go with rate hikesWe kept rates on hold to give ourselves more time to make decisionPaper losses on our balance sheet have no effect on our ability to do monetary policyHeadline inflation has come down but...
EIA weekly natural gas inventories +95 vs +91B expected
Prior was 84BUS natural gas prices have come off the bottom in part due to higher power burn and exports to Mexico. However if there is any kind of larger rally coming, producers will need to show some discipline. At $2.60, the industry isn't making much money. This...
AUDUSD buyers and sellers battle it out between technical support and resistance
The AUDUSD is having a down, and up, and back down trading day today. The "ups" have been finding resistance against its 200-hour moving average currently at 0.6808 (green line in the chart below). The "downs" have been finding support against a swing area between...
JP Morgan now sees two further Bank of England rate hikes
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,...
Eurozone June flash consumer confidence -16.1 versus -17.0 estimate
Euro zone flash consumer confidencePrior was -17.4Flash consumer confidence for the eurozone -16.1 versus -17.4 last month and - 17.0 estimateThe estimate for confidence remains below the EU long-term average which is around -12 (see chart above). However it is above...
US May existing home sales 4.30M vs 4.25M expected
US existing home salesPrior was 4.28MInventory of homes for sale 1.08M vs 1.04M priorSupply at months 3.0 vs 2.9 months prior (balanced is considered 6 months)Median sale price $396.1K vs $388.8K priorMedian sale prices -3.1% y/yThe US is supply constrained because...
Fed’s Bowman: Additional hikes will be needed
Federal Reserve board governor Michelle Bowman opening remarks at a Cleveland Fed conference on "Communities thriving in a challenging economy".Additional policy rate increases will be needed to reach sufficiently restrictive level and control inflationInflation still...
The USDJPY keeps bouncing off the 100 hour MA.
The USDJPY moved down to retest the 100-hour moving out for the 3rd 4th and 5th time over the last 3 trading days. Each of those tests of the moving average line currently at 141.755, has found willing buyers. That has kept the buyers in firm control.The...
USD/JPY flirts with the November 2022 high
Rising long-end US yields helped to drive USD/JPY to a fresh high for the year and above a notable resistance level. The pair is up 36 pips today and touched 142.45 in a quick spike high on broad USD buying.It's worth zooming out on the chart here because it...
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US stocks open lower. Indices down for the 4th consecutive day.
The major US stock indices are moving lower at the start of the day. The major indices are now down for the 4th consecutive days. Chair Powell will have his 2nd day of the testimony at 10 AM ET. Earlier today, initial jobless claims continued to show some cracks in...
GBPUSD buyers had their shot above the 100 hour MA after BOE hike, but they missed.
The BOE surprised with a 50 basis point hike (25 basis points expected), and the GBPUSD spiked higher on the news. However, the move above the 100 hour moving average could not extend to the high price from last week. The move higher failed. The rotation to the...