Olli Rehn is the Finnish central bank governor and thus a member of the governing council of the European Central Bank.From a press release issued Tuesday:“The rise in consumer prices in the euro area is slowing, but not to the extent desired,” “Inflation excluding...
ECB’s Vujčić said Bank will work to bring inflation down, soft landing not always possible
Boris Vujčić Governor of the Croatian National Bank and thus an European Central Bank Governing Council member. He spoke on Tuesday:Core inflation pressures are lingering in the euro zoneThe European Central Bank must weigh the costs of doing too much against doing...
Goldman Sachs on EUR/CHF – see it lower
This is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. Goldman Sachs believes that markets are somewhat underestimating the significance of...
Morgan Stanley on stocks, say excitement, buying happening at an “inopportune” time
Morgan Stanley analysts have been sternly disapproving of the bull move for stocks for, well, it seems like forever. And still are. From a Tuesday note:“Investor sentiment and positioning has turned 180 degrees at an inopportune time, in our view”MS cite concerns that...
Forexlive Americas FX news wrap 20 Jun: US housing starts/building permits soar.
US traders returned to the stock and bond markets today after the Juneteenth holiday yesterday. Of course, the forex market never sleeps so it was open yesterday, but price action was more limited. The strongest to weakest of the major currenciesToday, the forex...
Cava Stock Doubled on IPO. Now is the Moment to Make Money on Greek Food
In 2023, we’ve heard the word “IPO” pretty rarely. That was until, restaurant chain Cava went public and pushed to get the word out. The company's stock doubled on the first day on the New York Exchange. Let’s find out more about Cava, its plans for the future, and...
Goldman Sachs ramp up their S&P500 forecast to 4,700
Goldman Sachs have issued revised forecasts for the S&P 500 over 3-, 6-, and 12-month horizons:4300, 4500, 4700 respectivelyGS cite an increased risk appetite among investors due to inflation "continuing to reset", and enthusiasm about AI. In summary from the...
Fed’s Jefferson and Cook both say must remain focused on returning inflation to 2%
Federal Reserve nominees comments. The statements come from prepared remarks for Senate confirmation hearing. Jefferson is facing confirmation as Fed Vice Chair: I remain focused on returning inflation to 2%Fed must remain attentive to inflation, banking-sector stress...
Shares of FedEx fall after disappointing revenues and soft guidance for the year ahead
Shares of FedEx are down 3.5% after hours following earnings. EPS of $4.94 beat the $4.83 estimate but the company was light on revenue. It's also forecastings earnings for its 2024 fiscal year (which started June 1) that are below estimates.For the broader economy,...
Stephen Roach says China’s growth problem driven by ideology, won’t be solves by stimulus
Yale University senior fellow Stephen Roach spoke in an interview, saying any short-term stimulus package won't solve China's longer term economic malaise.“I think there is a tradeoff here between the cyclical stimulus majors that are going to be taken, and the...
US equities bounce from the lows but give some back late
SPX intradayThe Nasdaq finished only fractionally lower but there was some late selling in the S&P 500 after an attempt a returning to unchanged a couple hours ago.Ultimately, the bears won this round but it might be a Pyrric victory given that the losses were...
Economic calendar in Asia 21 June 2023 – Bank of Japan April meeting minutes
The Bank of Japan meeting Minutes are due at 2350 GMT. The Minutes are preceded many weeks in advance by the 'Summary' of the meeting. The "Summary of Opinions" provides a concise summary of the views expressed by Policy Board members during the meeting. It does not...
Trade ideas thread – Wednesday, 21 June 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,...
Bitcoin trades above $28000 to highest level since May 29. Back above 100 day MA.
Bitcoin above the 100 day MAThe run to the upside in Bitcoin is continued with the digital currency now above its 100-day moving average at $27,619. The price also extend above a topside general trend line at $27,388. The high price just reached $28,149. The current...
Crude oil settles at $71.19
WTI crude oil futures settled at $71.19, down $0.74, down -1.02%The move to the downside was helped by China growth concerns and by a stronger USD after much better-than-expected housing starts and Building permits. Traders are now looking forward to upcoming weekly...
NZDUSD sellers in charge today, but bounces and retests MA resistance.
NZDUSD looks back to the 200 hour MAThe NZDUSD stepped lower and is trading down for the 3rd consecutive day after a run above the 100-day moving average last week failed. (100-day moving averages at 0.62129).In trading today, the Asian session saw the price test its...
Why the great Canadian housing bubble continues to inflate
Earlier this month, I wrote about why Canadian house prices are proving to be bulletproof, despite high interest rates and heavily-indebted consumers.In the last 20 years, Canadian home prices have utterly crushed those in the US.The problem, simply is that Canada...
USDJPY bounces off 100 hour MA. What next?
The USDJPY has been stepping lower today after trading at the highest level since November 2022. That high price at 142.247 bested the November 21 high at 142.246 by the slimmest of margins, but quickly turned around (see daily chart). USDJPY stalled at the high from...
Buy the dip is back in style
The S&P 500 is still down 13 points but given that it fell more than 40 earlier, that's an impressive rebound and a strong showing for the bulls. That's especially true given relentless buying since late May.The market is coming around to something I've been...
GBPUSD trades below 100 hour MA. Sellers trying to make a play
Watch the 1.2760 level in the GBPUSD .On the daily chart, the 61.8% retracement of 2021 high comes in at 1.27605. On the hourly chart, the 100-hour moving average comes in at 1.27598. Both those technical levels suggest that sellers are trying to make a play. If the...