Steel is the physical backbone of the global economy and trends in steel pricing offer some insight into strength in investment.Oftentimes those signals can become muddied by trade flows, especially when China was dumping steel into the US. Since the steel trade war...
Major indices trading higher at the US open (not the US Open)
The major US stock indices are moving higher in early US trading once again. The S&P index is up on pace for its 5th positive week in a row. The NASDAQ index is on pace for its 8th positive week in a row which is the longest win streak since March 2019.A snapshot...
“Reading the tape” in the USDJPY.
In the old days stock traders is to "read the tape". They literally read the tickertape of the trades that were going through live and being recorded. In other words they were looking at the actual price action and making judgments as far as supply and demand from...
Richmond Fed Barkin: Comfortable doing more on interest rates if demand does not slow
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,...
Waller: It’s ‘disturbing’ that core inflation not improving
> Central Banks > Waller: It's 'disturbing' that core inflation not improving Central Banks More from Waller <!--> --> Adam Button Friday, 16/06/2023 | 13:07 GMT-0 16/06/2023 | 13:07 GMT-0 <!--> --> It's disturbing that core inflation isn't...
EURUSD extends higher after big move higher yesterday
The EURUSD has extended to a new high and entered further into what was the trading range going back to April and early May (above 1.0900 area). Yesterday, the pair moved sharply higher and away from the 50% midpoint of the move down from the April 26 high to the May...
US consumer sentiment wraps up a whirlwind week
The Bank of Japan didn't deliver any fireworks ahead of the weekend but the yen weakness today shows there were some major worries they would shift gears. It's been a volatile week of unpredictable and hard-to-explain moves. It's slowed down today ahead of a US long...
NATO defence ministers’ meeting fails to approve first defense plans since Cold war
Reuters sources report on some friction at NATO.Meanwhile, Stoltenberg said they're working towards creating a Ukraine-NATO council.At this point, it should be clear to everyone this is a proxy war between Russia and NATO, only using Ukrainian soldiers. There's no...
Fed’s Waller: US economy is still ‘ripping along’
Right now everything 'seems to be calm' in the banking systemGlobal spillovers from expected from coordinated central bank tightening have to really materializedIt's still not clear that recent bank failures have had a material effect on credit conditionsMonetary...
The GBP is the strongest and the JPY is the weakest as the North American session begins
The GBP is the strongest and the JPY is the weakestThe GBP is the strongest of the major currencies and the JPY is the weakest as the North American traders enter for the new trading day. The Bank of Japan maintained its dovish stance by keeping its ultra-low interest...
ForexLive European FX news wrap: Yen fall continues, ECB leaves door open for Sept hike
Headlines:Markets:GBP leads, JPY lags on the dayEuropean equities higher; S&P 500 futures up 0.1%US 10-year yields up 1.2 bps to 3.740%Gold up 0.4% to $1,965.49WTI crude flat at $70.64Bitcoin down 0.4% to $25,450After the dollar plunge yesterday, the action has...
ECB’s Wunsch: Could hike again in September unless core inflation drops substantially
Core inflation holding around 5% could require rate hike in September, possibly beyondNot yet seeing beginning of slowdown in core inflationThat's a better take as he even goes as far as to attach a figure for what may be a trigger. It's all down to the data now to...
AUD/USD takes a light breather towards the end of the week but buyers well in control
It has been a storming run for AUD/USD ever since testing the 0.6500 mark as buyers have certainly not relented in the rebound to its highest levels since February this week. Here's a look at the daily chart:AUD/USD daily chartThe pair is down 0.2% to 0.6869 at the...
ECB’s Centeno: We must act to control inflation
Policy is on restrictive terrain, it isn't a support to growthRates should remain in restrictive territory for some more time after the summerAgain, they're just alluding to rates staying high beyond the summer but falling short of actually confirming a rate hike in...
USD/CAD break lower may have legs to run
USD/CAD daily chartFrom a technical standpoint, this is one of the more attractive dollar charts at the moment in my view. The pair had largely been consolidating around 1.3300 to 1.3900 since the end of last year, and finally we might be seeing a break in that...
GBP/USD seals breakout move on the week, what’s next?
The pair is up nearly 2% on the week, no thanks in part to some heavy dollar selling yesterday as traders finally picked a side after the Fed meeting. But the pound side of the equation itself is also faring quite well, with the currency bolstered by a hotter UK jobs...
EUR/USD little changed on the day but stays poised for a retest of 1.1000
EUR/USD daily chartThe pair is reflecting a heavy contrast of fortunes this week as the dollar is suffering following the Fed decision while the euro is bolstered by the ECB decision. That has seen a break back above the 100-day moving average (red line) and the...
USDCAD Technical Analysis – Key moment
This week, the Federal Reserve took a slightly more hawkish stance than expected. They decided to keep interest rates unchanged at a range of 5.00-5.25%, but they increased the projected terminal rate in the Dot Plot by 50 basis points. The FOMC chose to pause during...
Eurozone May CPI +6.1% vs +6.1% y/y prelim
Prior +7.0%Core CPI +5.3% vs +5.3% y/y prelimPrior +5.6%There are no changes to the initial estimates as euro area headline annual inflation is seen dropping further in May. The good news is that core annual inflation is also starting to ease and is that a sign of a...
ECB’s Holzmann: If things continue as they are, further action will be needed beyond July
Has no view on what should happen with rates beyond JulyBut if things continue as they are, then further action will be neededKey question will be how persistent core inflation isThey are not pre-committing to a September rate hike but they aren't ruling it out either...