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USDCAD bounces twice off the 1.3313 level todayThe USDCAD fell below its 100-hour moving average back on May 31. On that day, the price high stalled against the high from March 26 near 1.36539. Over the next 8 trading days, the price moved lower on 7 of those days....
Powell AI imageGoldman Sachs, a leading global investment banking and securities firm, has issued a preview of the forthcoming Federal Open Market Committee (FOMC) meeting, emphasizing its impact on the US dollar's trajectory.According to Goldman Sachs, the FOMC is...
Wage increase of 4% would make it a challenge to return CPI to 2%Upside surprises since May have been in core goods and food pricesThere is still a question in my mind about how tight UK financial conditions really areMonetary policy is not good a fine tuning and...
Oddly today, the FX move appeared to lead the move in bonds. I wrote earlier how the sudden dollar rally wasn't supported by yields as the curve was very close to flat. Well that's changed in a hurry with US 10s jumping to 3.78% from 3.72% in about 30 minutes.Again,...
The GBPUSD is trading to a new session low and in the process is extending below a swing area. The move lower in the pair is being influenced by a sharp reversal in the EURGBP. Recall from Friday, the reverse was the case. That is the EURGBP moved lower which...
US dollar buying has picked up since the equity open, possibly on inflows into tech stocks. The bond market isn't doing much today with US yields fractionally lower across most of the curve and up 0.1 bps at the 10-year tenor. That's in contrast to the UK where 10s...
The NASDAQ index is on a 7 week winning streak. The S&P index is up four consecutive weeks. Each of those indices is trading higher at the U.S. open. The gains are led by the NASDAQ index.A snapshot of the market currently shows:Dow industrial average is up 78.11...
USDJPY trades in a narrow trading range today (and recently)The USDJPY is mired in a 58 PIP trading range so far today to start the new trading week. That is much less than the 117 PIP average of the last 22 trading days. So a slow start for the current trading week...
EURUSD is higher but has work to do to take more controlThe EURUSD moved lower in the early Asian session but found support buyers willing to lean early against its rising 100 hour moving average (blue line currently at 1.07311). The subsequent move to the upside...
If you look around markets today, you wouldn't expect to see a $2 fall in oil prices. Stock futures are up 0.3% and the Australian dollar is leading the way in light FX trading.Yet WTI crude is struggling, down $2 and within striking range of last week's lows.What's...
I wrote about the rapid shift in investor sentiment last week and now Barron's is out with a bullish cover. That's the kind of thing that makes me wonder if we're about to top out.In addition, a big part of last week's rally in stocks was short covering, which was...
The strongest to the weakest of the major currenciesAs the U.S. markets gear up for the new trading week, the AUD is the strongest of the major currencies while the CHF is the weakest. The USD is trading mixed/to lower to start the trading week. The week will be...
Headlines:Markets:AUD leads, GBP lags on the dayEuropean equities slightly higher; S&P 500 futures up 0.3%US 10-year yields up 0.8 bps to 3.753%Gold up 0.1% to $1,962.44WTI crude down 2.4% to $68.50Bitcoin down 1.9% to $25,953It was a quiet session as markets get...
Market pictureAccording to CoinMarketCap, the total capitalisation of the crypto market fell 7.6% over the week to $1.06 trillion, close to lows not seen since almost mid-March. Adding to the market's nervousness was a sharp sell-off in altcoins in light of the SEC's...
USD/CAD daily chartThe pair has heavily respected the key trendline support (white line) from the November and early February lows over the past few months. But sellers are looking to make a play now in pushing below that as we get into what will be a blockbuster week...
After touching the $2075 area for the third time since 2020, Gold started to correct and currently trades at $1960, a 5.70% drop from the highs. In the past 2 weeks, support in the $1940 area has held but rebounds have been capped around the $1975 area. The highly...
Complacency Could Spell Danger. But Also OPPORTUNITY.The Unpredictability of the Federal ReserveThe world of finance is fraught with surprises, and a significant source of these surprises often emanates from the U.S. Federal Reserve. Its decision-making process,...
AUD/USD daily chartAUD/USD is up another 0.5% today with the dollar slipping a little in European trading at the moment. If the gains hold, it will mark 8 out of the last 9 days that the pair has posted an advance. That's a solid run on the part of buyers, that sees...
We have a busy week ahead with several key economic events and announcements from central banks.On Tuesday, in the United States the focus will be on the release of the CPI data. In the United Kingdom, BoE Governor Andrew Bailey will address the House of Lords...
UPCOMING EVENTS:Tuesday: UK Jobs, US CPI.Wednesday: US PPI, FOMC Policy Announcement. Thursday: PBOC MLF, ECB Policy Announcement, US Retail Sales, US Jobless Claims.Friday: BoJ Policy Announcement, University of Michigan Consumer Sentiment.Tuesday: The UK...