Morgan Stanley predicts the EUR/USD exchange rate to fall to 1.02 by the end of the year, driven by defensive investor bias, positive carry, and slow local growth. This trend is somewhat mitigated by the ongoing shift in capital flows.As local yields rise and...
USDCHF tests yesterday’s high and 0.9100 level
USDCHF stalls near cluster of swing levels and trendlineThe USDCHF is having another up-and-down trading day today with the price trading above and below its near converged 100 and 200-hour moving averages (near 0. 9070).The early US sessions saw the price moving low...
US April consumer credit outstanding +23B vs +22B expected
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,...
WTI crude oil futures settle at $72.53
WTI crude oil futures tested a cluster of support near $71WTI crude oil futures are settling higher on the day. The prices settled at $72.53, up $0.79 or 1.10%. The high price reached $73.19. The low price was at $71.01.Looking at the hourly chart, at session lows,...
JP Morgan: High-conviction bearish EUR/USD Bias into the Summer months
The EURUSD daily chart is showing a double dojiAccording to JP Morgan, EUR/USD has stopped its decline from the April high of 1.1097 after reaching the March 78.6% retrace at 1.0637. Despite the lack of daily bullish pattern-based signals prior to the rebound, the...
USD/CAD erases the Bank of Canada move as US dollar rallies broadly
The Canadian dollar is back to where it was before the Bank of Canada decision to hike interest rates by 25 bps. The move took the overnight rate to 4.75%, which is the highest since 2001 and will add to the squeeze on consumers.Perhaps mitigating the decline was that...
AUDUSD trades to a new session low. Looks toward 50% midpoint of the May trading range.
AUDUSD moves to a new session lowThe AUDUSD is trading to a new session low at 0.66529. The pair has moved back into the trading range from after the RBA rate hike yesterday. Earlier today the price broke to a new high going back to mid-May. That move higher yesterday...
NASDAQ stocks hit the skids. Down 1% on the day
NASDAQ index falls back below the 50% midpointThe NASDAQ index has scooted lower and currently trades down -133.30 points or -1.01% at 13142.79. A low price reached 13133.98.The decline has taken the price back below the swing high going back to August 2022 at...
US dollar storms back as USD/JPY rises above 140.00
The US dollar didn't stay down for long.USD/JPY is a good illustration of the rollercoaster in the forex market today as it sank in rapid fashion just ahead of 10 am in New York only to pull a U-turn and a rip to the highs of the day.USDJPY 5 minsWhat's been tough for...
European equity close: Slight declines
Stoxx 600 intradayEuropean stocks opened flat, found some life midway through trading and then gave it all back in the last hour of trading to finish slightly lower.Closing changes:Stoxx 600 -0.2%UK FTSE 100 0.0%German DAX -0.2%French CAC 0.0%Italy MIB 0.0%Spain IBEX...
NZDUSD moves lower after earlier move higher runs out steam
The NZDUSD is moving lower after an earlier move higher in the early New York session ran out of steam. The high price reached the high of a swing area between 0.60829 and 0.60949. The subsequent fall took the price back below the 100-hour moving average of 0.60703...
Atlanta Fed GDPNow revised to 2.2% from 2.3% last
The Atlanta for GDPNow estimate for Q2 growth was revised to 2.2% from 2.0% from their last release on June 1. The revision comes after the US international trade data earlier todayAtlanta Fed GDPNow estimate for Q2 growthThe high estimate has reached 2.9%. The low...
The VIX falls below 14 for the first time since the pandemic
The market is feeling increasingly confident that the Federal Reserve is near the end of the hiking cycle and that the economy isn't headed for a hard landing.With that, the VIX traded down to 13.9 today, which broke the July 2021 post-pandemic low of 14.1.VIX...
Dollar fall in the US session reverses course quickly
The US dollar moved lower in early US trading, but has hit a wall and reversed back to the downside erasing most of the gains. US yields have moved to the upside helping to support the greenback. The 2 year yield is up at 4.583% up 6.0 basis points. The 5 year yield...
EIA weekly US oil inventories -451K vs +1022K expected
Prior was +4488KGasoline +2746K vs +880K expectedDistillates +5057K vs +1328K expectedRefinery utilization +2.7% vs +0.6% expectedProduction estimate 12.4 mbpdRefineries ran hard last week in an attempt to build product inventories ahead of driving season.API data...
USDCAD moves lower and tests 38.2% retracement/swing area after Bank of Canada rate hike
USDCAD falls to the swing area targetsThe Bank of Canada raised rates by 25 basis points to 4.75% from 4.5% ending their "conditional pause" period. The USDCAD moved lower after the report to a level of 1.33199. That took the price below the 38.2% retracement of the...
Full statement from the Bank of Canada June 2023 rate decision. Hike 25 basis points
The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening.Globally, consumer price inflation is coming down, largely reflecting...
Bank of Canada overnight rate 4.75% vs 4.50% prior
Prior was 4.50%The market was pricing a 60/40 chance of a hold ahead of the decisionThe Bank of Canada last hiked rates in JanuaryStatement highlights:underlying inflation remains stubbornly highCanada’s economy was stronger than expected in the first quarter of...
Bank of Canada ahead. Some levels in play.
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,...
Major US indices are trading higher. NASDAQ leading the way.
The major US indices are moving higher in early trading with the NASDAQ leading the way. Yesterday, prices close modestly higher. Stanley Druckenmiller in a interview on Bloomberg said that Nvidia is a company to own for the next 2 or 3 years as the AI becomes...