If you missed the earlier remarks from Russian Deputy Prime Minister Alexander Novak, the ones where he placed his foot perfectly into his mouth Adam had the run-down here:UBS think he let the cat out of the bag with a brief take:The oil market seems dominated by...
Forexlive Americas FX news wrap: US dollar jumps as yields surge on debt ceiling
Markets:Gold down $16 to $1940WTI crude oil down $2.39 to $71.95US 10-year yields up 10 bps to 3.82%S&P 500 up 24 points to 4160USD leads, NZD lagsStrong signs that a debt ceiling deal is near combined with a surge of inflows into US tech stocks led to another...
US major indices close mixed. Dow closes down for the 5th day in a row. Nasdaq soars.
The US major indices are closing mixed with the Dow down for the 5th consecutive day in what was an up-and-down trading day for it. However, the S&P closed higher. The Nasdaq index surged 1.71% as Nvidia led to the flow of funds into it and other AI type stocks....
New York City Banking Commission freezes NYC’s deposits at Capital One and KeyBank
The headline is a wobbly one, given the recent banking system chaos. But, the detail is oh-so NY:Following the first-ever public hearing held by the New York City Banking Commission today, all three members voted to freeze deposits at Capital One and KeyBank after the...
Economic calendar in Asia Friday, 26 May 2023 – Japan (Tokyo area) inflation data for May
Tokyo area CPI data is due today. The data is for May. National-level CPI data for May will follow in about three weeks, it takes longer to gather and collate the national data.Tokyo CPI is a sub-index of the national CPIIt measures the change in prices of goods and...
Trade ideas thread – Friday, 26 May 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,...
EURUSD consolidating but keeps bearish short term bias
EURUSD sellers remain in control in the short termThe day is coming to a close. The EURUSD price is lower on the day. Having said that, the US session saw up-and-down price action. Although the pair was confined, the sellers have been keeping control. Looking at the...
Novak tries to walk back earlier OPEC comments
Russian oil minister Novak is getting the blame for today's oil price fall after he spoke to a domestic newspaper and doubted that OPEC would lower production at the June meeting.Now -- after a few angry calls, no doubt -- he's trying to walk the comments back, saying...
USD/JPY cracks the 1.40 barrier as yields push higher
Could USD/JPY be in store for another look at the top?I don't think the market is as worried about +6% Fed funds as it was in October but there's a good chance that the terminal rate stays above 5% for longer than previously thought. The Bank of Japan transition has...
Higher ‘natural’ interest rates in Europe could strengthen EUR/USD beyond 1.30 – SocGen
Societe Generale states that 'natural' interest rates can provide insights into how currencies might behave under equilibrium conditions. When one country has a higher natural rate than another, it is likely to have a strong currency when both economies maintain...
WTI crude oil futures tumbles $2.51 to settle at $71.83
The price of WTI crude oil futures tumbled $2.51 to settle at $71.83 down -3.38%.The high price today reach $74.37. The low price was $70.98. Crude oil is sharply lower todayLooking at the hourly chart, the initial fall today found support against its 100 hour moving...
Nasdaq storms ahead as the AI boom sizzles
The Nasdaq Composite is up 1.9% and at a session high. The catalysts today are positive signs on the US debt ceiling along with a very strong earnings report from Nvidia, with company shares surging 26%.The AI boom is in full swing and now the Nasdaq is a shade away...
Dow Industrial Average joins the S&P and NASDAQ in positive territory
The Dow Industrial Average has moved into modest positive territory. The Dow 30 is now up 23 points or 0.08% at 32822. The high price reached 32870.Below are the laggards in the Dow, led by Intel which is down -5.52%Intel (INTC) - The stock opened at 28.25, reached a...
New Zealand dollar probes to find a bottom but support is tough to find
NZDUSD dailyThis is a nightmare chart for the bulls.NZD/USD cracked lower on a dovish central bank shift and has busted through a significant zone of support with no obvious lifelines below.The drop sets up a fall as deep as 0.5500, where the New Zealand dollar...
Cable tops out and takes out the 38.2% retracement
Cable dailyCable since November is emblematic of the broader market. It carved out a range only to make fake breakouts on both sides. Rate hike expectations have moved up in the UK but they've moved up even more on the US. That's led to a push and pull in this pair,...
BOE’s Haksel: April core inflation was higher than expected
Officials didn't see rise in core inflationRise in UK used car prices is a 'puzzle', says it's hopefully a 'blip'Cable is down 47 pips today to 1.2317 and is near a session low but not lower on these comments. The strong US dollar has sent it to the lowest since early...
US treasury auctions of $35 billion of 7 year notes at a high yield of 3.827%
High-yield of 3.827%WI level at the time of the auction 3.835%Bid to cover 2.61X versus six-month average of 2.46XTail -0.8 basis points versus six-month average of +0.9 basis pointsDirects (a measure of domestic demand) 17.3% versus six-month average of...
GOP’s McHenry: I don’t think a deal will be done today. We are not quite in that zone yet
> GOP's McHenry: I don't think a deal will be done today. We are not quite in that zone yet GOPs McHenry with a debt ceiling update <!--> --> <!--> GOP McHenry said:The debt dealing item's list is getting shorterHe is not a pessimisticHe does not...
U.S. Treasury to auction off $30 billion of 7 your notes at the top of the hour
The US treasury will auction off $35 billion 7 year notes at the top of the hour. The six-month averages of the major components shows:Bid to cover 2.46XTail +0.9 basis pointsDirects (a measure of domestic demand) 18.8%Indirects (a measure of international demand)...
Bank of England Haskel: Further increases in bank rates cannot be ruled out
Bank of England Haskel is on the wire's saying:Further increases in the bank rate cannot be ruled out.He prefers to lean against the risks of inflation momentum.Despite current difficult circumstances, embedded inflation would be worse.While some indicators suggest...