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...
USDCAD up strongly today and moves toward next key target area
USDCAD moves toward key swing areaThe USDCAD is breaking higher away from the 50% of the move down from the March high to the April low. The low came in at 1.35808. The low price today bottomed at 1.3585. Yesterday the price broke above the 50% retracement and also...
NZDUSD falls below key swing area. Seller adds to their control.
NZDUSD breaks lowerThe NZDUSD is continuing its move to the downside after yesterday's sharp move lower after the RBNZ "dovish hike". Yesterday the Reserve Bank of New Zealand (RBNZ)signaled the end of its rate-hiking cycle, after raising rates by 25 basis points to a...
European equity close: Moderate declines in third day of losses
The AI revolution is happening in the US, not in Europe. Nvidia is holding up the US side of the stock market but not helping Europe any as traders fret about higher interest rates.Stoxx 600 -0.2%German DAX -0.2%UK FTSE 100 -0.6%French CAC -0.3%Italy MIB -0.25%Spain...
Fed’s Collins: A pause on rate action would give Fed space to measure impact
Fed may be at or near time to pause rate hikesInflation too high but sees promising signs of moderationWatching a wide array of dataBanking sector likely to weigh on demandThis is a bit of a pushback from the doves. The battle lines are clear now though with either...
McCarthy: I take June 1 as the debt ceiling deadline
No one seems to know exactly when the real US debt ceiling deadline is and what can be done to extend it. It depends on tax receipts, the timing of outlays and whatnot.By declaring that he sees it as June 1 and also that it will take 72 hours to get a deal written up,...