The debt ceiling talks seemed stuck in the mud with most of the commentary saying the two sides are far apart. Having said that, the expectations continue to believe that a deal would be made. When?? . When? and What? are not known however. Will they take it to the...
Republican debt limit negotiator Graves says No additional meetings have been scheduled
Graves:No additional meetings have been scheduledSubstantial gaps remainThere is progress on some issuesDon't get sucked into 'progress on some issues'. The easy stuff is, well easy. Yeah, there will be progress/agreement on these. It's the hard stuff that is (are)...
Private oil survey data shows big draw vs. small build expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time).Oil has popped a little higher on the numbers. Info via Twitter:Expectations I had seen centred on:Headline crude +0.8 mn barrelsDistillates +0.4 mn bblsGasoline -1.1...
US House Speaker McCarthy says he does not think a debt limit deal will be agreed to today
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 indices slide as debt talks in Washington muddle along
The major US stock indices are closing lower in trading today as debt talks muddle along without any progress. That gave traders a reason to sell overbought levels, and traders did just that.A snapshot of the final levels is showing:Dow industrial average fell -231.09...
AUDUSD heads into the new trading day near lows from last week
The AUDUSD is looking to end the day near lows. Stocks moved lower. The USD moved higher. Risk off flows? Maybe a little. In this video, I talk about the technicals that are dominating the price action in the pair. The 100-hour MA has seen price action above and below...
Economic calendar in Asia Wednesday, 24 May 2023, Reserve Bank of New Zealand day
The Reserve Bank of New Zealand policy decision is due Wednesday in Asia at 2pm New Zealand time0200 GMT10pm US Eastern time RBNZ Governor Orr press conference follows an hour later. Previews: This snapshot from the ForexLive economic data calendar, access it here....
Trade ideas thread – Wednesday, 24 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,...
WTI crude futures settle $0.86 higher at $72.91
Crude oil stalls at ceiling areaToday, the WTI crude futures are closing at $72.91, marking an increase of $0.86 or 1.19%. The commodity hit a high of $73.76 and a low of $71.71. When examining the hourly chart, the peak price encountered resistance within the range...
The NZDUSD trades near 100/200 hour MAs ahead of the RBNZ rate decision
NZDUSD trades around 100/200 hour MAThe NZDUSD pair has been trading at lower rates today, slipping beneath its 100-day moving average at 0.62734 and 100-hour moving average of 0.6259. However, it's been fluctuating around its 200-hour moving average of 0.62505 and is...
Florida Gov. DeSantis will launch his presidential bid in a conversation with Tesla’s Musk
NBC's news is reporting that Florida Gov. DeSantis will launch his presidential bid in a conversation with Tesla CEO Elon Musk. Musk recently stepped down as the Twitter CEO.Elon Musk and Ron DeSantis, the Governor of Florida, are figures who often challenge...
McCarthy: I believe we can still reach debt ceiling deal before June 1
McCarthy still believes we can reach a debt ceiling deal before June 1. He adds:We are not putting any debt ceiling plan on the U.S. House floor that doesn't spend less than we spent this yearNo talks scheduled with Biden yetMeanwhile, the GOP negotiator Graves...
ECBs Nagel: Several more ECB rate hike so I needed to tame inflation
ECBs Nagel says:Several more ECB rate hike so needed to tame inflationWill need to maintain peak rate for a sufficiently long time until inflation has fallen sustainablyNagel is more of a hawk on the ECB board.Back on May 12 Nagel said:Latest rate hike will be the...
Latest from Washington: McCarthy has not spoken to US Pres. Biden today
Is it politicking or something to worry about?Speak of the house McCarthy says that he has not spoken to US Pres. Biden today, but adds that he will work until we get it all done. He is not scheduled to go to the White House today.Reiterates that we are not putting...
US treasury auctions offer $42 billion of two-year notes at a high yield of 4.30%
High-yield 4.30%WI level 4.315%tail -1.5 basis points versus a 6-month average of -0.1 basis pointsBid to cover 2.9X versus 6 month average of 2.67XDirects (a measure of domestic demand) 15.6% vs 6 month average of 21.1%Indirects (a measure of international demand)...
Broader US indices extend to new session lows
As the debt talks continue to muddle along, and traders getting wary of overbought conditions, the broader S&P and NASDAQ index has been moved to new session lows for the day.S&P is back below the 4200 levelFor the S&P, it reached a recent high of 4212.91....
EURUSD tests the low from last week. There is support down to 1.07509
EURUSD trades at session lows and gets closer to swing areaThe EURUSD is back down testing the low for the day and the low from last week. The price is also getting closer to the low of a swing area going all the way back to March 2022. That area comes between 1.07509...
European major indices close lower on the day
The major European indices are closing lower for the 2nd consecutive day. After reaching a new all-time high on Friday, the German DAX index is down on both Monday and Tuesday. The Frances CAC tumbled the most in trading today:German DAX fell -71.13 points or -0.44%...
Is the consumer spending spree running out of money?
Fitch is saying that consumer spending from savings will likely end by Q4 2023They cite tighter lending standards driven by regional banks' stress is expected to contribute to the slowdown. Say that real income growth, excluding nominal wage gains, remain relatively...
USDCAD rotates to cluster of MAs
USDCAD trades above 100/200 hour MAThe USDCAD pair has been fluctuating and is moving back towards its daily low, inching closer to a critical confluence of support defined by several key metrics: a 100-hour moving average of 1.34918, a 50% retracement of the range...