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...
US stocks mixed/little changed as debt ceiling talks continue
The major US stock indices are trading mixed in early US trading. The Dow Industrial Average is trading above and below unchanged. The S&P and NASDAQ index remain in negative territory. A snapshot of the market currently shows:Dow Industrial Average -9.23 points...
The ups and downs in the currency markets continue
The US session is seeing a move back lower in the US dollar after gains in the European session. The S&P manufacturing flash index came in weaker than expected 48.5 versus 50.0 although the services index was higher than expectations. New home sales were also...
US new-home sales for April 0.683M versus 0.665M estimate
Prior month 0.656M (revised from 0.683M previously reported)Sales of new single-family houses in April 2023 were at a seasonally adjusted annual rate of 683,000 versus 655,000 expectedThis is a 4.1% increase from the revised March rate of 656,000 and an 11.8% increase...
Richmond Fed Composite Index for May -15 versus -10 last month
Richmond Fed manufacturing activity indexPrior month -10For the full report CLICK HERERichmond Fed composite index -15services index -10 versus -23 last monthmanufacturing shipments -13 versus -7 last monthprices paid 4.95 versus 7.57 last monthprices received 5.39...
GOP negotiator Graves: I don’t think things are going well over debt ceiling talks
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,...
S&P/Global manufacturing PMI May 48.5 versus 50.0 expected
> S&P/Global manufacturing PMI May 48.5 versus 50.0 expected S&P Global manufacturing and services flash estimate for May 2023 <!--> --> <!--> Manufacturing PMI flash 48.5 versus 50 expected. Services PMI 55.1 versus 52.6 estimatecomposite...
Speaker of the House McCarthy: We are nowhere near a debt ceiling deal
The House Majority leader McCarthy spoke about making progress after the meeting yesterday. A summary: He described as "productive" and "professional," though no agreement was reached. According to McCarthy, the discussion's tone was more amicable than previous...
USDJPY makes new highs for the year, but momentum slows
The USDJPY moved to a new high going back to November 2022 in trading today, but could not maintain momentum. The price is rotated back to the downside ahead of the US stock market open. Technically, failure to extend hire is a disappointment, but if the price can...