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Forexlive Americas FX news wrap 19 May: Debt ceiling talks stall. Powell picks his words.
The negotiations to raise the U.S. debt ceiling were put on hold. Dems pointed the finger at the GOP. The GOP pointed the finger at the Dems. Pres. Biden comes back from the G7 over the weekend, and I am sure both sides, know what is at stake. Nevertheless, the...
Ding. Ding. Ding. Stocks close lower as debt ceiling talks stall.
The major US stock indices are ending the day lower. The excuse will be the debt ceiling talks stalling (for now), but if there was a lot of worry, the stock market would be down much more. Technically, however, the S&P index could not close above the 4200 natural...
ECBs Lagarde: We should not trade-off price stability and financial stability
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 can’t stay above the 100 day MA
EURUSD back below 100 day MAThe EURUSD is rotating back lower in the US afternoon. The pair moved higher as Fed Powell (may not have to tighten as much due to banks slow lending), and the debt ceiling talk stall sent rates lower and the USD lower with it. Technically,...
US 2 year yield has the biggest gain since September 2022
US 2 year yield is up sharply this week and above 100 day MAThe US 2-year yield is up about 30 basis points on the week trading at 4.296%. The high-yield today reached 4.349% the highest level since March 15, 2023. The move to the upside this week is the largest gain...
Jake Sherman: Nothing to report from Washington
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 settles at $71.55
Crude oil back below 100/200 hour MA.The price of WTI crude oil futures is settling at $71.55. That's down $0.31 or -0.43%. The high price today reached $72.58. Looking at the hourly chart the high price today stalled within a swing area between $73.50 and $73.89. The...
Gold rebounds toward its 100 hour moving average today
Gold is back above key swing area.The price of gold this week has seen a decline of -1.4% or $-28.42 at current levels of $1982.58. Although lower, it was even lower this week. Today's price is up $25 or 1.28%. A lower dollar and interest rates in the US have helped...
German DAX closes at the highest level on record
The major European indices closed higher on the day and higher for the week. German DAX closes at a new all-time highFor the German DAX, a close the week at 16275.37. That was good enough for the highest close on record surpassing the previous high close value from...
AUDUSD rebounds higher today. Price extends above 100 hour MA
AUDUSD back above the 100 hour MAThe AUDUSD has seen a corrective move higher in trading today. Recall from yesterday, the price extended to a new low for the month taking out the 0.6607, but only by a few pips. The low price reached 0.66043. In the video, I spoke...
Bakers Hughes oil rig count falls 11 to 575
The weekly Baker Hughes rig count shows a decline of -11 on the week:Oil rigs -11 to 575 Largest week decline since September 2021. Nat. Gas rigs unchanged at 141Total rigs -11 at 720Last week, natural gas rigs tumbled -16 rigs. This week it is the oil rigs with a...
House Majority Leader McCarthy: yesterday I really felt we had a path to an agreement
> House Majority Leader McCarthy: yesterday I really felt we had a path to an agreement House Majority Leader McCarthy speaking <!--> --> <!--> We can't be spending more money next yearYesterday I felt we were at the location where I could see the...
USDJPY retests the old 2023 swing highs
USDJPY on the fence and awaits the next shoveThe USDJPY ran to the downside over the last few hours from a combination of the Fed Chair saying that the banking pulling back on lending, lowered the terminal rate for the Fed, and the news around the same time that the...
ECB’s Schnabel:Wage growth has picked up substantially.Concerns about second-round effects
ECBs Schnabel:wage growth has picked up substantiallyas a result there are concerns about second-round facts on inflationit seems fiscal policy is to expansionaryinflation expectations are stubbornly highThe EURUSD moved back above the 100-day moving average 1.0877...
White House: Both sides need to recognize they will get everything they want in a deal
The White House is saying:If both sides negotiate in good faith and recognize they won't get everything they want, a deal is this still possibleDemocratic votes will be needed to pass any dealMeanwhile from the GOP's McConnell:Biden waited months for negotiating...
Fed Powell summary: Inflation is still too high, but risk is more balanced.
Fed Chair Powell speaks Thomas Laubach Research ConferenceFed Chair Jerome Powell's comments center around inflation , which is currently much higher than the Fed's target. He reiterates the importance of price stability as the bedrock of a strong economy and the...
GOP debt negotiators : White House is not being reasonable.
Debt talks have stalledAs Powell speaks, negative headlines are coming out about the debt ceiling talks. Punchbowls Sherman says:Debt limit talks between White House and House Republicans have been pausedNot one issue but multiple issues have proven...
Fed Powell: Inflation is far above that objective
> Central Banks > Fed Powell: Inflation is far above that objective Central Banks Fed Chair Powell speaks at Thomas Laubach Research Conference <!--> --> <!--> --> Inflation is far above that objectivePrice stability is the foundation of a...
ECB Schnabel: ECB can continue to do whatever needed to bring inflation back to 2% target
> ECB Schnabel: ECB can continue to do whatever needed to bring inflation back to 2% target ECB's Schnabel speaking <!--> --> <!--> ECB can continue to do whatever is needed to bring inflation back to 2% target in a timely mannerhas a clear mandate...