In the North American morning report, I wrote on the AUDUSD: The AUDUSD is also breaking [lower] and fell below its 50% midpoint of the move up from the August low to the September high. That midpoint level comes in at 0.66451 and is now close resistance. On the...
Macklem press conference: We will take our next decision in December
Macklem's opening statement was pre-released, these are the highs of the Q&A with the media:Core inflation is easing as expectedOur growth forecast hasn't changed a great dealWe're going to be particularly focused on inflation and growth dataThere was a 'clear...
ECB’s Nagel: He is convinced ECB is more or less on track to meet 2% inflation target
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EIA weekly crude oil inventories +5474K vs +270K expected
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ECB Lagarde: She is satisfied with inflation progress
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ECBs Lane: High conviction that disinflation is on track
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A look at the changes in the key Bank of Canada forecasts
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China gold concentrate imports sink 22% as tax proposal cools market
Gold is down $10 today after hitting a record high yesterday. Reuters is out with a report highlighting a drop in China gold and copper imports due to a potential tax change, citing four sources:Gold ore/concentrate imports to China fell 22.4% m/m in September to...
US September existing home sales 3.84M vs 3.86M expected
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USDCAD little changed after interest-rate decision
The Bank of Canada cut right by 50 basis points which was as expected. The central bank wants to keep inflation near 2%. The focus is to maintain low, stable inflation while increasing growth. The central bank lowered the CPI forecast for 2024 and 2025. Core inflation...
The full statement from the Bank of Canada interest rate decision
The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization.The Bank continues to expect the global economy to expand at a rate of...
Macklem statement: We anticipate cutting our policy rate further
The press conference will begin at 10:30 am ET but the opening statement was pre-released:We took a bigger step today because inflation is now back to the 2% target and we want to keep it close to the target.Price pressures are no longer broad-basedWe need to stick...
Tech sector glimmers while consumer goods face headwinds
Stock heatmap by FinViz.com Wed, 23 Oct 2024 13:46:03 GMTSector OverviewToday's stock market heatmap reveals a mixed bag of performances across various sectors. The technology sector stands out with leaders like Microsoft (MSFT) gaining 0.43%, reflecting investor...
Bank of Canada rate decision: 50 basis point cut, as expected
Prior overnight rate was 4.25%The market was pricing in a 94% chance of a 50 bps cutThe OIS market was priced at 2.60% for end-2025 ahead of the decisionHighlights of the statement:If the economy evolves broadly in line with our latest forecast, we expect to reduce...
US stocks trading lower. McDonalds and Starbucks under pressure
The major US stock indices are trading lower. The Dow and the S&P are on pace for their third consecutive losing day. Remember all three indices are working on six weeks of gains. That string is at risk with more than half of the trading week remaining.A snapshot...
Bank of Canada rate decision ahead. What technical levels are in play for the USDCAD?
The Bank of Canada rate decision will take place at 9:45 AM ET. The expectations are for a 50 basis point cut.Adam summarized the decision here. Key takeaways:Bank of Canada is expected to cut rates by 50 bps on Wednesday, marking the first significant cut in the...
US equities set for a soft start. Texas Instruments highlights struggling industrial econ
SPX dailyS&P 500 futures are down 0.4% ahead of the open in what's become a familiar pattern. Over the past week, stock futures have been weak only to see buying throughout the day and decent closes.The index hit a record high on Thursday but has seen some mild...
Kickstart the FX trading day for Oct 23 w/a technical look at the EURUSD, USDJPY & GBPUSD
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No comments from the Fed’s Bowman in initial remarks
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Canadian National Railway highlights soft macro backdrop
I've been listening to corporate conference calls closely for hints about macroeconomic weakness. Railways have great insight into the goods macroeconomy, which has been struggling since the covid boom. Some comments in the conference call yesterday highlight caution...