The US yields are trading at new session lows. The two-year is trading at 3.598%. That's the lowest level going back to March 2023. The 10 year yield is an 3.642%. That's its lowest level going back to June 2023.The low in yields has the USDJPY also extending back...
When the copper-tunity comes knocking
CopperDr. Copper hasn't been in a good mood since May, when a speculative squeeze drove it to $5 followed by a sharp turn lower. It's currently flirting with $4 as the market frets about a global growth slowdown.Given the price action in bonds, JPY and oil, I think a...
US CPI preview: Inflation expected to fall to the lowest since 2021
As inflation in the US ramped and then rolled over, it was typical to get massive market moves on CPI data but as prices have cooled, so has the market reaction. Unfortunately, the magic is gone -- and now rests with non-farm payrolls as the Fed focuses on its...
US Treasury auctions $58B of 3 year notes at a high yield of 3.440%
High Yield:3.440%Previous: 3.81%WI Level at the time of the auction: 3.457%Tail: -1.7 bsPrevious: -0.2bpsSix-auction average: 0.1bpsBid-to-Cover: 2.66XDealers:10.45%Directs (a measure of domestic demand):11.3%Indirects (a measure of international demand):78.24%AUCTION...
US treasury to sell $58B of 3-year notes at the top of the hour
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,...
NZDUSD rebounds after testing 38.2% retracement and finding support buyers
After a trend-like move like we saw to the upside in August, the price of the NZDUSD has been correcting lower over the last 9 or so trading days. The price action on Friday after the US jobs report saw a spike higher to swing area resistance at 0.6253, but then...
European equity close: On the backfoot
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Bank of Japan officials see little need to hike rates
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,...
Morgan Stanley sees the euro falling to 1.02 this year as the ECB cuts deeper
EUR/USD dailyThe street-low year-end forecast for the euro is 1.02 from Morgan Stanley. G10 FX strategist David Adams spoke in an interview with Bloomberg today highlighting the call.“There is plenty of scope for the market to refocus on the fact that the ECB could be...
AUDUSD sellers are banging against a cluster of support. Can the sellers push through?
The AUDUSD yesterday moved down to test a cluster of support defined by the 200 bar moving average on the 4- hour chart,100 day moving average, and the 38.2% retracement of the August trading rangeAll those levels come between 0.6642 and 0.66499 (call it 0.6650)....
Oil smoked in a 4% decline. On track for the lowest close since 2021
WTI dailyWTI now has a $65 handle.It's down 4% on the day or $2.75 to $65.96, which is the worst level since May 2023. It's traded down here on a handful of days in 2023 but if it finishes here it would be the worst close since December 2021.Needless to day, it's not...
The mood quickly sours across markets
US equities are back to flat and the dollar and yen are broadly bid on rising risk aversion. The worst victim at the moment is oil, which is down $2.44 to $66.26 as the bulls throw in the towel after OPEC cut demand forecasts today.Bonds are bid despite a three-year...
The USDCHF runs up to the 100 bar MA on 4-hour chart and finds willing sellers
The USDCHF moved above the 100 and 200 hour MAs yesterday tilting the short term bias to the upside. The modest upside momentum, took the price up toward the next target - the 100 bar MA on the 4-hour chart (see higher blue line on the chart below). What happened?...
Fed’s Barr comments on Basel rules
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Tech stocks rally: Software and internet giants lead the charge
Stock heatmap by FinViz.com Tue, 10 Sep 2024 13:46:11 GMTThe US stock market is buzzing today with impressive gains, particularly in the technology sector, as software and internet giants drive the rally. A closer inspection of the heatmap reveals interesting dynamics...
US major indices are mixed in early US trading
US major indices are mixed in early trading. The Dow industrial average is mostly lower, but the S&P and NASDAQ indices are higher. The Russell 2000 is also trading lower in the first few minutes of trading.A snapshot of the market seven minutes into the open is...
Macklem Q&A: Employment is not negative but is well below population growth
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,...
The buyers in the USDCAD are trying to push higher, but there is work to do.
The USDCAD is tilting higher technically even though a lot of the price action on Monday and agains today, is more up and down. WHat is encouraging for the buyers - at least in the short term - is the low prices yesterday, held support against the 100 bar MA on the...
BOC’s Macklem: Bigger cuts are possile if economy and CPI weaker
The Canadian housing market is struggling and the economy was flat in June and July.The market is fully priced for a 25 bps cut at the Oct 23 meeting with virtually no chance of 50 bps but that could swing with some softer data. For the subsequent meeting, there is 61...
Struggling Chinese imports dim the global growth outlook
The US economic calendar is bare today save for a three-year auction but China released import data earlier today and it showed growth of just 0.5% y/y compared to 2.0% expected. That's a sharp slowdown from the +7.2% y/y rise in July.The global manufacturing cycle...