EURUSD dailyThe euro is struggling today as the US dollar gains broadly on a painful turn in the risk trade.What looked like a breakout to a one-year high only a week ago is now looking suspect. The euro easily fell back below the December highs and took out 1.1050...
BofA: USD/CAD Outlook Ahead of September BoC Meeting
USD/CAD dailyBofA anticipates the Bank of Canada (BoC) will cut the overnight rate by 25 basis points in its September 4 meeting, bringing it to 4.25%. Despite CAD's recent rally, the currency is not expected to move significantly post-meeting, as it is nearing its...
Nvidia testing/breaking its 100 day moving average. Microsoft also testing a key MA level
Nvidia shares are currently trading down $-9.02 or -7.56% at $110.37. That is right at its 100 day moving average at $110.36. The low price did reach $109.40 below that moving average. BearishThe current decline is on pace for its worst trading day since April 19,...
Atlanta Fed Q3 GDPNow 2.0% vs 2.5% prior
This isn't going to improve the mood in markets but it still very early in the Q3 reporting cycle.Prior was 2.5%From the Atlanta Fed:"After this morning’s releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of third-quarter real...
Nasdaq trades above and below the 200 hour MA and tests a gap area from August
The Nasdaq index is down -443 points or -2.5% at 17271. That has taken the price below its 200-hour moving average 17304.22, and is testing a gap going back to August 14 to August 15 at 17260.73. The low price today has reached 17267.58.If the price were to move below...
ECB’s Nagel says he won’t commit in advance of September rate move
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New Zealand GDT Price Index -0.4%
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,...
European equity close: Not a pretty picture
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,...
USDCAD moves higher as Oil/Commodities fall and eyes key upside resistance targets
The USDCAD is moving higher as focus for that pair is on the fall in commodity prices including the price of oil and the risk-off flows due to tumbling stocks in the US. Technicals have also played a role in the USDCADs rise to the upside after earlier in the day, the...
ECB’s Simkus: Quite unlikely that we will cut rates in October
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,...
Bit of a bloodbath out there
I've been warning for a week about poor September seasonals and here they are. It's the worst month for stocks, oil and gold. All three of the trio are down today and some in a big way.Perhaps most-worrying is the drop in shares of Nvidia, which are down 8% with...
Oil falls to the lowest since January, nears $70.
Oil dailyIt's a rough one for oil today with WTI crude oil down $3.03 to $70.52. That's the lowest since January 17 and perilously close to the $60s.The latest leg of selling came after a report on Friday that said OPEC+ is likely to proceed with a planned gradual...
USD moving lower after string of weaker data (well not lower against the AUD)
US stocks opened lower and are going even lower after some weaker data. The S&P global manufacturing PMI was we can expected followed by the ISM PMI data also coming in lower. Construction spending completed the hat-trick with lower than expected results. The poor...
What’s the threshold for the Fed to cut by 50 basis points?
The takeaway from Powell's Jackson Hole speech was that he wanted to leave 50 basis points on the table for this meeting and future ones.Markets are now off to a rough start in September and bonds are bid strongly, with yields down 7-8 bps across the curve despite...
US construction spending for July -0.3% versus -0.1% expected
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,...
US August ISM manufacturing index 47.2 vs 47.5 expected
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,...
Market tremors in tech: Nvidia and semiconductors face decline
Stock heatmap by FinViz.com Tue, 03 Sep 2024 13:46:14 GMTToday’s Market LandscapeInvestors grappled with broad-based shifts across multiple sectors today, with the tech sector experiencing notable downward pressure, particularly in semiconductors, while other...
US August final S&P Global manufacturing PMI 47.9 vs 48.0 prelim
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,...
US stocks open the holiday shortened week lower
Major US indices are opening lower with the NASDAQ is down -200 points to raising the gains from Friday's trade (+197 point).A snapshot of the market nine minutes into the open showing: Dow industrial average -228.2 at -0.55% at 41338S&P index -23.51 points or...
Canadian S&P global manufacturing PMI for August 49.5 versus 47.8 last month
Canada S&P global PMI higher on the monthPrior month 47.8S&P global manufacturing PMI for August 49.5 versus 47.8 last monthFor the full report, CLICK HERE.Below are the main points in bullet format:Canada's Manufacturing Economy:Operating conditions continued...