The EURUSD of higher after the weaker US data today and in the process tested the 30.2% retracement of the April trading range. That level comes in at 1.0709. The high price reached 1.07107 just above the retracement level before rotating modestly to the downside.What...
JPMorgan CEO Dimon: There is a chance stagflation could happen again
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 broader indices up over 1%. S&P up 1.01%. NASDAQ index up 1.43%
There are a slew of earnings scheduled to be released this week, including Alphabet, Meta Platforms, Tesla, Intel. Below is a list of the major earnings on the schedule:Key earnings this week:Tuesday: After the close :Tesla, Visa, Texas InstrumentsWednesday: Boeing,...
European stocks end the day on the highs
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 extends to the upside on the back of a lower dollar today
The NZDUSD has moved higher today on the back of weaker US data (lower USD), low yields, and risk-on sentiment from rising stocks. Technically, the price has been able to move above a swing area between 0.5933 and 0.59415 and the 38.2% retracement of the April 2024...
USD/JPY dip buyers don’t hesitate
Today's price action highlights how big of a problem that Japanese authorities have on their hand. Even with a broader US dollar selloff on weaker economic data and dipping Treasury yields, USD/JPY barely blinked.USDJPY 10 minsThe pair fell to 154.58 and that 20-pip...
AUDUSD reacts to the weaker US data. Pair moves higher as yields move lower/stocks higher.
The AUDUSD buyer took the price higher after the weaker ISM flash data and Richmond Fed manufacturing data. The prehire has now taken the price above the 38.2% retracement of the move down from the April high to the April low. The level comes in at 0.6469 and is now...
MUFG: Increased risk of imminent yen intervention as USD/JPY nears 155
USDJPY dailyMitsubishi UFJ Financial Group highlights the rising likelihood of intervention by Japanese authorities to support the yen, following strong signals from Japan’s Finance Minister and recent currency trends. The USD/JPY has been hovering just below the...
The intensity of the US dollar reaction to the PMI is instructive
This is a market that's been desperately searching for signs of a cooling economy and it's treating today's S&P Global US PMI like an oasis in the desert.It's similar in FX, where we are getting a round of US dollar selling that's lifted the euro by 40 pips and...
Yields moving lower. Dollar lower. Stocks higher after some sluggish data.
The sluggish flash PMI data and Richmond Fed data, has yields moving lower, the dollar lower and stocks higher. Looking at the yield curve, the shorter end is lower as traders adjust to the surprise weakness and ponder does this ease the Feds (and the markets) anxiety...
US March new home sales 0.693m vs 0.670m 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,...
Richmond Fed Manufacturing index -7 versus -7 estimate
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 services PMI 50.9 vs 52.0 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 major indices are higher in early US trading
The major US indices are higher in early trading. The NASDAQ index is leading the way followed closely by the S&P index. A snapshot of the market 11 minutes into the open is showing:Dow industrial average up 78.15 points or 0.20% at 38318.14S&P index up 22.78...
The USDCHF is not doing much in trading today, but the buyers are trying to take control.
The USDCHF price action is not doing much today. The price has been moving up and down and in the process, the price has been trading above and below the 100 and 200 hour MAs . However, in more recent trading in the US session, the 100-hour MA at 0.9112 has held...
US stocks set for a second day of gains
Spoos dailyS&P 500 futures are nearing yesterday's highs and at the best pre-market levels. Futures are up 20 points, or 0.4% as earnings roll in.Shares of GM are up 6% after beating and raising guidance on strong truck sales. Shares of Spotify are also up 8% on...
Kickstart the FX trading day for April 23 w/a technical look at EURUSD, USDJPY and GBPUSD
In the kickstart video, I take a look at the three major currency pairs, the EURUSD, USDJPY and GBPUSD, and outline the technical levels in play.The EURUSD moved higher in training today but did find resistant sellers against the swing below going back to February...
Slowing package delivery numbers highlights middling demand
UPS reported earnings earlier today and there are some read-throughs on the strength of the economy.The company reported a 3.2% decline in average daily volumes in its domestic segment and a 5.8% drop in its international segment in the quarter. However the company...
ECB’s Nagel: Need to be convinced that inflation is heading back to target before cuts
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,...
Philly Fed April non-manufacturing index -12.4 vs -18.3 prior
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,...