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
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,...
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...
Kickstart the FX trading day for Sept 10 w/a technical look at the EURUSD, USDJPY & GBPUSD
In the kickstart video for September 10, I take a look at three of the major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.For the EURUSD, the price action has been up-and-down with the low prices from the Asian and early US session...
The NZD is the strongest and the CAD is the weakest as the NA session begins
As the North American session begins, the NZD is the strongest and the CAD is the weakest . The USD is mostly, but modestly lower. Stocks are little changed after gains yesterday clawed back some of Friday's declines. European shares are mixed/little changed. The US...
BOC’s Macklem: Trade disruptions may mean larger deviations from our target
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,...
Forexlive European FX news wrap 10 September – Mixed but overall positive UK jobs data
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 ECB meets later this week, what to expect?
It is not too uncommon to see the ECB not hog the spotlight during policy decision weeks. But when it is accompanied by a change in rates, that is a bit uncommon. This week though will be one of those weeks, as the ECB has already well telegraphed a 25 bps rate cut...
US August NFIB small business optimism index 91.2 vs 93.7 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,...
Crude Oil Technical Analysis – The positioning is at 13 years low
Fundamental OverviewIt’s been a brutal month for crude oil as renewed growth fears pushed the market into new lows. The negative supply news from Libya and Iraq, and the delay by OPEC+ to increase production from October didn’t help much to slow down the bearish...
It’s debate night in the US
As a reminder, the debate will take place later in the day at 9pm EDT (or 0100 GMT the next day). I shared some thoughts previously in this post here: Just a week to go until the next US presidential debateAs with these things, it often comes down to how things are...
NZDUSD Technical Analysis – The USD gains on lower 50 bps probabilities
Fundamental OverviewThe NFP report on Friday gave the USD a boost as the data under the hood was better than feared. The probabilities for a 50 bps cut decreased as a result and they are now standing around 27%. A soft US CPI report tomorrow might increase those...
A short-term bottom for USD/JPY?
USD/JPY daily chartThe dollar has seen some steadier tones in the last few sessions but USD/JPY endured a bit more of a mix of fortunes. The pair was down on Friday as bond yields fell but rebounded in trading yesterday. The bounce is keeping up somewhat today, with...