The price of gold is moving higher and near highs for the day. The price is up $24.61 or 0.92% at $2718.36. The high for the day has reached $2721.16.The move higher is up testing the high from November 25 which peaked at $2721.41 jut above the high for the day. Get...
Oil nears the best levels of the month in a bounce back from the post-OPEC decline
Oil dailyA strong rise in global equities and the potential for China stimulus in the next 48 hours has lifted oil prices. Today's US CPI report has led to a 1.8% rally in the Nasdaq as AI fever returns. The potential for Fed and PBOC rate cuts also speaks to...
USDCAD bounces back after initial declines failed to reach key targets
The USDCAD moved lower after the Bank of Canada rate decision as the reaction was it was more of a hawkish cut.BOCs Macklem during his press conference said that they discussed both 25 and 50 basis point rate cuts before ultimately deciding on a 50 bps reduction. That...
US November federal budget deficit 367B vs 353B 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,...
BofA: What we expect from the November ECB meeting and the EUR reaction
BofA expects the ECB to cut rates by 25bps at its December meeting, fully in line with market pricing, and to continue easing until the deposit rate reaches 1.5% by September 2025. Despite a meeting-by-meeting approach, BofA foresees a directional bias toward further...
US sells 10-year notes at 4.235% as it stops through by 1.6 basis points
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,...
A new French PM is to be named on Thursday
French President Emmanuel Macron is set to appoint a new prime minister on Thursday according to government sources and reported by Bloombert. Prime Minister Michel Barnier's was ousted last Wednesday. The discussions have excluded the far-right National Rally, led by...
NASDAQ index breaks above the 20,000 level for the first time.
As London/European traders look to exit for the day, the US stock indices are trading higher. The broader S&P and NASDAQ index are making new session high. For the S&P index is up 51.24 points or 0.85% at 6086.27. For the NASDAQ index is up 314 points or 1.60%...
European equity close: Solid gains but trail US stocks
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Buyers in the AUDUSD stall the fall at key floor target.
The AUDUSD hit a new low today, dipping into a key swing area between 0.6334 and 0.6363 on the daily chart. This zone has been significant since November 2023, marked by three distinct lows. The price reached 0.6336, just above the lower boundary of this floor (see...
USDJPY keeping the buyers and the sellers in play
The USDJPY continues to keep both buyers and sellers engaged in a tug-of-war. Following the CPI data release, the price dropped from just above the 200-bar moving average (MA) on the 4-hour chart at 153.79 to briefly break below the converged 100-bar MA on the 4-hour...
Bank of Canada Governor Macklem: Data since last rate decision has been mixed
We discussed both 25 and 50 bpsThere are some mixed signals in the economic dataWe cut by 50 bps for 2 reasons: 1) We no longer need policy that's clearly in restrictive territory. 2) All the data tilts towards a softer economic outlook for GDP growth compared to...
EIA weekly crude oil inventories -1425K vs -901K expected
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Watch live: Bank of Canada press conference December 11, 2024
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,...
EURUSD retests 200 hour MA and finds sellers again
The EURUSD spiked higher after the CPI data but respected the 200 hour MA for the 2nd time today. In the kickstart video, I outlined how the price needed to get above the cluster of MAs to increase the bullish bias. That was not done. Sellers leaned. The price moved...
Bitcoin re-takes $100,000 with a 3% gain
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,...
Gold climbs above $2700 and nears the mid-November high
Gold is now up $16 on the day to $2710, which is the highest since November 24. It's also the third day of gains since the PBOC revealed it had resumed buying gold reserves for the first time in six months. Gold is now up $75 since the news of the resumption of...
Tech sector and semiconductors shine, healthcare struggles in today’s market mix
Stock heatmap by FinViz.com Wed, 11 Dec 2024 14:46:12 GMT📈 Technology and Semiconductor Surge: A Market OverviewToday's market paints a mixed picture with standout performances in the technology and semiconductor sectors. Broadcom (AVGO) leads the pack with an...
Bank of Canada interest rate statement and press conference opening statement
Below is the full text of the Bank of Canada interest rate statement:The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3¾% and the deposit rate at 3¼%. The Bank is continuing its policy of balance sheet normalization.The...
Bank of Canada rate decision: 50 basis point rate cut
Bank of Canada overnight ratePrior rate was 3.75% after 50 bps on October 23This is the fifth consecutive rate cutEconomists widely expected a 50 basis point rate cutThe market was pricing in a 90% chance of a rate cutPrior statement said " If the economy evolves...