Ahead of the key Nvidia earnings for after close, the broader indices are getting hit in trading today. For the NASDAQ index, it fell below its 100-hour moving average at 15677.26. Staying below that moving average would tilt the short-term bias to the...
The USDCAD is ready to session highs as the traders react to lower CPI data in Canada
The USDCAD is moving higher in trading today on the back of lower CPI data out of Canada. That is running counter to the overall US dollar trend today which is to the downside. Canada's CPI month-to-month came in at 0.0% versus 0.4% expected. The year-on-year measure...
Nasdaq nerves frayed ahead of Wednesday’s Nvidia earnings report
NVDA dailyThe US economic calendar is bare this week and market participants may be turning to earnings instead. The big one this week is on Wednesday with the release of Nvidia's quarterly report. The options market is pricing in an 11% implied move.Goldman Sachs...
USDCHF moves lower to test a dual technical support area
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,...
Economists increasingly see June Fed rate cut
When will the Fed rate cutting cycle start?That's the preoccupation of market participants and economists at the moment. We're all waiting for the economic data to roll in and commentary from Fed officials but that hasn't stopped the guessing game.Markets are fully...
US major indices open with declines to start the holiday shortened week
The major US stock indices are opening the holiday-shortened week on the downside. Last week the indices fell for the first time in six weeks. Shares had been up 14 of 15 weeks in the broader indices prior to last week's declines.A snapshot of the market currently...
Kickstart your FX trading for Feb 20 with a technical look at the EURUSD, USDJPY & GBPUSD
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,...
I sense a dovish shift in the force
I suspect the latest move in markets is more about the PBOC than the Bank of Canada but the market is in the mood to buy short-dated bonds as the week gets underway. That's led to broad US dollar selling that's accelerated in the last half-hour. A soft Canadian CPI...
Philadelphia Fed nonmanufacturing business index for Feb. -8.8 versus -3.7 last month
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,...
Canada January CPI 2.9% y/y vs 3.3% expected
Prior was 3.4% y/yCPI m/m 0.0% vs +0.4% expectedCore measuresCPI Bank of Canada core y/y 2.4% vs 2.6% priorCPI Bank of Canada core m/m +0.1% versus -0.5% priorCore CPI MoM SA -0.1% vs +0.1% priorTrim 3.4% versus 3.7% priorMedian 3.3% versus 3.6% priorCommon 3.4%...
Canadian inflation highlights the economic calendar
The holiday-shortened week comes to life today with the US and Canada back from holidays.The agenda is light owing to a lack of US economic data and Fed speakers but Canada is out with some top tier data at the bottom of the hour. January CPI is expected up 0.4% m/m...
Aussie and kiwi run up against key levels against the dollar
I'll let the charts do the talking here.AUD/USD daily chartIn the case of AUD/USD, the pair has been struggling to get past its 100-day moving average (red line) since the start of the month. For today, buyers are not only inching past that but also contesting the...
ForexLive European FX news wrap: Dollar eases slightly ahead of Wall Street return
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 Technical Analysis – Watch what happens at this trendline
USDThe Fed left interest rates unchanged as expected while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut.Fed Chair Powell stressed that they want to see more evidence of inflation falling back to target and that a...
BOE’s Bailey: I cannot say when or how much rates will be cut
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,...
What is Swing Trading?
Swing trading is a style of trading that attempts to capture gains in a stock or any financial instrument over a period of a few days to several weeks. Swing traders primarily use technical analysis to look for trading opportunities. These traders may utilize...
BOE’s Broadbent: I don’t agree that all the evidence points in the direction of rate 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,...
Gold extends rebound for a fourth day running
With the dollar sagging slightly today, gold is finding reason to cheer on the rebound from last week. The precious metal is up another 0.4% today to $2,026 as it has now erased its post-CPI drop.Gold (XAU/USD) daily chartThe rebound comes as buyers defended the...
BOE’s Bailey: We are having to walk a narrow path on monetary policy
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,...
Dollar down slightly in European morning trade
EUR/USD is up 0.2% to 1.0800, keeping relatively unfazed by the ECB wages data earlier here. Overall, the dollar is down slightly across the board alongside lower Treasury yields to start the day. 10-year yields are down 2.4 bps to 4.271%, keeping limited below its...