Beige BookThe Federal Reserve's latest Beige Book report paints a picture of an economy that's treading water, with slight growth in some areas offset by declines in others. Economic activity grew slightly in three Districts, while nine reported flat or declining...
Biden prepares to block Nippon Steel acquisition of U.S. Steel – report
US President Joe Biden is preparing to block the Nippon Steel acquisition of U.S. Steel, sources tell the Washington Post.Shares of US Steel (X) fell about 6% before being halted.President Joe Biden is preparing to announce that he will formally block Nippon Steel’s...
Canada’s Trudeau says he hopes opposition can focus on delivering for Canadians
After nine years in office, Justin Trudeau's Liberal government is well-past its prime. Trudeau was asked about the NDP withdrawing its formal support for the Liberals today:Asked whether he will call an early election, says he is not focused on politicsSays he hopes...
Israeli PM Netanyahu: It is a possibility of reaching a Gaza cease-fire deal
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,...
Leader of Canada’s opposition new Democrats is tearing up coalition deal with Trudeau
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 price dips despite OPEC+ considering supply hike delay
The price of crude oil is trading lower despite rumors that OPEC+ is close to delaying the planned supply hike. That comes after report on Friday that they would bring back barrels in October. The price has dropped from a high on Friday of $76.59. The current price is...
Atlanta Fed GDPNow growth estimate for Q3 2.1% versus 2.0% prior
The Atlanta Fed GDPNow growth estimate for Q3 quarter rose modestly to 2.1% from 2.0% prior. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.1 percent on September 4, up from 2.0...
AUDUSD corrects higher today but runs into topside resistance target
The AUDUSD fell sharply yesterday breaking below a target support level near 0.6696. However, the break was short-term and the price reestablished support against the level before moving higher. The run higher extended back above its 100-bar moving average on the...
Bitcoin erases the earlier large losses
Bitcoin is sending a better signal on risk appetite as it fully recovers from the swoon as low as $55,605 earlier.Bitcoin dailyThe earlier bounce in bitcoin from the lows sent a positive signal that the Nasdaq eventually followed. The latest leg of buying in bitcoin...
200 hour MAs being tested in the GBPUSD, USDCHF and USDCAD
The USD is moving lower across the board and those moves has the GBPUSD, USDCHF and USDCAD all testing the key 200 hour MAs. GBPUSD:The GBPUSD has moved above a swing area between 1.3128 and 1.31447 and also the 100 hour moving average at 1.3136. The next target comes...
EURUSD breaks higher and finds strong buying interest
The EURUSD has raced higher after the JOLTs job report. The vacancy rate is being touted as a indication of the slack coming out of the labor market. Key Points about Vacancy Rate:Formula: Vacancy Rate = (Number of Job Openings / (Number of Employed Workers + Number...
OPEC+ is close to delaying the planned supply hike – report
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,...
USDCHF falls to 200 hour MA for the 2nd test today
The USDCHF has move back to the downside after bouncing in the European session. The JOLTs data came in weaker. The factory orders to rebound by 5.0% after falling by -3.3% last month.The US yields are down with the 10 year down -6.0 basis points. The two-year is down...
Macklem press conference: There was a strong consensus for a 25 bps 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,...
Watch live: The Bank of Canada holds a press conference after lowering rates to 4.25%
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,...
Eyes on the yield curve: US 2s10s dis-inverts
2s10s weeklyUS 2-year notes now yield less than 10-year notes. Aside from a brief move at the start of August, this would be the first move to a positive-sloping yield curve since the inversion in July 2022.It comes with US 2s down 10 basis points today to 3.79% while...
US dollar falls broadly as job openings sink
July US job openings fell to the lowest since April 2021 in a sign that the labor market is weakening.JOLTS job openingsFed Chairman Jerome Powell highlighted that the FOMC doesn't want to see further weakening in the jobs market but this number paints a picture of an...
Fed’s Bostic sees potential for soft landing as labor market loosens gradually
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,...
JOLTs job openings 7.673M vs 8.100M 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,...
US July factory orders +5.0% vs +4.7% 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,...