US stocks close sharply higher with the S&P index closing at a new record level and above the 4800 level. The NASDAQ index led the way. For the week, the major indices all closed higher for the 2nd consecutive week after sharp declines in week 1 of the 2024...
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Reminder: The PBOC meets on Monday
As the NY trading day winds down, keep in mind that the first event on the economic calendar next week is the Loan Prime Rate meeting at the People's Bank of China.Governor Pan Gongsheng left the MLF rate unchanged last week so expectations are for no change but given...
EURUSD Finds Support at 200-Day moving average, upside momentum possible
The EURUSD this week trended lower into Wednesday but found support buyers against its 200-day moving average. The moving average was tested on two separate occasions, and each time buyers leaned and pushed the price higher. The subsequent rise has taken the price...
Fed’s Daly: It’s premature to think rate cuts are around the corner
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,...
Fed’s Daly set to speak any moment
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 AUDUSD bottomed this week near a key target.The rebound is back above 50% & 200 day MA
The AUDUSD moved lower in the first half of the week, with the high for the day reached in the early hours of Monday. The fall bottomed on Wednesday when the price reached a low corresponding to swing highs and lows from November and again in December. Today's return...
Odds of a March cut fall below 50%: What’s priced in for the Federal Reserve this year
The story of January so far is that US economic data has been better than expected and that's pushed up Treasury yields.US 10-year yields have risen to 4.16% from a low of 3.78% on December 27. That puts 10s right about where they were at the start of September.The...
S&P 500 breaks the 2021 all-time high
SPX weeklyThe S&P 500 just edged above the 2021 all-time high of 4818. A weekly close above that would be particularly bullish.The past two days of buying have been remarkably strong despite higher Treasury yields. On the day, the index is now up 0.8% to 4820, up...
Baker Hughes oil rig count -2 to 497
The weekly Bakers Hughes Rig count shows:Oil rigs -2 to 497Natural gas +3 to 120Total Rigs +1 to 620. Crude oil prices are trading down -$0.77 or -1.04% at $73.19Looking back in time to January 2023, the oil rigs were at 623 (vs 497 today), the gas rigs at 150 (vs 120...
US stocks extend gains with the NASDAQ index now up 1% on the day
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 falls to support and consolidates. Sets up the battle for control next week.
The NZDUSD moved lower in the early part of the week, helped by technicall breaks and slower growth in China. The move to the downside continued until the price moved into a key cluster of support defined by the 200 day moving average at 0.60897, a swing area going...
Feds Bostic: Wants to make sure inflation is on way to 2% 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,...
Atlanta Fed GDPNow growth estimate for Q4 remains at 2.4%
Atlanta Fed GDP Now est for 4Q growthThe Atlanta Fed GDPNow estimate for 4Q growth came in at 2.4%. That is unchanged from the prior report. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of...
European equity close: It was a struggle this week
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,...
Major US indices are positive for the week. S&P above its all-time high close
The major US stock indices are all hired now. The S&P index is now above it's all-time high closing level at 4796.57. It currently trades at 4803.44 with a high of 4807.22.The NASDAQ index extended above it December 28 high of 15150.07 (highest level since January...
US Dollar Forecast – EUR/USD, USD/CAD and AUD/USD. Where to Next?
Unlock exclusive insights and customized strategies for EUR/USD by requesting the comprehensive trading guide for the euro! Recommended by Diego Colman Get Your Free EUR Forecast Get My Guide EUR/USD TECHNICAL ANALYSISEUR/USD lacked directional conviction on Friday,...
Boost from Canadian consumers won’t last – CIBC
Canadian retail salesCIBC highlights a mixed picture in today's Canadian retail sales report but emphasizes that any strength won't extend into 2024.November Canadian retail sales fell 0.2% in November compared to 0.0% expected with sales ex-autos and gas down 0.6%...
Fed’s Daly set to speak on Fox Business
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 buyers propel pair higher and above a key 38.2% retracement level.
The USDCHF has moved higher this week. The low for the week was on Monday. In the current 4-hour bar, the price is making new highs. So buyers have been in control.On the way to the upside, the price moved above the 200 bar moving average on the 4-hour chart. That...