The USDCAD has seen volatile up-and-down price action today. However, if there is a tilt, the tilt is to the upside as the price is above the 100-hour MA at 1.33214. Staying above that level going forward would keep the buyers more in control. Having said that, there...
Yields are rebounding and with it goes the USD (and stocks)
The 10-year yield has moved back to the upside with the yield back above 4.0% and up to 4.05%. The high reached 4.10% soon after the jobs report, and then fell sharply to 3.955% at session lows, before starting it's move back to the upside. Below 4% being rejected.Now...
Baker Hughes oil rig count up 1
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Stocks giving back gains. Nasdaq remains bearish technically in the short/medium term.
The major stock indices are giving up their gains. Dow is now down -82 points or -0.22% at 37357. The high saw the indes up 183.27 pointsS&P is up 1.29 points or 0.03% at 4689.80. At session high, the index was up 32.80 pointsNasdaq is up 13.6 points or 0.09% at...
Timiraos: Dec non-farm payrolls “doesn’t change much of anything for the central bank”
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AUDUSD reverses higher and finds resistance just ahead of the 100 hour MA
The AUDUSD has reversed back higher with the overall USD selling after the weaker ISM services data and the ambiguous US jobs report. The move higher has now taken the price back above the close from yesterday at 0.6706. A close above would snap a 5-day losing streak...
USDCHF flips from more bullish to more bearish.
Like all the other major currency pairs, the USD moved higher vs the CHF soon after the US jobs reports, then reevaluated the data. The ISM services data pointed to a less positive jobs picture and growth prospects, and the price action in the USDCHF was back to the...
Non-farm payrolls reactions: Objects in the rear-view mirror may not be as they seem
It will take a few days for the market to digest the data on jobs and ISM services but there is evidence building for a soft landing. However I'd warn that it always looks like a soft landing before it looks like a hard landing.I spoke to Reuters immediately after the...
Weekly Market Recap (02-05 January)
The Chinese Caixin Manufacturing PMI for December beat expectations:Manufacturing PMI 50.8 vs. 50.4 expected and 50.7 prior.Output and new orders both increase at quicker rates.firms maintain a cautious approach to employment.Inflationary pressures remain soft.China...
The USD flips from bearish to more bullish. What are the charts now saying technically?
The US jobs data was initially interpreted as strong. However, after reevaluation things like the revisions, a quirky tumble in the participation rate and data from the household survey painted a more sanguined vision and the USD moved back lower. Later the ISM...
Yellen: What we’re seeing now can be described as a soft landing
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US dollar flips, risk assets soar as the ISM services report falters
The US dollar has turned around in a big way following the earlier non-farm payrolls data. Cable is now at the highs of 2024, up 87 pips to 1.2764 after falling as low as 1.2612 following the US jobs report.GBPUSD 1 hourOther markets are confirming the turn, with US...
US Factory orders for November 2.6% vs 2.1% estimate
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Live Analysis: NFP
Bunds extend losses after US data. The German 10-year rate is now up 8 bp on the day at 2.18%, while the UK Gilt yield has lifted 7 bp to 3.79%. Both jumped higher through the first trading week of the year as markets scaled back excessive rate cut bets. Inflation...
US December ISM services 50.6 vs 52.6 expected
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A soft ISM services report could truly turn the market
The US dollar has completely reversed the non-farm payrolls number and more. At the top of the hour we get the December ISM srevices report, which is expected to tick down to 52.6 from 52.7.Remember, the jobs report is a lagging indicator while the ISM services report...
Mixed open as the market rethinks the jobs report a bit
Stocks moved lower after the "stronger" US jobs report, but there has been a reevaluation after looking at some of the details (see Adam's post here). Is it more of a Goldilocks scenario vs too strong as initially thought? Having said that, the market has to get over...
Why US dollar gave back all the non-farm payrolls gains
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US dollar was higher but backs off as the market reevaluates the US jobs data
The initial reaction in the US dollar was to the upside after non-farm payroll rose by 216 K versus 170K expected. However, looking at previous two months of revisions, the number may not be as strong. Those revisions showed a decline of -71K. The October number was...
Canada December employment 0.1K versus 13.5 K estimate
Canada permanent wages spikes higherPrior month +24.9KUnemployment rate 5.8% versus 5.9% expected. Prior unemployment rate 5.8%full-time employment -23.5 K versus 59.6K last monthpart-time employment was 23.6 K versus -34.7K last monthaverage hourly wages permanent...