The most-popular trade of 2023 was parking money in cash and cash equivalents: Money flooded into things like US dollar-denominated T-bills. As rates come down, much of that money will be looking for a new home. Where will it go?Let's assume this is the top of the...
Atlanta Fed GDPNow rises to 2.5% from 2.0% last
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 continues its run higher. Technical resistance now in play on the rally.
Crude oil snaps back higherThe price of crude oil has continued its run to the upside and is now up close to $2 or 2.85%. The low for the day reached $69.28. The high has now reached $72.90. THe current price is trading at $72.40. As Adam posted earlier, there was a...
USDCHF buyers take price above target resistance. Can the buyers stay above broken levels?
The USDCHF broken above the 200 hour MA and the 38.2% earlier today and moved toward an upside swing area between 0.8548 – 0.8565 . After a corrective move lower took the price below the broken 38.2% at 0.85185, the 200-hour MA near 0.8507 did hold. The inability to...
European equity close: France lags as the new year woes continue
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,...
USDJPY soars above 200-day MA, unlocking bullish potential
The USDJPY broke above its 200-day moving average at 143.07, and the break of that level has seen upside momentum. Going forward, it would take a move back below that 200-day moving average to negate the technical break. There is some minor upside target area between...
The SEC is meeting with exchanges today to review comments from Bitcoin ETF issuers
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,...
Risk appetetite pops on US data and then quickly fades to the lows of the day
The ISM manufacturing and JOLTS data was good news on hopes for declining inflation and a slowing economy but hoping for those reports to turn the market around in a week that's entirely dominated by flows is a tall order.After a brief pop in risk assets, they've now...
Stocks under pressure. Nasdaq approaches it 200-hour moving average
The major stock indices are lower with the Nasdaq index leading the way again.Nasdaq approaches its 200 hour MAThat index moved down to a low of 14613.18. At the low the index was down close to 1%. Technically, the index is approaching the 200-hour MA at 14575.79...
JOLTs job openings for November 8.790M vs 8.850M estimate.
JOLTs job openings lowest since March 2021Prior month 8.733M revised to 8.852M. The high reached 12.1M in early 2022. This month is the lowest since March 2021.Hires 3.5% vs 3.7% last monthSeparations rate 3.4% vs. 3.6% last monthQuits 2.2% vs 2.3% last monthThe data...
US December ISM manufacturing PMI 47.4 vs 47.1 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,...
Oil up more than $1 after bomb attack in Iran and OPEC statement
Oil ignored the growing closure in the Red Sea yesterday in a $5 reversal but it's now up by more than $1 after a bomb attack in Iran has left a reported 103 dead and 141 injured. Further adding to the upside was a joint OPEC+ statement re-affirming a commitment to...
Major US stock indices are lower to start the trading day
The major US stock indices are down for the 2nd consecutive day. The declines are more even across the 3-major indices. Yesterday, the Nasdaq index was the hardest hit (-1.63%). The Dow moved marginally higher (+0.07%). A snapshot of the market 14 minutes into the...
USDCAD extends higher and in the process, moves above key retracement target
The USDCAD is moving higher in trading today, and in the process has been able to extend above the 38.2% retracement of the move down from the December high to the December low. That level comes in at 1.33451, and represents a close risk level for traders looking for...
US 10-year yields rise back above 4%, fuelling US dollar gains
US 10-year yields touched above 4% for the first time since the aftermath of the December 13 FOMC decision.US 10sThe rise in yields comes just after the equity open and erases all the move over the holiday period. The dollar is getting a particular boost against the...
US equities set for another spill at the open
This isn't the start to the year that equity bulls hoped for.After yesterday's rout, S&P 500 futures are down 24 points, or 0.5% while Nasdaq futures are 0.7% lower. The market isn't getting any help from fixed income where yields have extended gains to 3-5 bps...
Forex Market: Kicktart your FX trading with a technical look at EURUSD, USDJPY & GBPUSD
As the North American session begins, the USD is higher vs the EUR, JPY but having a mixed up and down day vs the GBP. In this video, I kickstart the day, by taking a technical look at each of those 3-major currency pairs and outline the bias and explain why, and also...
Bitcoin takes a dive after laughable speculative report that SEC will reject bitcoin ETF
10 mins bitcoin chartThere's no end to the stupidity in crypto but this is a new one.There's a report doing the rounds from Matrixport that speculates the SEC will reject the bitcoin spot ETF this month. It's written by Markus Thielen, their head of research.It's...
Fed’s Barkin: We’re ‘making real progress’ on inflation while economy healthy
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,...
ISM manufacturing and JOLTS top the economic calendar
US ISM Manufacturing PMIThe market certainly isn't in a good mood on the first Wednesday of the year, with S&P 500 futures down 19 points, or 0.4% and the Nasdaq lagging again. In FX, the US dollar is reasserting itself as Treasury yields tick 2-3 bps higher...