The first day of the year was met with counter trend moves in yields, the USD and stocks. For the yields, the USD was mostly lower in 2023 vs the major currencies. The exception was vs the JPY. The NZD and AUD were near unchanged for the year. Today, the USD is ending...
IMF Chief forecasts lower inflation and rates ahead, advises everyone to cheer up
International Monetary Fund Managing Director Kristalina Georgieva spoke in an interview with CNN on Tuesday, forecasting lower inflation ahead:"People should be feeling good about the economy because they finally would see relief in terms of prices," Praised FOMC...
HSBC projects Brent crude oil to average $82.5 /barrel and gold to average $1,825 in 2024
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,...
Stock indices mixed as winners from 2023 falter, unemployment data looms
The major US stock indices got off to a mixed start. The Dow Industrial Average rose modestly. The S&P index fell, and the Nasdaq index tumbled lower. However, indice levels are off their lows.Market chatter centers around rotation out of the winners from 2023....
Economic calendar in Asia Wednesday, 3 January 2024 – Reserve Bank of Australia charts
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,...
Trade ideas thread – Wednesday, 3 January, insightful charts, technical analysis, ideas
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 sellers extend the corrective move lower and get below the 38.2% retracement
The USDs move higher today, has also included a downward run in the NZDUSD. As we head into the Asian-Pacific session, the pair is trading near session lows. It has also broken below the 38.2% retracement of the move up from the December low to the December high. That...
Crude oil futures settle at $70.38
The price of crude oil futures are settling at $70.38. That is down $-1.27 or -1.77%.Crude oil settles at $70.38The high price for the day reached $73.64. The low price was up $70.06.The low price December reached down to $67.71 on December 13. That was just ahead of...
NASDAQ index on pace for its worst day since October 25
The Nasdaq index is trading back down toward its lows for the day. The index is down -274 points or -1.80% at 14740.31. The low for the day reached 14723.75 today. The fall is the largest decline since October 25. Since that fall, the index had been up for...
USDCAD rebounds from 1.3300, surges to new highs
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,...
EURUSD price analysis: Sharp move lower suggests short-term tilt to the downside
The sellers in the EURUSD today, took the price back to the midpoint of the range since the 2020 high at 1.0942 (the low reached 1.0940). The buyers leaned against that level and bounced the price modestly to 1.0967. Since then the price is trading up and down withing...
IMF head Georgieava: Fed is definitely achieving a soft landing
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,...
Latest Atlanta Fed GDPNow estimate shows lower Q4 growth at 2.0%
Atlanta Fed GDPNow estimate 2.0%The Atlanta Fed GDPNow estimate for Q4 growth fell to 2.0% from 2.3% prior. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.0 percent on January 2,...
USDCHF reverses course in trading today: Short-term technical bias shifts a bit to upside
The CHF was the strongest of the major currencies in 2023. Now that move was led by the CHFJPY which showed a 18.20% move, but the USDCHF also moved 8.94% in favor of the CHF (USD lower). Today is a reversal of 2023 type of day. US stocks are lower especially the...
Earthquake warning issued in Japan’s Ishikawa Prefecture
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,...
Mixed results for major European indices as manufacturing sector contracts
The major European indices are ending the day with mixed results:German DAX +0.11%France CAC, -0.16%UK FTSE 100, -0.15%Spain's Ibex, +0.79%Italy's FTSE MIB +0.58%The final PMI manufacturing data was released today:Spanish Manufacturing PMI: Recorded at 46.2, slightly...
Crude oil reverses. Down $ 1.00 on the day
The price of crude oil is down over one dollar now at $70.61. That takes the price down -$1.04 on the day. At session highs the price reached $73.64 up $1.99.Crude oil stalled against its 100/200-hour moving averagesTechnically, today's price high stalled near the 100...
Top economic releases this week: US jobs report to drive markets
The US Economic calendar will be highlighted by the US jobs report which will be released at 8:30 AM on Friday. Canada will also report their employment report on the same date in at the same time. Here's a summary of the key economic events for the week, including...
Nasdaq index plummets, Magnificent 7 suffers. Tesla bucks the down trend
Traders are anxious to sell their big winners from 2023. The so-called Magnificent 7 are showing sharp declines with the exception of Tesla which is up 0.19% after reporting better-than-expected sales figures earlier this morning:A summary of the Magnificent 7 is...
USDCAD surges above 1.3300 level, Bulls take back some control above 200 hour MA.
The USDCAD is running to the upside after breaking above it 200-hour moving average at 1.32665 earlier today. That was the first break above that moving average since December 13. The break above give the buyers a go-ahead to push to the upside.That run to the upside...