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US stocks close the week mixed. Major indices rise for the 8th consecutive week
Major US stock indices are closing the day mixed. The Dow Industrial Average is modestly lower while the S&P and NASDAQ closed higher on the day. For the trading week, all the major indices were higher for the eighth consecutive week gain.A snapshot of the closing...
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Crude oil futures settle at $73.56
The price of crude oil futures are settling at $73.56, down -$0.33 or -0.45%.The high price reached $74.95. The low price extended to $73.41.For the trading week, crude is up for the second consecutive week. The price is up $1.81 or 2.53%. Last week the price rose...
US stock indices give back gains for 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,...
European indices end the week with mixed results
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,...
Nat. Economic Dir Brainard: Inflation has decreased faster than more optimistic forecasts.
Here are the key points on key topics from White House National Economic Council Director Brainard:Focus on Red Sea AttacksThe Biden administration is very focused on the attacks in the Red Sea due to the importance of shipping lanes.Suez Canal ShippingBrainard does...
US Dollar in Freefall Heading into 2024. What Now for EUR/USD, GBP/USD, Gold?
US DOLLAR OUTLOOK– EUR/USD, GBP/USD, GOLD PRICESThe U.S. dollar, as measured by the DXY index, falls to its weakest point in nearly five monthsWith U.S. bond yields on a downward trajectory and market exuberance on full display on Wall Street, further losses could be...
Atlanta Fed GDPNow estimate for Q4 growth 2.3% down from 2.8% 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,...
USDCAD below 100 week MA. A close below will be the first since May 2022
USDCAD below the 100 week MAThe USDCAD on the weekly chart is trading below its 100-week MA at 1.3278. A close below that MA would be the first since May 2022. That would be more bearish technically. Staying below keeps the sellers in firm control. Having said that...
Crude oil futures turn negative and test the 100 hour moving average/50% midpoint
Crude oil falls back to the 50% midpointCrude oil has taken a dip lower and is now negative on a day. The current price trades at $73.54 after peaking at $74.95 an hour or so ago. The run to the downside has now taken the price below its 100-hour movie average at...
GBPUSD buyers trying to make a push toward December highs
GBPUSD buyers trying to push higher (again)The GBPUSD buyers are trying to push the pair above a swing area and into more open space. Having said that, the buyers are "trying". The swing area is between 1.2723 and 1.2732 (see red numbered circles on the chart above)....
EURUSD moves to new week high/high going back to August 10
EURUSD trades to highest since August 2023The EURUSD has moved to a new week high and high going back to August 10. The next key target is that August 10 high at 1.10648. The high price today reached 1.10395 today. A move above 1.10648 will have traders targeting a...
US new-home sales for November 0.590M vs 0.685M 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,...
UMich November US consumer sentiment final 69.7 vs 69.4 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,...
US major indices higher helped by lower inflation. Nike throws out a warning.
The major US indices are trading higher after tame core and headline PCE data out of the US this morning. The good news is inflation is melting away. There is some worry, however. Nike reported their earnings after the close yesterday and their guidance was not all...
Iran paramilitary forces helping Houthis target ships -report
Iran’s paramilitary forces are providing real-time intelligence to Yemen’s Houthis that are then used to target ships in the Red Sea, according to the WSJ citing "Western and regional security officials."“It’s strange to attribute everything to Iran as if it were the...
US dollar initially pop on US economic data, then fades to session lows
The US dollar initially rallied after the dual releases of PCE inflation data and durable goods orders. The latter was strong and that initially carried the day but a closer look at PCE put the focus back on inflation and the likelihood the Fed will reach its target...
Weekly Market Recap (18-22 December)
The New Zealand Services PMI for November jumped back into expansion:Services PMI 51.2 vs. 49.2 prior.BNZ Senior Economist Doug Steel:“Despite November’s lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and...
USDJPY trades below key resistance levels as inflation data continues to soften
USDJPY below the 200 day MA and 38.2% retracementThe USDJPY is trading toward the low for the day after an up and down run after the data dump at 8:30 AM. The key was the PCE inflation data. Inflation in the US is clearly trending lower. The market is chatting about...