The AUDUSD moved sharply higher the last two days and in the process moved above the 50% of the 2023 range at 0.67134 on both trading days. Both days also stalled at 0.6728. Buyers of the shot on a number of attempts above the 50% midpoint, and each time they...
Macklem: Data since last decision increasingly polting to progress
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 Goolsbee: The unemployment rate tends to go up rapidly
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,...
Gold stumbles to the lows of the day as it waits at the crossroads
Gold dailyThe sentiment on gold has swung wildly so far this month, from a euphoric explosion to the upside to fears about a long-term megatop. The Fed offered some support this week to get it back above $2000 but today it hit $2044 only to peel back to $2021.I think...
More from Macklem: It’s too early to start discussing whether to cut rates in Canada
It's too early to start discussing cutsWe're still discussing whether we raised interest rates enough and how long they need to stay where they areFed will do what it needs to do, we're going to do what we need to doCentral bankers have a long history of warning that...
Baker Hughes US oil rig count 501 vs 503 prior
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 Pres. Bostic: Cuts not imminent but see two 1/4 point cuts 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,...
BOC Macklem: The 2% inflation target is now in sight
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 close mixed for the day (and the week).
The major US indices are closing mixed. THe UK FTSE 100 and Spain's Ibex close lower. France CAC did the best, while Italy's FTSE MIB and Germany's DAX were near unchanged.The closing levels shows:German DAX, -0.79 points or 0.0% at 16751.43France CAC was 21.06 points...
Gold Price Forecast: Fed Pivot Reversal or Damage Control? Key Levels for XAU/USD
GOLD PRICE OUTLOOKGold prices stall their advance as New York Fed President John Williams contradicts Powell’s pivotWilliams’ pushback may be more about damage control than a complete reversal of the existing strategyThis article analyzes XAU/USD’s technical...
EURUSD nears key support as Europe closes,bulls brace for a possible reversal of the trend
The EURUSD has ticked to a new low for the day, but as mentioned in the kickstart video from early today, the 1.0900 level is a key support target. Earlier today, the low price reached 1.09036 and bounced. The low price just reached 1.0902 and is stalling the fall.In...
Weekly Market Recap (11-15 December)
China’s inflation data over the weekend surprised to the downside as the economy continues to face deflationary pressures:CPI Y/Y -0.5% vs. -0.1% and -0.2% prior.CPI M/M -0.5% vs. -0.1% expected and -0.1% prior.Core CPI Y/Y 0.6% vs. 0.6% prior.Core CPI M/M -0.3% vs....
New highs for the Nasdaq index
The US stock indices are higher with NASDAQ leading the way. That index is currently up 80 points or 0.55% at 14842. The high for the day reached 14848. Yesterday's high price reached 14855 which was the highest level going back to January 2022. The market price is...
US CBO boosts 2023 US GDP growth forecast to +2.5% from +0.9% in July
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,...
Nasdaq extends rally to the best levels of the day
The Nasdaq Composite has extended its gain to 0.5%.There was some selling on the heels of the comments from Williams and the S&P Global services PMI was also a touch hot but it hasn't left a lasting impact. Treasury yields are near the lows of the day,...
USDCAD bottoms against a swing area target imbalances. What next?
The USDCAD bottomed near a key swing area target at 1.3370 – 1.33776 (see red numbered circles on the chart below). The low prices reached 1.33725 and bounced. The move to the upside has reached 1.3402. That level is near the broken 61.8% retracement of the move up...
Shipping giant Maersk tells all its ships to pause Red Sea voyages – report
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 November services PMI from S&P Global 51.3 vs 50.6 expected
Prior was 49.4Manufacturing 48.2 vs 49.3 expected (prior 49.8)Composite index 51.0 vs 50.7 priorCost pressures gained momentum as input prices increased at the quickest pace since SeptemberAlthough firms continued to pass through higher costs to customers, and at a...
Mixed opening for the major indices
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,...
Kickstart your FX trading for December 15 with a look at the EURUSD, USDJPY and GBPUSD
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,...