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,...
Ugly day to start the month of September in US equity market
The major US stock indices had an ugly day to start the new trading month. The NASDAQ index led by Nvidia and other chip stocks stumbled and tumbled. The index had its worst trading day since August when the index fell -3.43%:A look at some of the chip stock...
The drop in Nvidia shares today is the largest-ever destruction of market cap
Shares of Nvidia fell 9.5% today as the market frets about slowing progress in AI.There were worries last week after earnings but shares of Nvidia steadied after nearly a dozen price target boosts from analysts. But that would only offer a temporary reprieve as a...
Some signs of a better risk mood but not in stock markets
Time is ticking down on US equity trading today but there are some signs of slightly better risk appetite elsewhere.Bitcoin held the earlier lows and is now at the best levels of the US afternoon.BTC 5 minsThe euro and pound are also getting a slight lift from the...
NZDUSD falls helped by risk-off,commodity selling, slower growth.What about the technical?
The NZDUSD is trading to new lows as traders react today to risk-off sentiment as stocks/commodities slide. Concerns about growth in the US and CHna iare weighing on the pair. Recall from last week, the NZDUSD peaked on Thursday after a surprise ANZ Business...
What’s priced in for the Federal Reserve at the start of September
That line from Federal Reserve Chairman Powell, uttered at Jackson Hole looms large in market pricing this week and going forward. The takeaway is that they don't want to see unemployment rise meaningfully, or perhaps at all.Financial conditions are worsening to start...
USDJPY bounces off the 200 hour MA and 100 hour MA too
The USDJPY is bouncing after starting the US session with a move below 100 hour MA and 50% retracement of the August range when both were near 145.53. The momentum continued down to the 200-hour MA near 145.21. The low reached 145.12 but ran out of downside momentum...
No bottom for stocks yet, Nasdaq extends fall to 2.6%. What is the bear/bull case?
Nasdaq dailyThe Nasdaq Composite is now down 2.6% with Nvidia acting as an anchor with a 7.9% decline.The chart doesn't look great here as it never really approached the old high and looks like it's on the way to some consolidation, in what's a tough month seasonally....
EURUSD trades back to session lows and below 38.2% retracement
The EURUSD rebounded on the back of the yield declines at the start of the US session, but has reversed to the downside after the pair tested the highs from yesterday and the 100 bar MA on the 4-hour chart at 1.10712. The US session high reached 1.1068 just 3 pips...
Euro falls to the lowest since August 18
EURUSD dailyThe euro is struggling today as the US dollar gains broadly on a painful turn in the risk trade.What looked like a breakout to a one-year high only a week ago is now looking suspect. The euro easily fell back below the December highs and took out 1.1050...
BofA: USD/CAD Outlook Ahead of September BoC Meeting
USD/CAD dailyBofA anticipates the Bank of Canada (BoC) will cut the overnight rate by 25 basis points in its September 4 meeting, bringing it to 4.25%. Despite CAD's recent rally, the currency is not expected to move significantly post-meeting, as it is nearing its...
Nvidia testing/breaking its 100 day moving average. Microsoft also testing a key MA level
Nvidia shares are currently trading down $-9.02 or -7.56% at $110.37. That is right at its 100 day moving average at $110.36. The low price did reach $109.40 below that moving average. BearishThe current decline is on pace for its worst trading day since April 19,...
Atlanta Fed Q3 GDPNow 2.0% vs 2.5% prior
This isn't going to improve the mood in markets but it still very early in the Q3 reporting cycle.Prior was 2.5%From the Atlanta Fed:"After this morning’s releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of third-quarter real...
Nasdaq trades above and below the 200 hour MA and tests a gap area from August
The Nasdaq index is down -443 points or -2.5% at 17271. That has taken the price below its 200-hour moving average 17304.22, and is testing a gap going back to August 14 to August 15 at 17260.73. The low price today has reached 17267.58.If the price were to move below...
ECB’s Nagel says he won’t commit in advance of September rate move
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,...
New Zealand GDT Price Index -0.4%
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 equity close: Not a pretty picture
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 moves higher as Oil/Commodities fall and eyes key upside resistance targets
The USDCAD is moving higher as focus for that pair is on the fall in commodity prices including the price of oil and the risk-off flows due to tumbling stocks in the US. Technicals have also played a role in the USDCADs rise to the upside after earlier in the day, the...
ECB’s Simkus: Quite unlikely that we will cut rates in October
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,...
Bit of a bloodbath out there
I've been warning for a week about poor September seasonals and here they are. It's the worst month for stocks, oil and gold. All three of the trio are down today and some in a big way.Perhaps most-worrying is the drop in shares of Nvidia, which are down 8% with...