The price of WTI crude oil futures are settling the week at $71.23. That's up $1.89 or 2.73%. Monday, Tuesday and Wednesday saw the price tumble from Friday's close of $74.07 to a low-price reached yesterday (before rebounding) at $68.80. The rebound today retraced...
USDCHF approaching key resistance, traders eye targets on the daily and hourly charts
The USDCHF has moved higher this week. The low was reached on Monday. The high was reached in trading today. At session highs, the price reached the low of a swing area on the daily chart between 0.88167 and 0.8838. In trading next week, if the buyers are to take more...
The jobs report will keep the Fed patient – CIBC
Fed Chair PowellThe November jobs report showed there is still some sizzle left in the labour market, CIBC notes after today's release.The data showed 199K jobs added, better than 180K. The unemployment rate also fell to 3.7% from 3.9% in a surprise.Today’s report...
US in talks with Gulf allies on military action against Yemen Houthis — 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,...
Baker Hughes US oil rig count -2
Baker Hughes oil rigsOil rigs at 503 vs 505 priorGas rigs +3Rigs began to fall in late-May so if you assume a six-month lag to production, that should start to show up very soon in US figures. The market isn't sensing that though as longer laterals and better...
USDCAD trades to new highs amid volatile up and down trading today
USDCAD trades to a new high but upside resistance loomsThe USDCAD has recently reached a new daily high, but the price movement has been notably volatile, fluctuating between gains and losses. This inconsistency in the market's direction forms the backdrop of current...
Not so fast. S&P and Dow indices turn back in the red for the day/week
The major US stock indices have turned back into negative territory after extending higher after the favorable inflation and growth numbers from the University of Michigan sentiment survey.For the Dow Industrial Average it traded as high asup 144.6 points. It is...
The post non-farm payrolls trade has been dizzying
This is some tough price action to make sense of, let alone make money with.It's been back-and-forth nonstop today since non-farm payrolls. The dollar rallied initially, which is what you would expect on falling unemployment. But it quickly gave it all back, then...
Anticipating a Move: NZDUSD trading mostly within a value area, but look for a break soon
Over the past seven to eight trading days, the NZDUSD has been predominantly fluctuating within a defined "value area," ranging between 0.6112 and 0.6191. While there have been notable upward extensions on November 29, December 1, and December 4, and a recent downward...
Why today might be a great day for a CAD/JPY trade
A man can dream, right?Today might end with the biggest Canada-Japan trade of all time.Well maybe not in financial markets but certainly in the world of sports. The rumor mill is insane right now around baseball megastar Shohei Ohtani and the possibility that he signs...
EURUSD moves higher. Goldilocks Univ of Michigan sentiment, and inflation data.
The University of Michigan consumer sentiment showed a sharp increase to 69.4 from 61.3 last month. The estimate was for 62.0. However, what the forex market is reacting to is the lower inflation expectations. The one-year inflation measure decreased to 3.1% from 4.5%...
US December UMich consumer sentiment 69.4 vs 62.0 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,...
UMich US consumer sentiment coming up next
I maintain that the UMich monthly US consumer sentiment survey is nothing but a barometer of gasoline prices and partisan political anger. The latter is tough to gauge but gasoline prices are in a good place and that should offer a boost to sentiment. The consensus is...
US stocks open lower. Major indices on pace for a lower close for the week
The major US stock indices are opening lower with the five-week winning streak in jeopardy.Dow Industrial Average is trading down 11 points or -0.03% at 36108.25S&P index trading down 5.73 points or -0.13% 4579.23Nasdaq index down -50 points or -0.34% at 14292For...
US equities set for a modest decline at the open
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,...
GBPUSD finds support buyers near trend line. Can the sellers remain in control?
The GBPUSD moved lower after the stronger-than-expected US jobs report, but after reaching a down side trendline on the hourly chart, buyers entered and pushed the price back to the upside. The pair remains below a swing area between 1.2558 1.2568. He would have to...
Weekly Market Recap (04-08 December)
BoJ Noguchi reiterated the central bank’s focus on wage growth to reach their 2% target sustainably with no policy change in sight:It's true the impact of elevated global inflation is reaching Japan's economy with consumer inflation exceeding the BoJ's 2% target since...
US dollar jumps after non-farm payrolls then gives it right back
It's tough to square the numbers in the non-farm payrolls report with the market reaction.The jobs report was good, particularly the household survey as the unemployment rate fell back to 3.7% despite rising labor force participation.Unemployment rateThe initial...
November Jobs Report: Unemployment Falls and NFP Print Beats Forecast, DXY Advances
US NFP AND JOBS REPORT KEY POINTS:The US Added 199,000 Jobs in June, Slightly Above the Forecasted Figure of 180,000.The Unemployment Rate Falls to 3.7%, Remaining within a Range Below the 4% Mark.Average Hourly Earnings Came in at 0.4% MoM with the YoY Print Holding...
Reaction to the jobs report. Stocks lower, yields higher, US dollar higher
The US payroll data came in better-than-expected with the unemployment rate falling to 3.7% from 3.9%. Earnings were hiring 0.4% versus 0.3%. And non-farm payroll was also stronger at 199K versus 180K. Just ahead of the report, the stock futures were implying:Dow...