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US President Biden says any attack on Philippines' vessels in the South China Sea would invoke their mutual defence treaty.The background to this is China's claim to large swathes of the South China Sea, a claim ruled as having no basis under international law by the...

Markets:Gold down $40 to $2372US 10-year yields up 1.6 bps to 4.576%WTI crude oil down 58-cents to $85.63S&P 500 up 0.7%AUD leads, CHF lagsThe ECB decision led to surprisingly-little in terms of price action. The euro wobbled in a 1.0700 to 1.0750 range with the...

Chinese trade data is the focus for the data calendar this session. Exports have been improving, but the estimate for March is for a drop y/y. The Chinese economy has been showing signs of improvement, but the People's Bank of China is still very nervous about the...

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,...

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,...

There is a raging debate about US inflation right now and whether it will be sticky. But more importantly, there's a debate about the inflation regime that we're in right now. We spent 20 years before covid in an era of disinflation and many believe we're in a new era...

Bank of America reexamines the Federal Reserve's potential rate cut timeline after the March Consumer Price Index report surpassed expectations, marking the third consecutive month of higher-than-anticipated core inflation rates. Despite retaining a tentative...

The major US stock indices are trading to new session highs. The gains are led by the Nasdaq index which is up 256 points or 1.58% at 16425.45. The S&P is up 0.86%. The small cap Russell 2000 is up 0.77%.The gains are being helped by relief from the PPI data...

I hated this trade when it was being reposted every day and now we've all seen why.Correlation does not equal causation.Gold is a chameleon. Yes, at times it competes with bonds and yield is a factor but it's also a currency. What happened when those diverged?Russia...

There has been an impressive turn in US equity markets, particularly from the pre-market lows. Eminis are now up 24 points on the day and up 50 points from the daily lows.There isn't a clear catalyst for the move and there hasn't been any help from the bond market as...

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,...

The U.S. Treasury will auction off $22.0 billion a 30-year bond at the top of the hour. The six-month averages of the major components shows:Bid to cover 2.38XTail 0.8 basis pointsDirects (a measure of domestic demand) 16.4%.Indirects (a measure of international...

Here is a good chart from Goldman Sachs illustrating daily seasonals in April. It's a sizzling month but the days up-to and including the US April 15 tax-filing deadline are sluggish. "Tax Day is a seasonal weak period, on the day by day chart, but April remains...