AUDUSD weeklyDivergences in monetary policy often lead to long-term currency trends and that's why the Australian dollar is so interesting heading into 2024.Most global central bankers are in the midst of a pivot and the Reserve Bank of Australia will probably follow...
Baker Hughes US oil rig count -3
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Heads up. Baker Hughes data out a day early today
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 USDJPY is back below the 200 day MA and 38.2% retracement
USDJPY falls back below the 200 day MA and 38.2% retracementThe USDJPY - over the last 6 trading days - has seen price action trade above and below the 38.2% of the 2023 trading range and the 200-day MA at 142.47 to 142.70 respectively. Yesterday, the price traded the...
AUDUSD: Surge towards resistance zone signals bullish momentum
AUDUSD heads toward target swing areaThe AUDUSD pair has reached a new daily high and is currently trading at its highest level since July 27. The price has just touched 0.6794, indicating a significant upward momentum.On the daily chart, this ascent brings the pair...
European equity close: UK stocks were the leaders this week
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USDCAD hits a new 4-month low, Buyers eyeing potential reversal
USDCAD trades to new 4 month low. Tests swing area.The USDCAD is trading to another new low today- taking out the low from yesterday at 1.33107. The low price reached 1.3303. That got within 5 pips of the low of a swing area I have that runs from 1.3298 to 1.33203....
KC Fed manufacturing index -4 vs -3 prior
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USD/JPY still under pressure even as yields retrace declines
USD/JPY is just off the lows of the day, down 143 pips to 142.13.It's been a volatile week for the pair as it surged following the Bank of Japan decision but has since completely retraced. The market continues to aggressively price in US rate cuts and still sees scope...
Use Cases for Decentralized Finance
Decentralized finance is the topic on everyone's mind regarding the next big application of cryptocurrencies. Now, when cryptocurrencies are widely accepted and have a large user base, decentralized finance is on the rise, and new uses are found all the time.There are...
USDCHF nears 2023 lows, Buyers lean against the floor on the first look
USDCHF stretches toward 2023 lowsThe USDCHF has stretched lower again today. Since peaking at 0.8820 on December 8 - and near the broken 61.8% of the range since the July 2023 low at 0.88167 - the pair has been trending lower (see chart above). There have only been...
The market continues to price in more Federal Reserve rate cuts next year
AI imageThe number that seems to have grabbed the market's attention today was in the Q3 GDP report as the reading on core PCE fell to 2.0% from 2.3% in a surprise drop.The 2.0% number is a big one because it gets the Fed back on target and it comes ahead of...
Cracks in the dam: Oil prices fall after Angola leaves OPEC
Oil prices abruptly fell earlier after Angola announced it was leaving OPEC. "The decision, duly considered, was taken at a session of the Council of Ministers, guided by the President of the Republic, João Lourenço," Angola's oil minister said.The fear is that this...
US stocks rebound higher at the open after yesterday’s declines
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EURUSD surges towards 1.1000 level, targeting year-end highs
EURUSD moves toward high ceilingThe EURUSD has traded to a new session high in the US session and is working toward the 1.1000 level and the highs from November and December between 1.1008 and 1.1016. The area is no secret to traders. That dynamic gives traders...
US equity futures retrace about half of yesterday’s decline
S&P 500 futuresYesterday's 1.4% drop in the S&P 500 was the worst since October and seemingly came out-of-the-blue on a late-day rout. It left an ugly mark on the daily chart to signal a potential reversal or consolidation after six weeks of non-stop...
US dollar falls, equity futures jump after US data slate
It's the time of year when it's increasingly difficult to pin down why market moves are taking place. The latest was a drop in the US dollar and surge in US equity futures following GDP, initial jobless claims and the Philly Fed. USDJPY 10 minsThe data itself doesn't...
Philadelphia Fed Business index for December -10.5 vs -3.0 estimate
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US Q3 2023 GDP (third reading) +4.9% vs +5.2% expected
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US initial jobless claims 205K vs 215K 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,...