The U.S. Treasury auctioned off $40 billion of 10-year notes. The key components showed:High Yield: 4.519%. 6-Auction Average 3.999%, Previous 4.61%Tail: 0.8 basis points. 6-Auction Average 0.9 basis points, Previous 1.8 basis pointsBid-to-Cover: 2.45X. 6-Auction...
The US treasury to auction off $40 billion of 10 year notes at the top of the hour
The U.S. Treasury will auction off $40 billion of 10 year notes at the top of the hour. Below are the key components of the auction, along with the 6 month averages of the components. Traders – and the market – will judge the success or failure of the auction versus...
US Dollar Setups: EUR/USD Flat, USD/MXN and USD/CAD Shine in Risk-Off Setting
Most Read: Gold, Silver Price Forecast - XAU/USD & XAG/USD May Get Boost from Macro TrendsThe U.S. dollar, as measured by the DXY index, was a tad firmer on Wednesday, extending its rebound for the third day in a row after last week’s overextended selloff in the...
European traders go home with the EURUSD at session highs
EURUSD back above swing area.As European traders exit for the day, the EURUSD has pushed above a swing area on the 4-hour chart between 1.0674 and 1.0694 and extended up to a new high of 1.07155 (see red numbered circles on the chart above).Drilling to the hourly...
Atlanta Fed GDPNow estimate remains unchanged at 2.1% for Q4
The Atlanta Fed is out with its most recent modeled growth forecast for Q4. In their own words:Atlanta Fed GDPNowThe GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.1 percent on November 8, unchanged from...
Major European indices close mostly higher
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,...
UK 30 year gilt falls to the lowest level since September 22 and moves below 100 day MA
UK Gilt below the 100 day MAThe UK 30-year gilt fell to the lowest level since September 22, and in the process is breaking below its 100-day moving average at 4.713% (see blue line in the chart above). The last time the price traded below its 100-day moving average...
Bank of America’s Monihan: Financial conditions are tightening
Bank of America (BAC) CEO Moynihan's comments:Predicts a soft landing for the US economy.Notes a slowdown in consumer spending.Highlights that financial conditions are tightening.Commercial customers are not borrowing as much.Does not see massive consumer...
The USDJPY retraces the declines from the FOMC rate decision last wk.Is the high in place?
USDJPY falls from 151.00 levelThe US dollar has been the strongest currency over the last three-days rebounding from a recent sharp selloff you, as confidence grows that the Federal Reserve has concluded its cycle of interest rate hikes. That move higher took the...
Cleveland Fed president Mester to retire June 30, 2024
Cleveland Fed president Loretta Mester will retire on June 30, 2024 due to fed rules. The Cleveland Fed has announced the start of a search process.Mester - thought to be more of a hawk - became president and CEO of the Cleveland Fed In June 2014, becoming the 11th...
NASDAQ index gives up its gains and trades in a negative territory
NASDAQ index trades in negative territoryThe NASDAQ index has given up its gains and trades in negative territory. The index is currently down -21.08 points or -0.15% at 13618.50. The price of the NASDAQ index has been up for 8 consecutive days. The move from the...
US Sept wholesale sales +2.2% vs +0.8% 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,...
US stocks trade higher at the open. S&P & Dow working on 8th day higher. NASDAQ it’s 9th.
The major US stock indices are opening higher. The Dow industrial average and S&P index are working on their 8th consecutive day to the upside. The NASDAQ index is working on its 9th day. Yesterday the NASDAQ closed above its 100-day moving average. That moving...
USDCAD has been helped (to the upside), by lower oil prices. What about the technicals?
The USDCAD has been moving higher as the price of oil extended below the $76 level for the 1st time since July 21. There has been a bounce higher in that price since reaching the low, and it bounce is being reflected by a stalling of the USDCAD above and below its...
Powell doesn’t comment on monetary policy or the economic outlook
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,...
Comments from Powell coming up next
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,...
USD/JPY touches 151.00
You have to wonder where USD/JPY would be if 10-year yields were still at 5%.As it stands, 10s are down 0.4 bps to 4.56% today after a 12 bps drop yesterday. Despite that, USD/JPY has been steadily climbing and briefly touched above 151.00. It's been a steady march...
Kickstart your FX trading for November 8 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on November 8, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?The USD is higher across the board in trading today....
🔥 Is the S&P 500 Ready for a Bearish Reversal? Get Ahead with Expert Technical Analysis!
📈 Prepare for Jerome Powell's speech aftermath with our in-depth technical analysis! 🔍 Dive deep into the intricacies of the S&P 500 as we explore what the future holds post-Jerome Powell's crucial address. We're not just chart-watchers; we're chart-breakers. On...
Canada Sept building permits -6.5% vs -1.6% 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,...