In the US today,the USD moved lower after weaker ADP payroll data, which was followed later by much weaker ISM non-manufacturing data (48.8 vs 52.5 est) and factory orders (-0.5% vs 0.2% est). The ISM data was the weakest since the post-pandemic rebound 4 years ago....
Economic calendar in Asia Thursday, 4 July 2024 – alight one
It's a subdued data agenda ahead for today, Japan weekly flows and Australian May trade data is about it.Speaking of Japan, trading of US Treasuries (physical) will be closed for the 04 July 2024 US holiday.The UK election voting kicks off in a few hours time. This...
Trade ideas thread – Thursday, 4 July, insightful charts, technical analysis, ideas
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,...
Oil finishes the day strong to end $1 higher as it caps fourth straight week of gains
There are strong signs of travel demand in the US this 4th long weekend, with air bookings setting records. Combine that with a big draw in US inventories in today's report and a hurricane in the Atlantic and gold finished the week strong.There was something of a...
USDCAD moves down toward low of multi-week range ahead of jobs reports on Friday
The USDCAD has continued its move to the downside today on the back of lower rates and the weaker US data, Technically, the price moved below the 100 and 200 bar MA on the 4-hour chart yesterday, and remained below those MAs in the early Asian session today, before...
Biden says on campaign call that he’s not dropping out – report
I'm not sure how heavily you weigh this because I believe you talk like you're going to stay in until it becomes hopeless. Very few people in history have given up power gracefully, that's just the nature of power.Here is what Biden told the campaign call, according...
FOMC meeting minutes: vast majority saw the growth gradually cooling
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Nasdaq surges as lower yields/ Biden rumors swirl; US markets close for July 4
More record closes for the S&P and Nasdaq indices with the Nasdaq leading the way. Lower yields and talk that Biden would look to step down, seemed to give investor some confidence. Tomorrow the US stocks will be closed in observance of the July 4 holiday.The...
ECBs Stournaras: Two more rate cuts in 2024 seems reasonable
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,...
Atlanta Fed GDPNow growth estimate for 2Q falls to 1.5% from 1.7%
The Atlanta Fed GDPNow growth estimate for 2Q falls to 1.5% from 1.7% after recent data. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 1.5 percent on July 3, down from 1.7 percent on...
European shares closed today with solid gains
European major indices are closing the day with solid gains. The advances are led by the Spain's Ibex which rose 1.32%. Other major indices increased by 1% or more with the exception of the UK FTSE 100 ahead of its elections tomorrow.The final numbers show:German DAX,...
U.S. House Dems consider sending a letter to Pres. Biden demanding he withdraw from race
Bloomberg is reporting that dozens of U.S. House Democratic lawmakers are considering sending Pres. Biden a letter demanding that he withdraw from the race. There were reports that Biden spoke with key Democratic leader Schumer. The New York Times reported that an...
USDCHF rebounds from crucial support levels as 100-hour and 100-day MAs intersect
The USDCHF moved lower after the weaker than expected US data today. However, after breaking below its 100-hour moving average at 0.90134, its 200 bar moving average on the 4-hour chart at 0.89972, support buyers came in against the key 100-day moving average at...
Why stock market analysts are always bullish
Marko KolanovicIt remains to me a mystery how Marko Kolanovic became chief global markets strategist at JPMorgan. He was famous as an expert on market plumbing, particularly in fixed income. He had never been someone who people turned to for macro views.But he got...
Pres. Biden reportedly told Ally that he is weighing whether to continue in the race
Pres. Biden reportedly told an ally that he is weighing whether to continue in the race. That is according to the New York Times:President Biden acknowledges his candidacy may be at risk if he cannot convince the public of his capability after a poor debate...
The first sign that Biden is seriously thinking of dropping out has emerged
AI imageThe New York Times reports that President Joe Biden told an ally that he is weighing whether to continue in the Presidential race. This is the first concrete sign that he's considering the exit."President Biden has told a key ally that he knows he may not be...
US crude oil inventories show a larger than expected drawdown of -12.157M vs -0.680M est.
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,...
What happens in markets and politics if Biden drops out
The most-compelling thing I've heard about Joe Biden this week is this: If his debate performance as a one-off, he would be scrambling to do interview after interview, press conference after press conference. Instead, he's done some scripted rallies, reading from a...
ECBs Vasle: ECB must be mindful of inflation risks and not rush into next rate cut
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 US dollar moves lower after weaker ISM services data
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,...