The fear in markets is that a war in Gaza turns into a war between the US and Iran.Biden was asked about Iran and US troops being injured and said:"We have had troops in the region since 9/11 to go after ISIS... having nothing to do with Israel at all. My warning to...
Biden: What comes next has to be a two-state solution
We have to remember that Hamas does not represent the vast majority of PalestiniansThere is a need to work towards a greater integration of IsraelMy instinct is that Hamas attack was carried out due to progress of integration of IsraelExtremist settlers attacking...
Mike Johnson elected House Speaker
Republicans unanimously backed Mike Johnson in a surprise turnaround to unite a divided party. It looked hopeless a day ago.Johnson is a Louisiana Republican was first elected to the House in 2016 and serves as vice chairman of the House Republican Conference, as well...
Bonds can’t even catch a bid in this environment?
This is one of the worst markets I can remember: There is nowhere to hide.Stocks are utterly puking with the Nasdaq Composite down 2.5% after poor earnings from Google and some others. Oil is rallying, presumably because the market is worried about Iran again after a...
Stocks continue tumble. NASDAQ down the 300 points
The stock tumble continues with the NASDAQ now down over 300 points. The index is currently down 306 points or -2.33% at 12833.50. The largest decline this year was a decline of -2.5% on February 21. The S&P index is now down 62.2 or -1.47% at 4185. It's 38.2%...
Israeli PM Netanyahu: We are preparing for a ground invasion
Israeli PM net now who is speaking and says:Doing everything possible to bring hostages homeWe are preparing for a ground invasionI want to give the detailsTiming of the invasion will be reached by consensus.Civilians in Gaza should move to the SouthWe encourage...
Meanwhile the vote for Speaker of the House has begun
The vote for the Speaker the House has begun. A total of 217 votes are needed to be elected to the post. Watch the Other votes for clues. If that moves above 4, it will likely signal a failed vote. Helping is that Johnson is although he is not a moderate conservative,...
US treasury auctions off $52 billion of 5 year notes at a high yield of 4.899%
The US treasury auctioned off the $52 billion a 5 year note at a high yield of 4.899%WI level at the time of auction was 4.88%Tail 1.9 basis points. The six-month average was -0.4 basis pointsBid to cover came in at 2.36Xversus six-month average of 2.99XDealers 19.4%...
New lows in stocks. Nasdaq now down -2%. The S&P is below 4200 level.
Nasdaq is now down 2% on the day which is the largest decline since August 2 when the index fell -2.17%. The 38.2% retracement target comes in at 12781.90. The 200 day moving average comes in at 12767.47.S&P index is now below the 4200 level at 4195.47 down...
The US Treasury will auction $52 billion of 5 year notes at the the top of the hour
The U.S. Treasury will auction off $52 billion 5-year notes at the top of the hour.Note that the coupon auctions are judged by investor demand. The 2 year note auction yesterday it was met with ok demand. There was no tail. Of late the auctions have been sloppy with...
Atlanta Fed GDPNow final estimate for 3Q growth comes in at 5.4%
The Atlanta Fed GDPNow 3Q model estimates 3Q growth at 5.4%. That is unchanged from the previous estimate.The estimate is the final one ahead of the actual release scheduled tomorrow at 8:30 AM ET. Economists see growth lower at 4.5%.In their own words:The GDPNow...
NASDAQ index falls to a new session low and closer to key technical support
NASDAQ index moves closer to key technical supportThe NASDAQ index continues its run to the downside and it currently trades down -1.77% at 12906. The index is working toward being one of the top 10 down days for the year. The biggest move lower was back on February...
Hamas fighters trained in Iran before attacks – report
The WSJ's Summer Said reports that Hamas fighters trained in Iran before the Oct 7 attacks.The story says roughly 500 Palestinians got specialized training in Iran as recently as September.Note that this is the same journalist who reported the day after the attacks...
EURUSD bounces higher after recent swing lows stalled the fall
EURUSD bounces near lows from Friday.The EURUSD rose sharply on Monday and fell sharply on Tuesday. Today, there has been a further rotation to the downside that took the price below the 200-hour moving average currently at 1.0574. However, the low prices stalled...
Sam Bankman-Fried to testify in his own defense
A lawyer for Sam Bankman-Fried said he will take the witness stand in his own defense as soon as tomorrow.“Our client is also going to be testifying,” Mark Cohen said, adding that the defence could rest as soon as the end of this week.Defendants rarely take the stand...
BOC’s Macklem: We are seeing clear evidence that higher rates are working
> Central Banks > BOC's Macklem: We are seeing clear evidence that higher rates are working Central Banks Comments from BOC governor Macklem and deputy Rogers in response to questions <!--> --> <!--> --> The exchange rate is part of how...
Israel agrees to delay invasion of Gaza – report
The WSJ reports that Israel has agreed to a request from the US to delay a ground incursion into Gaza, according to unnamed officials. The delay is so the US can get more missile defenses in place.The thinking is that a ground incursion will result in missile attacks...
AUDUSD trades to new session lows
AUDUSD trades in volatile ups and downs todayThe Australian CPI came in stronger than expected earlier today (see data here). The initial reaction in the Asian session was to the upside in the AUDUSD on expectations that the RBA may look to tighten further in...
Macklem: Inflation is on a higher path than we expected
Demand pressures have eased more quickly than we forecast in JulyOverall inflation risks have increased since JulyWe held policy rate steady because we want to allow mon pol time to cool economyWorried higher energy prices and persistence in underly inflation are...
Watch live: Bank of Canada holds a post-decision press conference
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,...