The USDCHF last week came down to test a cluster of support including the:100-day moving average50% retracement, andSwing areaall near the 0.89000 level. Support buyers leaned against that key technical level.Having said that on the top side, the corrective high could...
Eurzone October flash consumer confidence -17.9 vs -18.3 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,...
Bill Ackman says he covered his bond short
Back in early August, Bill Ackman began to tout a short 30-year bonds position "in size" as a portfolio hedge. Today he said they have covered that position, without saying when."There is too much risk in the world to remain short bonds at current long-term rates," he...
Another weak open for the Nasdaq/US stocks
The major stock indices are once again lower on the day. The broader S&P and NASDAQ index are working on their 5th consecutive day to the downside. The NASDAQ has shed near another 100 points or -0.77%. This week, 4 of the "Magnificent 7" are announcing earnings (...
USDCAD finds willing sellers ag. targeted swing area, but remains above 100 hour MA too.
The USDCAD is trading in an up-and-down range today. The low in the Asian session was stalled near a swing area between 1.3687 and 1.3700. The rising 100-hour moving average is now in between that area at 1.36928 (see blue line in the chart below). If the price were...
US equities set to break the trend of Monday gains
S&P 500 futures are down 0.46% just ahead of the open. They were trading higher through most of Asian trading but fell as Europe arrived then staged a modest recovery in the past three hours.Spoos intradayHere's a great chart from @MikeZaccardi highlighting the...
A reminder of what happened when US 10-year yields hit 4% last year
Here's a reminder of what happened in September 2022 when US 10s hit 4% for the first time this cycle. Yields traced out a huge intraday reversal and eventually fell all the way to 3.59% in a week.Ultimately, that proved to be a short-term move and yields reached new...
Kickstart your FX trading for October 23 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on October 23, 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?EURUSD: The EURUSD has moved up to test the swing era...
Chicago Fed national activity index +0.02 vs -0.16 prior
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 GBP is the strongest and the AUD is the weakest as the NA session begins
The strongest to the weakest of the major currenciesThe GBP is the strongest and the AUD is the weakest as the North American session begins. The USD is mixed with gains versus the JPY, CHF, and NZD and declines vs the EUR, GBP and CAD. The greenback is little changed...
ForexLive European FX news wrap: 10-year Treasury yields briefly touch above 5%
Headlines:Markets:EUR leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields up 6.5 bps to 4.988%Gold down 0.1% to $1,978.51WTI crude down 0.6% to $86.30Bitcoin up 3.7% to $30,690The session started off with some light relief...
Nasdaq Composite Technical Analysis – The bears remain in control
Last week, we got some risk aversion in the market as the tensions in the Middle East intensified. In fact, going into the weekend the bearish momentum increased as ABC news reported that the Israeli military got the "green light" to move into Gaza whenever it was...
Heads up: A note on the UK labour market data due tomorrow
In case you missed this headline last week: Heads up: UK labour market data today will only be a partial oneONS is now out with an operational note stating that the release tomorrow will feature "a new series using additional data sources to produce adjusted levels...
USD/JPY but a whisker away from retesting the 150.00 mark
USD/JPY daily chartThe pair now trades at 149.98 and at the highs for the day, albeit in a rather constricted range. It's been a while coming and the pair has been teasing for a push back towards 150.00 since last week already. The last attempt in early October was...
Equities dragged lower, dollar muted as 10-year US yields hit 5%
10-year Treasury yields are at their highest since 2007, touching 5.018% currently as the selling in the bond market continues. I would've expected a slightly more reactive function in the dollar but that hasn't really been the case. The greenback is rather muted...
Dow Jones Technical Analysis – New lows in sight
Last week, we got some risk aversion in the market as the tensions in the Middle East intensified. In fact, going into the weekend the bearish momentum increased as ABC news reported that the Israeli military got the "green light" to move into Gaza whenever it was...
10-year Treasury yields clip the 5% mark
US Treasury 10-year yields (%) daily chartIt's now a question of whether there will be follow through in US trading later. And more importantly perhaps, in which direction will traders lean towards before the end of the day? If yields are to break much higher from...
Market Update – October 23 – A suspiciously calm day
Asian markets sold off after a weaker close on Wall Street on Friday. Mainland China bourses underperformed as investors remain dissatisfied with official support measures and the lack of further rate cuts. Futures are under pressure across Europe and the US, amid...
The key risk events to watch out for in trading this week
The week ahead will feature major central bank decisions and some key economic releases. That will add into the mix of the three main things in markets at the moment. That being the Israel-Hamas conflict, bond market developments as 10-year Treasury yields near 5%,...
Gold Technical Analysis – Time for a pullback?
In the past two weeks, Gold has been completely ignoring the rise in real yields and the US Dollar as the events in the Middle East remained the sole focus. In fact, every surge in prices was caused by a key development in the Israel-Hamas war. The latest rally into...