Japanese inflation data for September headlines the economic calendar. Three weeks ago we had the Tokyo area CPI data for September:Tokyo CPI is a sub-index of the national CPIIt measures the change in prices of goods and services in the Tokyo metropolitan areaIts...
Trade ideas thread – Friday, 20 October 2023
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,...
Fed’s Bostic says the Fed’s main mission remains cooling down inflation
Federal Reserve Bank of Atlanta President Raphael Bostic spoke on "The Role of Policy in Addressing Inequality" before the New School's Schwartz Center for Policy Research, in New York.There wasn't really anything on current monetary policy of the outlook for it in...
US stocks close lower. Major indices on pace for a lower close for the week
Major US stock indices closed lower with the NASDAQ and S&P index now down for the 3rd consecutive day. All the major currencies are on pace for declines on the week.Looking at the final numbers :Dow industrial average tumbled an additional -251.65 points or...
Geopolitical risks accelerating: drones and rockets attack Iraq’s Ain Al-Asad airbase
There are some geopolitical tensions increasing out of the Middle East.Drones and rockets reportedly attacked Iraq's Ain Al-Asad airbase which houses US forcesOf note is that Reuters reported on Wednesday that US military forces in Iraq were targeted in 2 separate...
Stocks take a turn to the downside. New lows be made in the major indices.
The major US stock indices are trading to new session lows. The NASDAQ index is leading the way with a decline of -0.82%. The S&P is down -0.71% and the Dow Industrial Average is down -0.55%.The NASDAQ index tried to get back above its 100-hour moving average...
The oil sellers can’t maintain traction
Venezuela returning to the oil market was something of a 'sell the fact' trade. It's been rumored for weeks and, if anything, there's some disappointment because the sanctions relief is only scheduled or 6 months. The downside is that Venezuela could have been...
AUDUSD moves to a new high but can the momentum continue?
The AUDUSD moved lower in the Asian session and in the process fell below a swing area near 0.63057. However, the momentum could not be sustained to the low price from last Friday at 0.62858. The price started a move back to the upside.The subsequent bounce took the...
The Powell equity bump fades. Eyes on Gaza
Nasdaq intradayI don't think that Powell delivered anything that changed the state of play. The upcoming meeting was already a done deal and it's all about data after that. Yes, the jump in long-end yields is effective tightening an the Fed is taking that into account...
Fed’s Barr speaks on stress tests
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,...
Fed’s Goolsbee: Haven’t seen a recession and I’m hopeful we can avoid one
The US labor market has eased but is still strongGoolsbee is participating in a moderated panel. Given that we've heard from the Chair, I don't think the rest of today's Fed schedule matters but here's the rest of the schedule:1:30 pm ET Barr 4 pm ET Bostic 5:30 pm ET...
Q&A from Fed Powell: Economy is very resilient and growing strongly
Fed chair Powell speaks at New York economic clubEconomy is very resilient, growing stronglyGrowth is running above its longer run trend. That is a surpriseEconomy is a story of stronger demand.May be ways economy is less affected by interest rates.Interest-sensitive...
How ChatGPT parsed the speech from Fed Powell
QUESTION: Put the fed Chair comments in bulleted topics with inflation, economy, employment, fed policy and "other" as the focusRecent Economic Data:Ongoing progress toward dual mandate goals: maximum employment and stable prices.Inflation:Inflation peaked at 7.1% in...
Oil Slides on US-Venezuela Deal and OPEC Silence on Embargo Calls
OIL PRICE FORECAST:Oil Struggled in the European Session as Market Participants Weighed the Prospects of the US-Venezuela Deal.OPEC Remains Silent Following Iran's Calls for an Oil Embargo.IG Client Sentiment Shows Traders are 68% Net Long on WTI. A Sign of Further...
Fed’s Powell: FOMC is ‘proceeding carefully’
More evidence of above-trend growth or that the labor market is no longer easing, could warrant further hikesExtent of additional firming and how long to keep policy restrictive will depend on data, outlook and balance of risksSignificant tightening financial...
What levels are in play for EURUSD, USDJPY and the Nasdaq index ahead of Fed Powell
As the market prepares for the Fed chair speech in front of the New York Economic Club at 12 noon, the price action of the EURUSD, USDJPY and the Nasdaq (as a proxy for the US stock market), have defined key levels that traders will be watching for bias, risk and...
European equity close: A close on the lows
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 equities bleed again, breaking yesterday’s lows
Nasdaq Comp dailyCue the sad trumpet noises...The early gains in US equities are gone and they're now trading at the lows of the day, even with US yields well off the highs.As I mentioned yesterday, today is -- statistically -- the worst day of the year for...
USDCAD steps higher and in the process finds the next upside target area and stalls.
The USDCAD experienced an upward move yesterday, surpassing a significant swing area range spanning from 1.3687 to 1.3700. This ascent led the price into another key swing area, ranging between 1.3736 and 1.37433. Within this region, traders have engaged in a...
Republicans consider caretaker speaker
I don't think politics matter to the market right now or at least they shouldn't matter but earlier this week there was selling in equities after Jim Jordan lost his first vote for Speaker of the House.That campaign currently looks like it has only slim hopes and will...