GBPUSD approaches MA targets. Key bias defining levels.The GBPUSD has pushed above the high reached before the better-than-expected retail sales near 1.2190, and in the process has moved closer to the falling100-hour movie average (blue line) at 1.22096 and its rising...
US House has quorum vote pre the vote on Jim Jordan
The quorum is a way to gauge how many votes are "likely" needed. If there are some who are absent, the required 217 votes could be assumed less. After the quorum, there will be speeches and the expectations are for the vote to take place at 1 PM. If Jordan is elected,...
US House expected to vote on speaker in the next hour or so. What to watch for
Jim Jordan is trying to replace Kevin McCarthy as speaker of the House.Republicans have an extremely narrow majority and can only afford to lose 5 votes to get him into the position, assuming Democrats remain united.A few things to know about Jordan:He was one of the...
Barkin: Longer-term rates have moved up and that has tightened conditions
> Central Banks > Barkin: Longer-term rates have moved up and that has tightened conditions Central Banks Comments from the Richmond Fed President <!--> --> <!--> --> I believe we have a restrictive policy stanceRate moves work through...
European equity close: Second day of largely-flat trading
We've painted a couple days of dojis on the STOXX 600 chart.Closing changes:Stoxx 600 -0.1%German DAX flatUK FTSE 100 +0.6%French CAC flatItaly MIB -0.1%Spain IBEX flatSTOXX 600 dailyMeanwhile, the Nasdaq has clawed back the entire 1.5% decline and is flat on the...
USDCAD spikes higher and comes back down. What next for the pair technically?
Arguably, there is nothing worse than getting fundamental news that is bullish - like the US retail sales data today. Then have the dollar move higher as it did in USDCAD, but then nearly as fast, reverse all the way down,and retrace the gains. However, part of...
Higher for longer: US 2-year yields near the highest since 2006
US 2-year yields are signalling higher rates for longer.The notes pay 5.194%, up 9.4 bps today and just below the Sept 21 intraday high of 5.202%. The rates market is hesitant to price in more Fed hikes but is growing more confident that rates will stay higher for...
S&P 500 turns positive, dollar falls further
There is something of a divergence in US equity markets with the S&P 500 flat but the Russell 2000 up 1.3% and the Nasdaq still down 0.3%.In any case, the intraday move has been decidedly stronger after a poor open and despite higher Treasury yields.It's spilling...
JPMorgan boosts US Q3 GDP forecast
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,...
RBC FX trade of the week: Sell GBP/NZD
GBPNZD daily chartRBC recommends selling GBP/NZD in its trade of the week. They have a target of 2.0150 and a stop at 2.0750.For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month....
New Zealand dairy prices rise at fourth straight auction
NZD got a lift at the start of the week on the election and the latest dairy numbers should helped to improve terms of trade. The GDT Price Index rose 4.3% with whole milk powder prices up 4.2%. This is the fourth consecutive auction with higher prices following the...
Sellers in the EURUSD give up & buy instead. Technicals tell the story and give the clues.
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,...
Japanese Yen Price Action Setups: USD/JPY, GBP/JPY Update
JAPANESE YEN PRICE, CHARTS AND ANALYSIS:Yen Gets Temporaray Boost on Rumors of BoJ Increase in Inflationary Forecasts.BoJ Threats of Intervention are Starting to Become a Regular Occurrence. How Long Before it Loses its Shine?IG Client Sentiment Shows an Overwhelming...
Fed’s Barkin: Anecdotal information points to more economic slowing that data is showing
Fed's BarkinAnecdotal info points to better labor demand and slowing growthFed has time to see data before making next rate hike movePath for inflation is not yet clear, but sees clear progressWage pressures remain but overall they have moderatedStill seeking...
Dollar gives it all back as risk trades run
The US dollar has given back all its post-retail sales gains even with yields still near the highs of the day. US equities are also staging an impressive comeback with the Nasdaq trimming its decline to -0.5% from -1.5%.USD/CAD has made a complete round trip.USDCAD 10...
AUDUSD trades the technicals on the top and bottom side. Up and down trading today.
The AUDUSD initially moved higher during the Asian and European trading sessions but encountered resistance at its 200-hour moving average and the 50% midpoint of last week's trading range, around the 0.6366 level. This resistance zone was tested twice.Later, during...
NAHB housing market Index for October 40 versus 44 estimate
NAHB housing market index falls to lowest level since JanPrior month 45 dollars to 44NAHB housing market Index for October 40 vs 44 estimate. Lowest level since January 2023. The index has fallen for the 3rd straight monthSingle-family sales current 46 vs 50 last...
US August business inventories +0.4% vs +0.3% expected
Prior was 0.0%Retail inventories +0.5% vs +0.6+ priorThese numbers will go into the GDP report to be released at month end. Notably, US inventories are still well-above the pre-pandemic trend. Some of that might be companies aiming not to get hurt by supply chain...
Global yields continue to push higher
US 10y yieldsThere was some hope that yields would stop rising after the Gaza terrorist attacks but that's looking less and less like the case, in large part because the US economy continues to hum.The market is pricing in a higher-for-longer scenario with just 58 bps...
US stocks siink with the Nasdaq lagging
Nasdaq Composite dailyA stronger US retail sales report isn't the great news that markets wanted as it pushed Treasury yields higher across the curve and re-raised the possibility that the Fed isn't done or will have to hold rates higher for longer.In turn, equity...