CIBC today indicates that next week it will upwardly revise its forecasts for US economic growth and pencil in an additional Fed hike this year.That move goes against the current prevailing market thinking that has the Fed stuck on the sidelines for months. Current...
Oil climbs nearly $5. What’s next
Yesterday, we got an enormous US crude oil supply build, erasing five weeks of draws. It was coupled with data showing US oil production at the highest ever.Yet today we have oil up $4.69 to $87.56 and above the post-Hamas attack peak.WTI dailyI highlight the...
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EURUSD: The EURUSD moves down to test 1.0500 and finds support. Sellers in control.
In this video, I outline the key technical levels in play for the EURUSD as we end one week, and look to the next.The bias is more to the downside, thanks to a run higher in the USD on Thursday in Friday. Today, the price moved into a swing area between 1.0483 and...
The intensity of these geopolitical moves certainly raise eyebrows
It's not often you see gold up $60, oil up $4, bonds bid and equities beaten up. Generally when it happens, it comes with something geopolitical that was unexpected.That kind of move made sense Monday as the full breadth of the slaughter in Israel was coming into...
GBPUSD: New lows for the pair. What next as we head into the new trading week?
The GBPUSD is trading to a new low for the day and the week, and in the process is in closer to a swing area between 1.2105 and 1.2111. Moving below that level and the 38.2% retracement of the move up from the September 2022 low comes into focus at 1.2076 followed by...
BOJ’s Ueda: There is no big change to my view on the global economic outlook
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,...
New lows as Nasdaq leads the equity market selling — weekly gain wiped out
Nasdaq dailyIt has gotten ugly in equity markets on Friday the 13th.The Nasdaq Comp is leading the way lower, down 1.5% while the S&P 500 is down by 0.85%. The drop today wipes out the weekly gain in the Nasdaq after a strong start.There's a disjunctive risk-off...
WTI crude oil extends above $87 per barrel
Crude oil prices surge todayThe price of WTI crude oil is extending above the $87 level to a high of $87.37. Oil prices have surged today following the U.S.'s enhancement of sanctions against Russian crude exports, amplifying supply anxieties in an already constrained...
Baker Hughes US oil rig count 501 vs 497 prior
Oil rigs 501 vs 497 last weekGas rigs 117 vs 118 last weekTotal rigs 622 vs 619 last weekWTI is getting a big geopolitical premium this weekend, up $3.93 to $86.84 and with brent touching $90.00. The rig count has been grinding lower but the latest bump in prices...
GBPJPY dips below 100 day MA
GBPJPY tests/breaks below 100 day MALooking at the daily chart, the 100 day moving average currently comes in at 181.64. The price has just dipped below that level and currently trades at 181.57. Admittedly, earlier this month, the price fell below the moving average...
Major European indices close the session down on the day
The major European stock indices are closing the day lower. The German Dax was the weakest.German Dax -1.55% at 15186.67France CAC -1.42% at 7003.54UK's FTSE 100 -0.59% at 7599.59Spain's Ibex -1.10% at 9232.91Italy's FTSE MIB -0.92% at 28230.89For the trading week,...
AUDUSD falls toward low from October and low for 2023
The AUDUSD is falling to a new session low, and in the process is looking toward the October low at 0.62849. That was also the lowest level going back to early November 2022 (nearly 1 year ago). In trading yesterday, the price fell sharply on US dollar buying after...
EURUSD reaches 1.0500 and high of a swing area ahead of the October low.
EURUSD reaches the high of swing area targetThe EURUSD has moved down to a new low and in the process has reached the high of a swing area between 1.0483 and 1.0500. The low price has reached 1.0496 so far.The swing area is home to a number of different swing lows...
S&P and NASDAQ trade in negative territory
The broader stock indices are trading lower. The S&P index is now down -0.19% while the NASDAQ index is down -0.68%. The Dow industrial average is holding onto a modest 0.16% rise.With the clock ticking toward the close of the trading week, the major indices are...
UAW Fain: Not announcing any new expansion of strikes today.
UAW President Shawn Fain is saying:The UAW is not announcing any new expansion strikes today. However, he warns that they are ready to strike at any time.We are going for a deal soonGoing forward, the union will be striking plants with little noticeShares of Ford are...
USDCAD moves lower after BOC Macklem’s comments
USDCAD falls below its 200 hour moving averageThe USDCAD has moved lower after BOC Macklem's more hawkish comments. Technically the price moved below its 200-hour moving average at 1.3662. And now approaches the 38.2% retracement of the move up from the September 19...
Weekly Market Recap (09-13 October)
Monday:Over the weekend Hamas launched a massive attack against Israel from Gaza which led to Israel to declare war against Hamas and invoking Article 40 Aleph for the first time since October 1973. The first reaction in the markets at the open was of risk aversion...
Is Gold a good sell after the run higher today? In this video, I break that idea down.
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,...
BOC’s Macklem: We are not expecting a recession
BoC's MacklemHigher long-term bond yields are not a substitute for down what needs to be done to get inflation back down to targetMacklem is more-hawkish than the Fed with this comment. BOC will be releasing economic projections on October 25 and he said "we're not...