The US EIA lowered its demand growth forecasts for this year and next by 50k bpd and 40k bpd respectively. It now sees 2023 growth at 1.76 mbpd and it sees an additional 1.32 mbpd rise next year.It's a fool's errand to try to forecast oil to that degree of accuracy....
EURUSD can’t keep momentum going. Back below 50% midpoint.
The EURUSD moved lower after the stronger-than-expected PPI data this morning, but the fall was short-lived and the price snapped back higher. The price higher ended up extending above a key swing area between 1.0608 and 1.0616. That "goosed" the price higher to the...
ECB’s Kazaks: The door on rate hikes cannot be closed
Interest rates are currently appropriate to get inflation to 2% in H2 2025 but door on rate hikes can't be closedTalks on mandatory higher reserve requirements for banks are appropriateItalian spreads no unwarrated and not worrisomeIt's a clear wait-and-see stance for...
TON Foundation Attempts to Become World’s Fastest Blockchain
Today, The Open Network Foundation (TON Foundation) announces their upcoming attempt to officially be named the world’s fastest blockchain, accredited by Guinness World Records. The public network performance test, which is scheduled for October 31, 2023, at 15:00...
S&P 500 falls to unchanged on the day
The S&P 500 is working off a three-day winning streak following the reversal on non-farm payrolls but it's in jeopardy today as the moderate early gains fade. Long-dated Treasury yields continue to be pressured though, so that could ultimately help. US 10-year...
European equity close: German and Italian stocks outperform
European stocks had some big gains to start the week but flattened out today.Closing changes:Stoxx 600 +0.1%German DAX +0.2%UK FTSE 100 -0.1%French CAC -0.3%Italy MIB +0.4%Spain IBEX flatThe FTSE 100 has spent the past 8 months carving out a range... the spring is...
Japan considering extending fuel subsidies
The policy mix for Japan is utterly baffling. It has tried to stoke inflation for years and it continues to with ZIRP and QE despite higher global inflation.So instead of letting customers pay the price of fuel, it brings it down with subsidies. And because it's being...
Fed’s Waller: We will see how higher long-term rates feed into Fed policy
Waller is refraining from following Logan and saying that higher long-term rates open the door for steady short-term rates, though he doesn't sound too far off in that thinking. It's looking more and more like the Fed will wait in November and see how the economy and...
Early US intel shows Iran leaders surprised by Hamas attack
The New York Times reports that early intelligence shows that Iranian leaders were surprised by the Hamas attack.That goes against a report on Saturday from the WSJ's Summer Said that said Iran helped plot the attack on Israel over several weeks.The level of Iran's...
What’s behind the dollar’s rise this year and what will happen next
I haven't seen a better summary in six bullet points of what's happened in the market this year than Deutsche Bank today. They highlight what has kept the dollar strong this year.The dollar has outperformed this year on a very big widening in US - global growth...
AUDUSD trading up and down within a range. What defines the range & potential breakpoints?
The AUDUSD is trading within a up and down range over the last few trading days. The low stalled near the 50% midpoint of the move down from the September 29 high at 0.63927. The high resistance is now tied at 0.6435. The buyers tried to take the price above that high...
Fed’s Waller set to speak at fireside chat
I'm eagerly awaiting for the Fed's Waller to weigh in on monetary policy at the moment because he's a hawk and if he signals a move to the sidelines, it would be strong confirmation. That said, I'm not sure we get anything today because the event is a 'fireside chat'...
USD/ZAR Price Forecast: Rand Approaches Key Support as FOMC Minutes Looms
RAND TALKING POINTS & ANALYSISDecline in US Treasury yields sustaining rand upside as PPI’s push higher.Attention n shifts towards FOMC minutes and Fed officials.Rising wedge support being eyed by ZAR bulls.Want to stay updated with the most relevant trading...
US stocks trading higher despite the higher PPI data
The major US stock indices are trading higher despite the higher PPI data released earlier today. US CPI data will be released tomorrow at 8:30 AM. Technically, the NASDAQ index is moving above its near converged 100/50 day moving averages. The 100 day moving average...
USDCAD stays in the up and down range. Swing area above. 200 bar MA on 4-hour chart below
The work isT.he The USDCAD is remaining within the trading range that has been established since Monday. That range has support against the 200 bar moving average on the 4 hour chart near 1.35714, and resistance against the top of the swing area up to 1.36125. Traders...
Putin: OPEC+ deal is very likely to be extended
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,...
Kickstart your FX trading on October 11 with a technical look at EURUSD, USDJPY and GBPUSD
Kickstart your forex trading with a technical look at the technicals driving the EURUSD, USDJPY and GBPUSD.EURUSD: The EURUSD traded up and down in the Asian and European morning session and then moved lower after the insured expected PPI. Over the price has rebounded...
US dollar falls despite the rise in PPI
The price action after today's PPI report might be a preview of what's to come ahead of Thursday's highly-anticipated CPI report.The market is showing that worries about inflation have faded. The latest bump in PPI was energy-driven but since the start of October, oil...
Baltic pipeline operators says repairs will take at least five months
A natural pipeline connecting Finland and Estonia failed this week, possibly due to sabotage. The timing of the failure is certainly curious, right before the heating season gets underway.And now it looks like the pipeline won't be fixed until April 1, at the...
Canada August building permits 3.4% vs 0.5% expected
Prior was -1.5% (revised to -3.8%)This is a good report but not nearly as good as it looks before the revision. Canadian developers are still working through a deep pipeline but there's a big shakeout in the Canadian mortgage and housing markets right now that will...