UPCOMING EVENTS:Tuesday: US NFIB Small Business Optimism Index.Wednesday: US PPI, FOMC Minutes.Thursday: Japan PPI, UK GDP, ECB Minutes, US CPI, US Jobless Claims, NZ Manufacturing PMI.Friday: China CPI, China Trade data, Eurozone Industrial Production, US University...
As the scope of Hamas attacks come into view, the Middle East future grows murky
Just last week, White House National Security Adviser Jake Sullivan talked about how "quiet" the Middle East was."I emphasize for now, because all of that can change, and the Middle East region is quieter today than it has been in two decades," he said.It's not...
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The Range Trade is Alive and Well as Markets Ponder Central Bank Rate Strike
Going into the fourth quarter, interest rate markets are pricing in a peak in most major central bank monetary policy tightening cycles by the end of this year, if not sooner.Remarks from policy makers across the spectrum point toward future decisions on cash rates...
Saudia Arabia willing to boost oil production if prices are high to win US agreement
It's all happening in the Middle East once again this weekend. A surprise attack by Hamas on Israel set off a strong response in something that will rekindle instability in the region. I doubt Israel headlines move markets but the violence comes at the same time that...
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Forexlive Americas FX news wrap 6 Oct. Stronger nonfarm payroll shrugged off by the market
When the US jobs report came out and showed a stronger-than-expected 336K nonfarm payroll jobs (estimate 170K) and revisions of over 100K to the prior month's, the US dollar moved higher, yields moved higher and stocks moved lower. However, then people started to look...
US major indices close higher for the day. S&P snaps four week losing streak
The major US indices are closing higher for the day. The gains came despite strong and expected US jobs report and higher yields. Traders are hoping that the tame wage data and the unemployment rate remaining unchanged at 3.8% (expected 3.7%) will keep the Fed on...
A technical look at the USDCHF heading into the week starting October 9, 2023
In this video, I outline the risks and targets in the USDCH as we work toward the close for the week, and the look ahead to the new trading week.What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us technically...
A technical look at the USDCAD heading into the week starting October 9, 2023
In this video, I outline the risks and targets in the USDCAD as we work toward the close for the current week, and the look ahead to the new trading week starting October 9, 2023.What is the bias? What are the targets? What is the risk? What did the price action today...
WTI crude futures settle at $82.79
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,...
UAW Pres Fain: UAW strike is working but not there yet
UAW Pres. Fain say strike is working but we are not there yet He says that GM leapfrogged the pack in negotiationsThere are no new tentative agreement with companies but is making significant progressGM reportedly made concessions in recent talks according to Reuters...
A technical look at the USDJPY heading into the week starting October 9, 2023
In this video, I outline the risks and targets in the USDJPY as we work toward the close for the week, and the look ahead to the new trading week.What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us...
Mortgage rates at 23 year high.
The 30 year mortgage rate hit a 23 year high at 7.84%. That is up from around 7.1% at the beginning of September.Mortgage rates are up to the highest level in 23 yearsVersus 2 years ago, the monthly mortgage payment on a $400,000 home with 20% down is up $965. That...
Baker Hughes oil rig count 497 versus 502 last week. Crude oil is trading little changed
Oil rigs 497 vs 502 last weekGas rigs 118 vs 116 last weekTotal rigs -4 at 619 last weekCrude oil is trading up $0.30 or 0.43% at $82.58. Its high price today reached $83.28. The low price reached $81.50. The swing area between $82.35 and $83.32 (see red number...
A technical look at the GBPUSD heading into the week starting October 9, 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,...
WSJ’s Timiraos: its a weird payroll report
The WSJ's Timiraos called the US jobs report weird in a tweet that outlined a WSJ article. "Hiring smashed expectations", but "no decline in the unemployment rate". The average hourly earnings were also little lesson expectations.WSJ Timiraos calls the jobs report...
EURUSD trades higher on the day and looks toward key resistance at 1.0610 area
Whether you like the price action or not, the technicals in the EURUSD told the story for the price action.Initially, the price moved sharply lower after the stronger-than-expected nonfarm payroll add. That move took the price to a key support level at 1.0483. I've...
European indices close higher on the day. German Dax rises over 1%
The major European indices are closing higher on the day and also at the highs for the day.German Dax is trading up 155.94 points or 1.03% at 15226.17France's CAC is up 66.18 points or 0.95% at 7064.44UK's FTSE 100 is up 44.82 points or 0.60% at 7496.37Spain's Ibex is...
And the Nasdaq goes positive….
...and the NASDAQ index erases losses and goes positive on the day/weekThe NASDAQ index is now up 7 points or 0.05% at 13227.18. Since the index was unchanged at the close yesterday, it is now positive for the week. The 10-year yield is down to 4.815%. That's still up...