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...
CNBC Leesman: If the Fed is to do a 1/4, they should do 50
CNBC's Leesman in a recap with the staff on Squawk on the Street weighed in with some of his thoughts.If the Fed are to do a 1/4 basis points, they should do 50. He commented that Bostic said that the Fed is "sufficiently restrictive" (argues for staying the...
VIDEO: A look at all the major currency pair vs the USD after the US jobs report
US stocks are lower with the NASDAQ and S&P index each down about -0.67%. US yields are higher with the 30 year yield at 5.0%. The 10 year yield moved up to a new high for the year at 4.887% before rotating modestly to the downside of 4.834% currently. The US...
More from ECB Knot: Would prefer a tolerance band around target rate
Italian spreads have increased recently because of budget issuesUnemployment cost of disinflation is benign compared to previous policy tightening cyclesWould prefer a tolerance band around target rather than a strict point target for inflationECB stands ready to...
Major US stock indices open lower after the much stronger than expected US jobs data.
The major stock indices are opening lower after the much stronger than expected US jobs data. However, indices are off their lowest premarket levels.Dow industrial average is down -60.69 points or -0.18% at 33058.89S&P index -16.54 points or -0.39% at...
US 10 year yield tests the high from earlier the week after stronger US jobs report
The stronger US jobs data has US yields moving sharply to the upside once again:2 year yield 5.110%, +8.6 basis points5 year yield 4.808% +12.5 basis points10 year yield 4.86% +14.5 basis points30 year yield 5.03% +14.4 basis points. Above the 5% level. Recall that...
Kickstart your FX trading on October 6 with a technical look at EURUSD, USDJPY and GBPUSD
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,...
Weekly Market Recap (02-06 October)
Monday:The Chinese PMIs over the weekend were all in expansion with NBS PMIs beating expectations and Caixin ones missing them:NBS Manufacturing PMI 50.2 vs. 50.0 expected and 49.7 prior.NBS Services PMI 51.7 vs. 51.5 expected and 51.0 prior.Caixin Manufacturing PMI...
ECBs Knot: We are getting on top of inflation
ECBs Knot is speaking and says:We are getting on top of the inflationPolicy is in a good placeWe have a credible perspective of bringing back inflation to 2% in 2025Comfortable with current stance of policyAlso speaking is ECB's Vassle and Vujcic:Vujcic:We are on a...
September Jobs Report: Payrolls at 336,000; Gold and US Dollar Go Their Own Way
SEPTEMBER LABOR MARKET REPORTSeptember U.S. nonfarm payrolls increased by 336,00 versus 170,000 expected.The unemployment rate held steady at 3.8%, one-tenth of a percent above estimates.Average hourly earnings clocked in 0.2% m-o-m and 4.2% y-o-y, slightly below...