Troubled Chinese property developer (aren't they all?) Sunac has had some good news, a bit of a breakthrough on its debt restructuring. ICYMI: A court approved a $10bn restructure plan agreed with creditors Sunac will issue new notes and convertible bonds to creditors...
ICYMI – HSBC bump up their GDP forecasts for the UK and the Eurozone
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,...
Forexlive Americas FX news wrap: US dollar gives some back ahead of non-farm payrolls
Markets:Gold down $1 to $1819WTI crude oil down $1.78 to $82.44US 10-year yields down 2.1 bps to 4.71%S&P 500 down 5 points to 4258NZD leads, USD lagsUS trade balance and initial jobless claims data points were both stronger than expected and that cause some...
Major US indices close today with modest losses
The major indices are closing it fractionally lower. For the week, the Dow and S&P are lower, the NASDAQ is unchanged versus last week's closing level with one day to go. That one day is US jobs data which will be a major influence for the markets tomorrow. I...
Economic calendar in Asia 06 October 2023
It's a bit of a quiet one on the calendar ahead. Asia FX will likely sit on its hands awaiting the US jobs report later:This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most...
SEC lanuches probe into Elon Musk’s purchases of Twitter stock in 2022
The tumultuous relationship between the SEC and Elon Musk continues as they sue him over his 2022 stock purchases of Twitter, according to a report. I'm not sure what the problem is here, but Bill Ackman paid a $290m settlement doing something similar with Valeant so...
Trade ideas thread – Friday, 6 October 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,...
Crude oil pounds against the swing area support at $82.35
In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 - just above the high of the swing area. Since then, the price has rotated back down over the...
Natural gas comes to life on cooler late-October forecasts
We're rapidly heading towards heating season in North America and that means the weather is in focus again. The latest forecasts are for a cool second-half of October and that's helped to lift front-month natural gas above $3 for the first time since March.natural...
What are the key technical levels in play for USDJPY through the US jobs report
Tomorrow the key US jobs report will be released at 8:30 AM. For a preview, see Adam's post HERE. Depending on how that report comes out will likely lead to a move in rates. A stronger report will send US rates higher, while a weaker report will send the US rates...
US dollar continues to drip lower as risk appetite improves
It's tempting to read today's price action in FX as a reflection of the thinning of a crowded trade in US dollars. Yes, bond yields are lower by 2 bps but that's hardly a decisive catalyst. Oil is more convincing as another $2 decline combined with narrowed gasoline...
Non-farm payrolls preview: Jobs report set to land in a fragile market
Nonfarm payrollsCould this be a miss? Let's look at the numbers:Consensus estimate +170K (range +90-+256K)Private +160KAugust +187KUnemployment rate consensus estimate: 3.7% vs 3.8% priorParticipation rate consensus 62.8% priorPrior underemployment U6 prior 7.1%Avg...
IMF’s Georgieva: Current pace of global growth remains quite weak
IMF's Georgieva weighs in on global economic trends. Like the Fed sees rates higher for longer. Current pace of global growth remains quite weak.Global growth is well below 3.8 pre-pandemic averageStronger demand for services, progress on inflation boosted chances for...
EURUSD tests/breaks 200 hour moving average. HMMM.
The EURUSD buyers have taken the price to a new high for the day, and in the process is moving above its 200 hour moving average at 1.05358. At the same time the price is moving above a swing area on the daily chart at 1.0533.Is the "horse trying to get out of the...
Fed’s Barkin: Yields have come up amid fiscal issuance and a strong data
> Central Banks > Fed's Barkin: Yields have come up amid fiscal issuance and a strong data Central Banks Feds Barkin is a 2024 voter <!--> --> <!--> --> Yields have come up amid fiscal issuance and strong dataA 2% fed funds target is a very...
San Francisco Fed Pres. Daly: Monetary policy is restrictive. Progress isn’t victory.
Fed's DalySan Francisco Fed Pres. Mary Daly is speaking and says:Monetary policy is restrictive.Progress isn't victory, must remain resoluteTo ensure we fully achieve goals, we need to finish the work.We need vigilance and agility.The economy still has considerable...
Atlanta Fed GDPNow estimate for Q3 stays unchanged at 4.9%
The Atlanta Fed model for Q3 growth remained elevated at 4.9% after the data released today. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2023 is 4.9 percent on October 5, unchanged from...
GBPUSD extends above 200 hour MA. Can the buyers keep the momentum going now?
The GBPUSD is making a break above its 200-hour moving average at 1.21546. Yesterday the price tried to extend above that level and last week as well, but each of those brakes failed fairly quickly. Will the 3rd time be the charm? Risk is back below that moving...
ECB’s Villeroy: Increase in bond yields may be excessive but is helping to tighten
ECB's VilleroyIncrease in bond yields may be excessive but it is helping to tighten financial conditionsI don't think an additional rate hike is justified nowThis line of thinking is quickly becoming the norm. Central banks may increasingly signal that they're on the...
European equity close: First gains this week
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,...