The major US stock indices are mixed in early US trading. The snapshot of the market 5 minutes into the open is showing:Dow Industrial Average -17.14 points or -0.05% at 33490.37S&P +1.46 points or 0.03% at 4289.50NASDAQ index +42.80 points or 0.32% at...
Canada September S&P Global manufacturing PMI 47.5 vs 48.0 prior
Canada S&P Global manufacturing PMIPrior was 48.0Output, orders and employment all fell amid reports of softening market conditionsCost pressures showed signs of stabilisation following August’s upturnThe decline in production was the steepest since August 2022US...
Kickstart your FX trading on October 2 with a technical look at EURUSD, USDJPY and GBPUSD
To kickstart your trading day, week, month and quarter in the Forex on Octoebr 2, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective. Below is a verbal summary of the video details:EURUSD: The EURUSD stalled against a cluster of...
Tesla Q3 deliveries miss estimates, shares drop
Deliveries 435,059 vs 466,140 in Q2Production 433,059 vs 479,700 in Q2The vast majority of Tesla sales are the Model 3/Y."A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023...
The CHF is the strongest and the AUD is the weakest as the NA session begins
The strongest of the weakest of the major currenciesThe CHF is the strongest and the AUD is the weakest as the NA session begins. The US avoided a government shut down when Speaker of the House, Kevin McCarthy found a way around his own party blockade Saturday. They...
US manufacturing and Fedspeak highlights the economic calendar today
The early optimism in global markets is god with the euro now down 42 pips and S&P 500 futures lower by 7 points. That's been coupled with yields rising 4-8 bps across the curve in a sign that it wasn't just quarter end hurting bonds last week.In any case, the...
Gold Latest – XAU/USD Slump Continues as US Bond Yields Remain Elevated
Gold (XAU/USD) Analysis, Price, and ChartUS Treasury yields remain near recent multi-year peaks.Gold is closing in on the late-February low at $1,805/oz.Download our brand new Q4 Gold Forecast Recommended by Nick Cawley Get Your Free Gold Forecast Get My Guide US...
ForexLive European FX news wrap: Familiar themes in play to start October trading
Headlines:Markets:CHF leads, AUD lags on the dayEuropean equities lower; S&P 500 futures flatUS 10-year yields up 5.4 bps to 4.628%Gold down 0.7% to $1,835.49WTI crude up 0.9% to $91.61Bitcoin up 5.3% to $28,319It's a new week, month, and quarter but we're getting...
Nasdaq Composite Technical Analysis – Pullback or the start of a rally?
Last week, the market remained under pressure as the more hawkish than expected FOMC dot plot was still fresh in everyone's mind. The economic data continues to support the soft-landing narrative with Jobless Claims showing a solid labour market and Core PCE trending...
Equities hit the skids as higher yields is still the name of the game
S&P 500 futuresIt's not a good look for equities now as US futures pare almost all of its earlier gains, despite even getting help from a gap higher at the open. European indices are also now all in the red, with the Eurostoxx down roughly 0.3% currently. It once...
Dollar stays poised so far in European trading
The dollar is sitting higher on the day now, only trailing behind the Swiss franc. The greenback continues to be in a firm spot as Treasury yields are holding at the highs, with 10-year yields now nearly 6 bps to 4.63% on the day. With month-end and quarter-end flows...
Dow Jones Technical Analysis – Key levels in play
Last week, the market remained under pressure as the more hawkish than expected FOMC dot plot was still fresh in everyone's mind. The economic data continues to support the soft-landing narrative with Jobless Claims showing a solid labour market and Core PCE trending...
Eurozone August unemployment rate 6.4% vs 6.4% expected
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,...
Gold Technical Analysis – Time for a correction?
The more hawkish FOMC dot plot led to a huge selloff in Gold as the rise in real yields increases the opportunity cost of buying into Gold even more. As long as the economic data remains this resilient, we will likely see more downside for Gold as the Fed will keep...
UK September final manufacturing PMI 44.3 vs 44.2 prelim
Prior 43.0All five sub-indices (new orders, output, employment, stocks of purchases, supplier delivery times) showed declines in September as UK manufacturing activity stays in contraction territory. Demand conditions remain weak but at least that is helping to lead...
AUD/USD ping pongs back lower as key ranges continue to hold
AUD/USD daily chartThe pair continues to be stuck in a ping pong battle, mostly in between 0.6360 to 0.6500. The low earlier today touched 0.6395 before the dollar gave back some of its earlier gains but in any case, it continues to pit AUD/USD price action within the...
SNB total sight deposits w.e. 29 September CHF 476.3 bn vs CHF 475.1 bn prior
> SNB total sight deposits w.e. 29 September CHF 476.3 bn vs CHF 475.1 bn prior Latest data released by the SNB - 2 October 2023 <!--> Justin Low Monday, 02/10/2023 | 08:00 GMT-0 02/10/2023 | 08:00 GMT-0 --> <!--> Domestic sight deposits CHF 466.1 bn...
Eurozone September final manufacturing PMI 43.4 vs 43.4 prelim
Prior 43.5The headline reading is a two-month as output also fell amid softer demand conditions. There was also a decline in employment, so just take note of that in case it starts to gather pace in the months ahead. HCOB notes that:“The Output PMI was well under 50...
Germany September final manufacturing PMI 39.6 vs 39.8 prelim
Prior 39.1German manufacturing stays more subdued towards the end of Q3, as deteriorating demand conditions continue to weigh. This saw the sharpest decline in output since May 2020 but at least input costs are seen falling further. HCOB notes that:“There are...
France September final manufacturing PMI 44.2 vs 43.6 prelim
Prior 46.0That's a slight improvement to the initial estimate but amid softer demand conditions, French manufacturing output was seen declining sharply once again. Of note, employment activity is also seen shrinking so that will be something to be wary about in the...