Nasdaq index is back above its 200-hour moving averageThe Nasdaq index gapped lower in early trading and in doing so, fell below the 200-hour MA for the first time since November 1. That MA comes in at 14589.39. The current price is now trading at 14628.80 up 37...
US weekly EIA crude oil inventories -5503K vs -3725K expected
Prior was -7114KGasoline +1090K vs -215K expDistillates +1009K vs +588K expRefinery utilization +0.2% vs -0.1% expProduction-100K to 13.2 mbpdImpld mogas demand: 7.95Mbpd Late yesterday, the API reported:Crude -7418KGasoline +6913KDistillates +6686KThe turn of the...
The USDJPYs rise is helping to push GBPJPY above a key technical target. What next?
We know of the USDJPYs move higher in early 2024 from earlier posts. That run higher has the USDJPY moving toward my upside target near the 145.00 area. The high price today has reached 144.794 so far. The USDJPYs run to the upside is being mirrored in other JPY pairs...
US dollar sellers emerge as risk assets perk up
Some US dollar selling has crept in, particularly against the euro and pound. It comes with a bump in risk assets that's pushed the S&P 500 up 0.2%.The dollar has started the year strongly and it's been helped by a re-think of the amount of Fed cuts that will come...
US December S&P Global final services PMI 51.4 vs 51.3 prelim
Prelim was 51.3Prior was 50.8Composite PMI vs 51.0 prelim (50.7 prior) New orders rose at the sharpest rate since JuneService providers recorded a steeper rise in input costs as higher wages and food prices drove inflation but there was a slower uptick in output...
US stocks trading mixed in early trading
The major US stock indices are trading mixed with the Dow Industrial Average trading higher. The S&P near unchanged and the NASDAQ index down once again. Major indices are tracking for their worst weeks since October. That's not hard given the nine week win streak...
US equities started the year off poorly, what does it mean for the rest of the year?
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,...
Traders will be watching the 1.3345 as a barometer for trading in the USDCAD. Why? Watch.
The USDCAD has seen it down and up price action in trade today. The last move was spurred on by better-than-expected US data. ADP came into stronger-than-expected. US jobless claims was lower which is indicative of a solid jobs market. Yields are higher which is...
Ford reports annual sales of 1.99m compared to 1.86m a year earlier
Automakers will be reporting sales figures throughout the week. Ford is out today, reporting a 7.1% rise in US sales led by crossover SUVs and pickup trucks.Yesterday, GM reported 2.6m unit sales in the US, up 14% in 2023 and in-line with estimates. It's GM's best...
Kickstart FX trading on January 4th with a technical look at the 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,...
US dollar climbs as jobs data highlights robust economy
The US dollar is at the highs of the day against the yen, up 124 pips to 144.60. It's the third day of large gains in that pair to start the week and it's backed today by an 8 bps rise in 10-year yields to 3.985%.The latest leg of gains came after lower-than-expected...
US weekly initial jobless claims 202K vs 216K 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,...
ADP national employment for December 164K versus 115K expected
ADP employment remounts to 164KPrior month 101K versus 103K previously reportedThe median change in annual payJob stayers 5.4% versus 5.8% last monthJob changers 8.0% versus 8.3% last monthThe data is stronger going into the more important BLS employment date on...
Germany December preliminary CPI +3.7% vs +3.7% y/y 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,...
ForexLive European FX news wrap: Dollar mixed, yen struggle continues
Headlines:Markets:EUR leads, JPY lags on the dayEuropean equities little changed; S&P 500 futures up 0.1%US 10-year yields up 4.6 bps to 3.953%Gold up 0.2% to $2,045.31WTI crude up 1.1% to $73.52Bitcoin up 0.9% to $43,343It wasn't the most lively of sessions but...
UK PM Sunak says that there will be no election this spring
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,...
US December Challenger layoffs 34.82k vs 45.51k prior
Prior 45.51kUS-based employers announced 34,817 job cuts in December and that brings the total number of layoffs in 2023 to 721,677 jobs. For some context, that is a 199% increase from the 363,284 layoffs announced in 2022. So, if you want any further evidence that...
Ishikawa earthquake to shelve BOJ plans for an early policy pivot?
The trading year for Japan officially began today after an extended new year's holiday, and we are seeing the yen drop further. It seems like domestic banks are fueling the fire in saying that the supposed impossible task by the BOJ to perform an early policy pivot,...
Dollar mostly lower so far but the yen is struggling even more
There seems to be a bit of pushing and pulling in markets at the moment, and I would say that something's gotta give in due time. The dollar is mostly lower across the board, with it only gaining against the Japanese yen today. That comes as Treasury yields are...
Euro and sterling hold slight gains after PMI deluge
While the UK economy arguably ended the year on a high, the Eurozone economy is still suffering a downturn even with the positive revisions to the French and German data earlier. But amid a steadier market mood today, the euro and pound are able to push a little...