Crude oil inventory dataCrude oil inventory draw of -2.170M vs -0.320M estimate. The private report showed a draw of -1.6 million barrels.Distillates build of 0.398M vs -1.298M estimate. The private report showed a drawdown of -1.7 million barrels.Gasoline build of...
WTI crude oil is trading up $2.14 or 2.37% at $92.53
WTI crude oil breaks to highest level since November 2022The price of WTI crude oil is trading up $2.27 or 2.51% at $92.65. The high price reached $92.72 which is the highest level since November 7.Looking at the hourly chart above, the price moved above the swing...
EURUSD extends toward 1.0500
EURUSD falls into a swing area between 1.04846 and 1.05335The EURUSD is moving to a new session loan in the process is getting closer to the 1.0500 level. The prices reach 1.05153. The pair on Monday will below its 38.2% retracement of the move up from the September...
Major US stock indices higher after yesterday’s sharp declines
The major US stock indices are rebounding from yesterday's sharp declines which saw the NASDAQ fall -1.57%, and the S&P index fall -1.47%.A snapshot of the market 6 minutes into the open is showing:Dow industrial average +15.49 points or 0.05% at 33634.38S&P...
USDCHF extends above it 38.2% retracement and 0.91615
USDCHF above 38.2% retracementThe USDCHF has continued its run to the upside. The pair is up 10 of the last 11 trading days. That move has seen the price move from 0.88967 to the high price today of 0.91929.Technically, the price today extended by the 38.2%...
Stock futures point to a higher opening
The US stock futures are implying a higher opening for the major indices after sharp declines yesterday. Nevertheless, the major broader indices (S&P and NASDAQ) are on pace for their worst month since December 2022. Looking at the futures, they are implying:Dow...
Kickstart your FX trading on September 27 w/ a technical look at EURUSD, USDJPY and GBPUSD
To kickstart your trading day in the Forex on September 27, 2023, I take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective:EURUSD: The EURUSD corrected higher yesterday and in the process tested a broken 38.2% retracement of the move up from the...
US August durable goods orders +0.2% vs -0.5% expected
Prior was -5.2%Non-defense capital goods orders ex-air +0.9% vs 0.0% expectedPrior non-defense capital goods orders ex-air +0.1% (revised to -0.4%)Ex transport -0.7% vs +0.1% expectedEx defense -0.7% vs -5.5% priorShipments +0.7%The core orders number is a good one...
EUR/USD Price Forecast: Euro Bears Keenly Eye 1.05
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Fed’s Kashkari: Expects Fed to hold rates steady next year
Fed is not trying to create a recessionEconomic data suggests Fed not as restrictive as it appearsWe are allowing the data to drive Fed decisionsFed has made a lot of progress on inflationData will tell the Fed if more hikes are neededWe want to see workers get better...
Nasdaq Composite Technical Analysis – The bearish bias is still intact
The more hawkish than expected revision to the FOMC Dot Plot last week keeps on weighing on the Nasdaq Composite as the market might starting to be worrying that the Fed could go further with its tightening cycle and eventually lead to a recession. Fed Chair Powell...
ForexLive European FX news wrap: Dollar remains in the driver’s seat
Headlines:Markets:USD leads, AUD lags on the dayEuropean equities mixed; S&P 500 futures up 0.4%US 10-year yields down 3.3 bps to 4.503%Gold down 0.5% to $1,891.72WTI crude up 1.5% to $91.77Bitcoin up 1.4% to $26,524It was a quiet session again but the dollar...
US MBA mortgage applications w.e. 22 September -1.3% vs +5.4% prior
Prior +5.4%Market index 189.6 vs 192.1 priorPurchase index 144.8 vs 147.0 priorRefinance index 411.7 vs 415.4 prior30-year mortgage rate 7.41% vs 7.31% priorMortgage applications declined once again in the past week with both purchases and refinancing activity falling...
Fed’s Kashkari: There is a risk that rates might have to go higher
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 on the brink on latest dip below $1,900
Even though Treasury yields are not making new highs today, gold is once again slumping as the dollar remains steady overall. Of note, price is dipping below $1,900 and that is starting to stir up some nerves among buyers surely.Gold (XAU/USD) daily chartThe previous...
Copper Technical Analysis – Key support in sight
Copper continued to trade within a symmetrical triangle for months as the uncertainty on the global economy kept both buyers and sellers at bay. The recent more hawkish than expected FOMC dot plot might have given the market a wakeup call that the central banks will...
France prioritises inflation fight with 2024 budget bill
And that is largely to help households counteract inflation pressures while at the same time trying to rein in public finances, as announced by French finance minister, Bruno Le Maire. He warned that as price caps on gas and power prices are slowly being unwound, the...
GBPJPY Technical Analysis – Lower prices expected
UK:The BoE kept interest rates unchanged. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest...
Dollar keeps steadier so far on the session
Even as equities are finding a bit of a reprieve, currency traders are not really buying it. 10-year Treasury yields are down 2.7 bps on the day to 4.509% now and that is helping to give stocks a light breather. If anything, it could prove temporary and I reckon that...
USDCHF Technical Analysis – The bullish momentum is waning
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...