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The US treasury auctioned off the $52 billion a 5 year note at a high yield of 4.899%WI level at the time of auction was 4.88%Tail 1.9 basis points. The six-month average was -0.4 basis pointsBid to cover came in at 2.36Xversus six-month average of 2.99XDealers 19.4%...
Nasdaq is now down 2% on the day which is the largest decline since August 2 when the index fell -2.17%. The 38.2% retracement target comes in at 12781.90. The 200 day moving average comes in at 12767.47.S&P index is now below the 4200 level at 4195.47 down...
The U.S. Treasury will auction off $52 billion 5-year notes at the top of the hour.Note that the coupon auctions are judged by investor demand. The 2 year note auction yesterday it was met with ok demand. There was no tail. Of late the auctions have been sloppy with...
The Atlanta Fed GDPNow 3Q model estimates 3Q growth at 5.4%. That is unchanged from the previous estimate.The estimate is the final one ahead of the actual release scheduled tomorrow at 8:30 AM ET. Economists see growth lower at 4.5%.In their own words:The GDPNow...
NASDAQ index moves closer to key technical supportThe NASDAQ index continues its run to the downside and it currently trades down -1.77% at 12906. The index is working toward being one of the top 10 down days for the year. The biggest move lower was back on February...
The WSJ's Summer Said reports that Hamas fighters trained in Iran before the Oct 7 attacks.The story says roughly 500 Palestinians got specialized training in Iran as recently as September.Note that this is the same journalist who reported the day after the attacks...
EURUSD bounces near lows from Friday.The EURUSD rose sharply on Monday and fell sharply on Tuesday. Today, there has been a further rotation to the downside that took the price below the 200-hour moving average currently at 1.0574. However, the low prices stalled...
A lawyer for Sam Bankman-Fried said he will take the witness stand in his own defense as soon as tomorrow.“Our client is also going to be testifying,” Mark Cohen said, adding that the defence could rest as soon as the end of this week.Defendants rarely take the stand...
> Central Banks > BOC's Macklem: We are seeing clear evidence that higher rates are working Central Banks Comments from BOC governor Macklem and deputy Rogers in response to questions <!--> --> <!--> --> The exchange rate is part of how...
The WSJ reports that Israel has agreed to a request from the US to delay a ground incursion into Gaza, according to unnamed officials. The delay is so the US can get more missile defenses in place.The thinking is that a ground incursion will result in missile attacks...
AUDUSD trades in volatile ups and downs todayThe Australian CPI came in stronger than expected earlier today (see data here). The initial reaction in the Asian session was to the upside in the AUDUSD on expectations that the RBA may look to tighten further in...
Demand pressures have eased more quickly than we forecast in JulyOverall inflation risks have increased since JulyWe held policy rate steady because we want to allow mon pol time to cool economyWorried higher energy prices and persistence in underly inflation are...
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,...
BANK OF CANADA DECISION:Bank of Canada holds rates steady at 5.00% for the second month in a row, in line with expectationsThe bank says that inflationary risks have increased and that it is prepared to raise borrowing costs further if neededUSD/CAD rises after BoC’s...
WTI crude oil dailyPrior was -4491KGasoline +156K vs -897K expectedDistillates -1686K vs -1168K expectedRefinery utilization -0.5% vs +0.4% expectedImplied mogas demand 8.86m vs 8.94m priorDomestic production 13.2 mbpd vs 13.2 mbpd priorLate yesterday's API data:Crude...
USDCAD moves higher after rate decisionThe USDCAD is moving higher after the Bank of Canada rate decision (and the stronger New Home Sales data). The pair has moved up to test the low of the swing area between 1.3807 and 1.38614 on the daily chart (see video here)....
The Bank of Canada left rates unchanged as expected at 5.00% but appears to be slowly backing away from talk of further rate hikes. The statement accompanying the decision sees inflation returning to 2% in late 2025 with the economy growing just 0.9% in 2024."There is...
> US new-home sales for September 0.759M vs 0.680M estimate. US new home sales for September 2023 <!--> --> <!--> Prior month 0.675M revised to 0.676MSales of new single-family houses in September 2023:Seasonally adjusted annual rate: 759,000Increase...
Prior overnight rate was 5.00%BOC sees "clearer signs that monetary policy is moderating spending and relieving price pressures"BOC repeated that it " is prepared to increase the policy interest rate further if needed"Sees inflation returning to 2% at the end of 2025...
The Bank of Canada decision is out at the top of the hour and USD/CAD is just a hiccup away from the highest levels since March.USDCAD daily chartFrom where I stand, risk are all to the upside as the Bank of Canada inevitably shifts towards a neutral stance and then...