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...
BOC’s Macklem: We are seeing clear evidence that higher rates are working
> 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...
Israel agrees to delay invasion of Gaza – report
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 to new session lows
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...
Macklem: Inflation is on a higher path than we expected
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...
Watch live: Bank of Canada holds a post-decision press conference
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,...
USD/CAD Fails to Sustain Breakout after Bank of Canada Decision. What’s Next?
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...
EIA weekly US oil inventories +1371K vs +239K expected
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 toward topside swing area after BOC rate decision
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)....
Canadian dollar falls to lowest since March after Bank of Canada eyes slowing economy
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 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...
Bank of Canada decision: Rates held unchanged at 5.00%, as expected
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 Canadian dollar is vulnerable to the Bank of Canada decision
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...
Broader indices lower. Dow is higher at the start of the US trading session.
The broader stock indices are moving lower with the NASDAQ index leading the way with a decline of -1.16%. The declines are led by Meta down -2.7% ahead of earnings after the close. Alphabet shares are down -8.41% after the internals of their earnings yesterday...
BOC rate decision, and the USDCAD is higher. What would keep that momentum going or not?
The Bank of Canada is expected to keep rates unchanged with the hope that slower growth leads to lower inflation. The USDCAD is higher going into the announcement with the high from October at 1.3783 the next target. Above that traders will look toward the swing area...
Central Banks Dilemmas
It has been a rough road for the markets so far in Q4. The final quarter of the year has proven to be a challenging period for global financial markets. With lingering concerns over inflation, hawkish central bank stances, uncertainties in economic growth, and fiscal...
Kickstart your FX trading for October 25 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on October 25, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?EURUSD: The EURUSD rallied in the Asian session and...
October Belgian business sentiment -16.8 vs -14.4 prior
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 highlights the economic calendar
Today's Bank of Canada decision isn't a completely foregone conclusion but it's highly likely they leave rates unchanged at 5.00% at 10 am ET. The market is pricing in an 81% chance of no move from Macklem but the odds rise into next year and creep up to 60% for the...
Nasdaq Composite Technical Analysis – We are at a key level
Yesterday, the Nasdaq Composite continued to rally as the geopolitical risk decreased given the lack of a ground offence in Gaza and the release of some hostages at the start of the week. Moreover, the US PMIs showed a balanced economy as both the manufacturing and...