The USDCAD is on an upward trajectory in the early New York session, driven by dollar strength. Yields are showing signs of rebounding, with the 10-year yield up approximately 3.1 basis points at 4.87%. While this increase is modest, it's pointing in an upward...
US October Richmond Fed composite manufacturing index +3 vs +3 expected
Prior month +5.0New orders -4 vs +3 last monthServices index -11 versus +4 last monthShipments +9 versus +7 last monthEmployment +7 versus +7 last monthWages +29 versus +23 last monthAvailability of skills needed -1 versus -10 last monthPrices paid +3.02 versus +4.06...
US October S&P Global flash services PMI 50.9 vs 49.8 expected
The final September reading was 50.1Manufacturing 50.0 vs 49.5 expected (prior 49.8)Composite index 51.0 vs 50.2 priorService sector new business fell for a third month running, albeit at a softer pace than seen in SeptemberManufacturers registered the fastest rise in...
US stock major indices open with gains. Can the momentum continue as earnings awaited.
The major US stock indices are trading higher in early US trading.S&P index is back above its 200 day moving averageThe S&P index closed below its 200-day moving average for the 2nd day in a row yesterday. That moving average is currently at 4236.94. The price...
USDCHF rebounds after failed break below the 100 day moving average
The USDCHF has rebounded after failing on a break below its 100-day moving average/50% retracement and swing area near the 0.89000 level. The low price reached 0.8975, but quickly snapped back higher. The sellers turned to buyers and have now forced the price back...
Coming up: S&P Global US flash PMIs and the Richmond Fed. What to watch for
The US PMIs from S&P Global will be released at 9:45 am ET. The services survey is expected to slip to 49.8 from 50.1The manufacturing survey is expected at 49.5 vs 49.8 previouslyAt 10 am ET, the focus will stay on manufacturing with the Richmond Fed.I'll be...
US dollar climbs higher as the bond market eyes two-year auction
EURUSD 10 minsEUR/USD has given back most of yesterday's gains and is trading at a session low, down 57 pips to 1.0611. The dollar is broadly stronger at the moment as Treasury yields tick higher.The short-end is leading the move with US 2-year yields up 2.4 bps to...
Kickstart your FX trading for October 24 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on October 24, 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 trended higher yesterday and in the...
Philly Fed October non-manufactuing index -20.3 vs -16.6 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,...
Canada Sept new housing price index -0.2% vs +0.1% prior
Prior was +0.1%New home prices -1.0% y/yPrices were unchanged in 15 of the 27 census metropolitan areas surveyed, down in 9 and up in 3New home prices decreased the most month over month in September in Montreal (-0.7%), Edmonton (-0.7%) and Kelowna (-0.6%)Canadian...
China removes defense minister Li Shangfu
Chinese defense minister Li Shangfu disappeared from public view two months ago and there was a report that he was under investigation for corruption related to equipment procurement and development.He hasn't been seen in weeks and was officially stripped of the top...
ForexLive European FX news wrap: Euro drops on PMI woes
Headlines:Markets:AUD leads, EUR lags on the dayEuropean equities higher; S&P 500 futures up 0.5%US 10-year yields up 2.3 bps to 4.861%Gold down 0.6% to $1,961.07WTI crude up 0.3% to $84.75Bitcoin up 4.1% to $34,458Falling yields were the highlight yesterday and...
ECB’s Lagarde to EU officials: Inflation fight is going well
Eurozone economy to stagnate in the next few quartersRisks to inflation have become more balancedFiscal impasse is starting to turn into a headacheThe fear for the euro area now is that as the economy skirts around the risk of a recession, a second-round effect of...
Gold set for back-to-back losses for the first time in three weeks
The near-term chart shows the change in prospects for gold as price now falls below the 100-hour moving average (red line). That indicates that the near-term bias is now more neutral as sellers wrestle back some control:Gold (XAU/USD) daily chartThe fall comes after...
NZDUSD Technical Analysis – Watch happens around this key resistance
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
EUR/USD looks to undo yesterday’s technical breakthrough
The pair is now down to 1.0634 on the day, lower by 0.3% as it owes more to a slump in the euro with the dollar keeping relatively steadier on the session. The greenback was slightly softer earlier on but 10-year Treasury yields are now up 2.1 bps to 4.858% and that...
AUDUSD Technical Analysis – The pair is trading within a triangle
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
Market Update – October 24
The sell off in Treasuries abated in the later part of Monday as low prices attracted buyers. Stock markets are also looking somewhat more stable and most Chinese stock gauges improved after the country’s sovereign wealth fund bought exchange traded funds to...
ECB’s Makhlouf: Far too early to tell consequences of Middle East situation
> Central Banks > ECB's Makhlouf: Far too early to tell consequences of Middle East situation Central Banks Remarks by ECB policymaker, Gabriel Makhlouf <!--> --> <!--> --> We are watching the developments very closelyThey are bound to have...
USDCAD Technical Analysis – Watch these levels for the next direction
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...