The broader major indices closed sharply lower today led by the NASDAQ index which fell -1.56%. The S&P index fell -1.22%. The declines push the indices into the red for the trading week. The Dow industrial average fell -0.83%.For the trading week,Dow industrial...
S&P and NASDAQ close lower on the week after sharp declines today
S&P is out with it expectations for the UAW strike and implications. They sayWarns that if the UAW strike continues for over a week and expands, it could lead to significant reductions in earnings and liquidity in the US auto sector for 2023.Predicts a slowdown in...
WTI crude futures settle at $90.77. What are the technicals telling traders?
The price of WTI crude futures are settling at $90.77. That's up $0.61 or 0.66%. The low for the day reach $89.22. The high extend up to $91.15.For the week, the prices up around 4% on the week. This is the 3rd consecutive up week for crude oil. Technically, the price...
GBPUSD tests low of swing area as traders work toward the day end and end of week
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,...
The electric car race is shaping up to be one of the all-time economic battles
Not just China and the US, but Europe tooThe great scramble for the global car market is underway and it looks like China will win.Last year China unleashed a carefully planned ramp up in EV production from the ground up, including an entirely domestic battery...
Nasdaq now on track to finish at the lows of the week
The price action in the Nasdaq is worrisome. TSLA started the week off with a 10% rally and hasn't given any of it back yet the Nasdaq is now lower on the week and in danger of closing at the lows of the week.Maybe I'm reading too much into what's largely been a...
Baker Hughes US oil rig count 515 vs 513 prior
Baker Hughes US oil rig countNatural gas rigs +8There's about a 12 month lag from US drilling to production. I suspect we've bottomed here but it's tough to say how quickly it will rebound. Yes, oil is at $90 but OPEC+ has 4 million barrels per day in spare production...
Challenger: US labor market is starting to cool and employer’s are hiring at a slower clip
Challenger is reporting that they see the labor market starting to cool as the holiday season kicks off. They add:Employers are hiring at a slower clipRetailers have announced 55,755 job cuts through AugustUS retailers will add 410K seasonal positions, which...
EURJPY trading up and down over the last 5 – 6 weeks. What is needed to get out of range?
The EURJPY is trading in and up and down range over the last 5 – 6 weeks with most of the activity between 156.86 and 159.48. There have been a few wonders above and below that area, but those breaks were brief and did not gather much momentum.In trading today, the...
British Pound (GBP) Forecast: All Eyes on the Bank of England Rate Decision
GBP/USD Analysis and ChartsThe Bank of England is likely to raise rates by 25bps next Thursday.Will the BoE follow the trend of a ‘hike and hold’For all market-moving economic data and events, see the DailyFX Calendar Recommended by Nick Cawley How to Trade GBP/USD...
AUDUSD bounces off the 100 hour MA for the 3rd day in a row
The AUDUSD traded at the week's low on Monday in the 1st hour of trading at 0.63706. The price moved sharply higher on that day, but by Wednesday, the price had rotated back down toward the lows into a swing area between 0.63791 and 0.63874. Support buyers came in...
European equity close: UK stocks wrap up a stellar week with gains
Closing changes:Stoxx 600 +0.3%German DAX +0.6%UK FTSE 100 +0.7%French CAC +0.9%Italy MIB flatSpain IBEX flatWeekly:Stoxx 600 +1.7%German DAX +1.0%UK FTSE 100 +3.4%French CAC +1.9%Italy MIB +2.3%Spain IBEX 1.9%It's tough to get excited about grocery stores and banks...
Following the Fed is a good clue on when to buy bonds
The market is 50/50 on whether the Federal Reserve is done with rate hikes this year but we're very likely close to the peak. With that, eyes are on bonds and what might be a rare opportunity to get 4.5% in 10-year notes.Is it time to buy? Today, Deutsche Bank notes...
RBC: Navigating the CHF landscape amid SNB’s upcoming neeting and USD/CHF dynamics
RBC Capital Markets provides a comprehensive look into the Swiss franc (CHF) as the Swiss National Bank (SNB) gears up for its third quarterly meeting of the year. The financial giant discusses its favourite CHF trade and offers an analysis of positioning in CHF...
US stocks move to new session lows as European traders look to exit
The major US stock indices are trading at session lows as European traders start to look for the exits for the week. The NASDAQ index is now down around 1.3%. The S&P index is down -0.89%.All the major indices are back below its 50 day moving averages after...
USDCHF higher this week and above a swing area. What next?
This week, the USDCHF has experienced an upward price movement, consistently remaining above the key swing area range of 0.89347 to 0.89472. The price surpassed this range in yesterday's trading session and has maintained its position above this threshold today....
Weekly Market Recap (11-15 September)
Monday:BoJ Governor Ueda interviewed by Japanese media Yomiuri over the weekend said that his focus is on a “quiet exit” to avoid significant impact on the market:We could have enough data by year-end to determine whether we can end negative rates.Once we're convinced...
US dollar moves lower after University of Michigan data
The US dollar has moved lower after the University of Michigan data came in weaker than expectations. The one year inflation expectation came in at 3.1% versus 3.5%. The 5 year inflation expectations was at 2.7% versus 3.0%. The sentiment indices were also lower than...
US Sept prelim UMich consumer sentiment 67.7 vs 69.1 expected
Prior was 69.5Current conditions 69.8 vs 75.3 expected (75.7 prior)Expectations 66.3 vs 66.0 expected (65.5 prior)1-year inflation 3.1% vs 3.5% prior5-10 year 2.7% vs 3.0% priorThis survey is tied to gasoline prices so I'm not surprised the headline missed. I'm not...
US stocks open lower. Indices still higher on the week.
The major US stock indices are moving to the downside in early US trading. The declines are taking away from the gains this week, but major indices still are positive.A snapshot of the market currently shows:Dow Industrial Average -38.07 points or -0.11% at...