USDCAD falls to new session lowsThe USDCAD is trading to a new session alone in the process is testing a swing area between 1.3494 and 1.35039. Below that is the September 1 low at 1.34889. Get below those levels and traders will start to think about the 200 day...
EURUSD breaks lower. Looks toward the next target at 1.0635
EURUSD falls to a new session lowThe EURUSD is training to a new session low and in the process is moving away from the swing area between 1.06583 and 1.06669. The low price has just traded to 1.06445. The swing low from May 31 at 1.0635 is the next key target. Below...
Atlanta Fed GDPNow estimate for 3Q growth falls to 4.9%
Atlanta Fed GDPNow estimate for Q3 falls to 4.9% from 5.6%The Atlanta Fed estimate for 3Q growth fell to 4.9%. The last estimate on September 8 came in at 5.6%.In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the...
Crude oil futures back below $90, but buyers remain in control
Crude oil traded above $90 for the 1st time since NovemberCrude oil prices have risen by $1.33, marking a 1.5% increase, and are currently trading at $89.85. Today's peak reached $90.26, the first time it surpassed $90 since November 8, before retracting slightly. A...
Trudeau is getting desperate in Canada: Will unveil plans to cut cost of living today
AI imageCanadian Prime Minister Justin Trudeau is watching his popularity plummet.The country is two years away from an election unless his coalition partners in the NDP want to pull the plug but waiting isn't likely to do him any good. The nation has completely...
European equity close: The UK leads strong gains
Closing changes in Europe:Stoxx 600 +1.6%German DAX +1.0%Francis CAC +1.4%UK's FTSE 100 +2.1%Spain's IBEX +1.4%Italy's FTSE MIB +1.5%These are some big gains after a period lackluster trading in European equities. Is this the start of something bigger, or a trendline...
The EURUSD is lower and so are the EURGBP and the EURJPY. What are the technicals saying?
The EURUSD is lower after the ECB rate decision. What about some of the other cross-currency pairs including the EURGBP and EURJPY. In the video above, I take a technical look at those currency...
China is a mystery and met coal prices deepen the intrigue
Everyone agrees that China is struggling, though there a major disagreements on how bad it is or how bad it will get. Today, the PBOC cut the reserve requirement ratio for banks in yet-another move to shore up the economy. The real estate sector is struggling...
WTI crude oil rises above $90 to a fresh high for the year
By this point the story is well-known -- OPEC+ is putting a squeeze on the market and it's under-supplied somewhere in the 1-3 million barrel per day range. That should narrow in October as China backs off a filling inventories but unless OPEC breaks, global...
EIA weekly US natural gas inventories +57 vs +48 bcf expected
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,...
EURUSD tests earlier low for the day
US yields have turned back around with the 10 year now up 3.8 basis points at 4.286%, the 2 year yield is modestly higher at 5.009%. EURUSD retests the low for the day.That has the US dollar moving higher, and the EURUSD lower and back retesting its low for the day...
Euro falls to fresh session low as US Treasury yields rise
A divergence in the global bond market is weighing on the euro and has tipped it below the post-ECB low. EUR/USD is down 75 pips to 1.0653.The bond market tells the story with US 10-year yields up 3.6 bps to a session high of 4.28% while bund yields are down 4 bps and...
AUDUSD trades the short term retracement levels today. What next?
The AUDUSD has been trading up and down in trading today, but technically, the 38.2% retracement of the move down from the September 1 high at 0.64198 and 100 hour moving average near the same level, held support. Conversely, on the top side, the rally stalled against...
US July business inventories 0.0% vs +0.1% expected
Prior was +0.0%Retail inventories ex-autos 0.0% vs +0.1% priorBig parts of the US are running light on inventory because people were expecting a recession by now. The question is: Do they continue to run lean on expectations the recession will eventually come, or do...
US stocks set to open higher as good economic news is good for stocks (today… So far)
Futures prices are implying a stronger opening for the major US stock indices. Today stronger data out of the US is not hurting the stocks (so far). Yields are lower with the 2 year now down -2.6 basis points 10 year is down -1.5 basis points and 30-year is near...
Kickstart your forex trading day with a technical look at EURUSD, GBPUSD and USDJPY
As traders react to the stronger US data and the ECB rate decision to increase rates by 25 basis points, what are the technical levels in play given the early North American price action. EURUSD. The EURUSD traded to a new low for the month and lowest level since June...
Lagarde Q&A: Some governors would have preferred to pause and wait on more data
Some governors would have preferred to pause and wait on more dataA 'solid majority' agreed with the decisionThree quarters of the rise in the 2024 rise in inflation is due to carry-over from 2023We didn't discuss how long we will leave rates at these levels, we will...
Lagarde: Rates will remain at sufficiently restrictive levels for as long as necessary
Higher inflation forecasts mainly reflect higher energyRates will remain at sufficiently restrictive levels for as long as necessaryRates were hiked to 'reinforce commitment to our target'The economy is likely to remain subdued in the coming monthsThe services sector,...
Does Lagarde’s press conference even matter after the statement?
The euro is down despite a somewhat-surprising rate hike because the statement said:ECB considers that key rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the...
US August PPI +1.6% y/y vs +1.2% expected
US PPI y/yPrior was +0.8% y/y PPI final demand m/m +0.7% vs +0.4% y/y expectedPrior was +0.3% m/m (revised to 0.0%)Ex food and energy:+2.2% y/y vs +2.2% expected (prior +2.4%)+0.2% m/m vs +0.2% expected (prior +0.3%)Goods ex food and energy +0.1% vs 0.0% m/m...