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...
US initial jobless claims 220K versus 225K estimate
Initial jobless claims and continuing claimsPrior week 216K revised to 217Kinitial jobless claims 220K vs 225K estimate4 week moving average of initial jobless claims 224.5K vs 229.5k priorcontinuing claims 1.688M versus 1.695M. Prior week of continuing claims 1.684M...
Canada wholesale trade for July 0.2% versus 1.4% estimate
> Canada wholesale trade for July 0.2% versus 1.4% estimate Canada wholesale trade data for July 2023 <!--> --> <!--> Canada wholesale tradePrior month -2.8% revised to -2.1%Wholesale sales (excluding certain products) rose by 0.2% versus +1.4%...
US August retail sales +0.6% versus +0.2% expected
Prior was +0.7% (revised to +0.5%)Details:Retail sales m/m +0.6% versus +0.2% expectedEx-autos +0.6% versus +0.4% expected. Prior ex autos +1.0%Control group +0.1% versus -0.1% expectedPrior control group +1.0% (revised to +0.7%)Retail sales ex gas and autos +0.2%....
Euro falls as ECB hints that they are done with rate hikes
EUR/USD has fallen from 1.0730 to 1.0695 in the aftermath of the ECB decision, even though the central bank delivered a 25 bps rate hike today. The key takeaway is that they hinted that this should be the final rate hike of the cycle and lower economic projections and...
EURUSD moves lower after ECB raises rates by 25 basis points
EURUSD back below its 100/200 hour moving averagesThe EURUSD initially moved higher but fell short of its high for the day after the central bank raise rates by 25 basis points. The high price reached 1.07469, but reversed quickly falling to a new low for the day at...
ECB raises key rates by 25 bps in September monetary policy meeting
Prior decisionMain refinancing rate 4.50% vs 4.25% expectedPrior 4.25%Deposit facility rate 4.00% vs 3.75% expectedPrior 3.75%Marginal lending facility 4.75%Prior 4.50%Inflation continues to decline but is still expected to remain too high for too longPast rate hikes...
The AUD is the strongest and the GBP is the weakest as the NA session begins
The strongest to the weakest of the major currenciesAs the North American session begins, the AUD is the strongest and the GBP is the weakest. The USD is mostly lower. The EURUSD is mixed ahead of their interest rate decision at 8:15 AM ET. ECBs Lagarde will conduct...
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Nasdaq Composite Technical Analysis – Consolidation on a key support
Yesterday, the US CPI report came basically in line with expectations as the market was already expecting higher energy prices to push up the August inflation readings. The Core measure, which is what the Fed is focused on, was in line with forecasts with the monthly...
ForexLive European FX news wrap: FX steady awaiting ECB, US data; China cuts RRR again
Headlines:Markets:AUD leads, GBP lags on the dayEuropean equities slightly higher; S&P 500 futures up 0.4%US 10-year yields up 1.4 bps to 4.262%Gold up 0.1% to $1,907.80WTI crude up 1.3% to $89.67Bitcoin up 0.5% to $26,362Major currencies didn't do a whole lot...
WTI, Brent Shrug Off US Inventories Surge as Oil Prices Hit Fresh 2023 Highs
OIL PRICE FORECAST:Most Read: What is OPEC and What is Their Role in Global Markets?Oil prices continued their advance this morning helped by a weaker USD. The surge in US inventories seems to be overshadowed by growing concerns around tighter supply for the remainder...
Fed to “skip” rate hike in September, hike again by 25 bps in November – Citi
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,...
Dow Jones Technical Analysis – Stuck in a consolidation
Yesterday, the US CPI report came basically in line with expectations as the market was already expecting higher energy prices to push up the August inflation readings. The Core measure, which is what the Fed is focused on, was in line with forecasts with the monthly...