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,...
Credit Agricole: Is 148 the line in the sand for Japan’s MOF to intervene in USD/JPY?
Masato KandaCredit Agricole explores the rising tensions surrounding the USD/JPY exchange rate, particularly in the wake of strong warnings from Japan's Vice Minister of Finance, Masato Kanda. The report considers whether a move to 148 in USD/JPY could compel the...
S&P 500 decline extends to 1%. Head and shoulders pattern emerging?
It's been a one-way trade in the US stock market since the strong ISM services reading and it's continuing. Last week, I highlighted the possibility of a head-and-shoulders pattern shaping up on the S&P 500 and today's drop adds to the case.We're still a long ways...
Senate votes to confirm Philip Jefferson as Fed vice chair
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,...
European equity close: A break to the downside?
Closing changes:Stoxx 600 -0.6%German DAX -0.2%UK FTSE 100 -0.2%French CAC -0.8%Italy MIB -1.4%Spain IBEX -0.8%I've been carefully watching the Stoxx 600 for the past week or so as it rang off a series of doji stars on the chart. Today it broke to the downside but...
Nasdaq falls 1.2% as the ‘good news is bad news’ mode hits
Nasdaq Comp dailyThe Nasdaq Composite is down 1.2% and trading at the lows of the day. The selling acclerated after a strong US services survey from the Institute for Supply Management. Rather than cheering a resilient economy, the market is fretting about higher...
ECB’s Visco: Interest rates have gone where they needed to go
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,...
November Federal Reserve hike pricing rises above 50%
Jerome Powell studying the calendar (AI image)Federal Reserve pricing now suggests a 52% chance of a hike at the November 1 meeting, up from 40% earlier in the week. The jump comes after a surprisingly strong ISM services survey showed an acceleration in August,...
US August ISM services 54.5 vs 52.5 expected
> US August ISM services 54.5 vs 52.5 expected August 2023 US services survey from the Institute for Supply Management <!--> Adam Button Wednesday, 06/09/2023 | 14:00 GMT-0 06/09/2023 | 14:00 GMT-0 --> <!--> US ISM Services PMI ADVERTISEMENT -...
Bank of Canada holds rates at 5.00% as 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,...
S&P Global final August US services PMI 50.5 vs 51.0 prelim
Lowest in seven months A weaker rise in output was primarily driven by a renewed contraction in new businessNew orders fell for the first time in six monthsPrelim was 51.0Prior was 52.3Composite final 50.2 vs 50.4 prelim (prior 52.0)There are risks to the downside for...
Ahead of the ISM services survey, there are signs of a weakening US consumer
Here is a good thread from Bob Elliott highlighting that spending trackers from Morgan Stanley, JPM, and Citi all show recent weakening.Here's what Citi had to say: Our Citi Card Data showed Hardlines Retail spending declined -12.2% y/y in August, which was worse than...
BOE’s Bailey: Many indicators are signalling a fall in inflation, which will be marked
Wage bargaining has surprised to the upsideThere has been a very large terms of trade shock in this countryMany indicators are signalling a fall in inflation, which will be marked by the end of this yearQuestion is: As headline inflation comes down, will we see...
Poland central bank delivers a surprise 75 bps cut vs -25 bpd 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,...
US equities set to open modestly lower
The bond market isn't doing much today with yields flat to down 2 bps across the curve. In turn, stocks are quiet with the S&P 500 set to open 9 points lower, or 0.2%.I've got my eyes on the Russell 2000, which tumbled 2% yesterday in an ominous sign.Russell 2000...
Bank of England Governor Bailey set to testify shortly
Coming up at 1415 London time, we will get a few members of the MPC speaking in parliament:Andrew Bailey, Governor, Bank of England; Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England; Dr Swati Dhingra, External Member, Monetary Policy...
Fed’s Collins: IT’s time for mon pol to be patient and deliberate
Fed should 'allow time' when making monetary policy choicesToo soon to say inflation sustainably moving back back to targetFed must balance lowering inflation against slowing economy too muchFed can likely achieve goals without causing notable economic painStill too...
US July international trade balance -65.0B vs -68.0B expected
> US July international trade balance -65.0B vs -68.0B expected US July 2023 trade balance data <!--> Adam Button Wednesday, 06/09/2023 | 12:32 GMT-0 06/09/2023 | 12:32 GMT-0 --> <!--> Prior was -65.5B (revised to -63.7B)Goods trade -90.92B vs...
Canada July trade balance -0.99B vs -3.65B 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,...
A key look at the US service sector is coming up
It's a busy economic calendar today that peaks at 10 am ET with the release of both the ISM service sector index and the Bank of Canada interest rate decision. The ISM index is expected to dip to 52.5 from 52.7 but every component will be scrutinized for building US...