The day started with US yields down marginally after overnight saw the 30-year bond yield touch 5.0% (at 5.01%) before buyers came in and pushed the yield lower. The yield reached the highest level since August 2007 before retreating..The 10-year yield reached 4.884%...
MUFG forecast GBP underperformance, say the Bank of England has overdone tightening
MUFG are of the view that the BoE has already tightened monetary policy too much and that there is thus the potential for UK rates to 'soften' in comparison to other developed market economies. MUFG project GBP to underperform from now, and add that in the case of a...
US Congress chaos – Goldman Sachs says a US shutdown in November is their “base case”
The removal of the US House of Representatives speaker boosts the chances of a US government shutdown in mid-November says Goldman Sachs:All other things equal, the leadership change raises the odds of a government shutdown in November, though with several weeks left...
Was today’s drop in bond yields the circuit breaker we’ve been waiting for?
The headline to this post is an immediate question that popped up when I read this from a Barclays note:“Surging real rates and a stronger dollar are unfriendly to risk assets. Absent a circuit breaker to the bond market, equities may continue to struggle, as rising...
Brent oil drop – ICYMI – Russian media report that Russia may ease diesel exports ban soon
Crude oil prices dropped sharply during Wednesday trade. A report in Kommersant, a nationally distributed daily newspaper published in Russia mostly focusing on politics and business, said that the Russian government is ready to ease a ban on diesel exports in coming...
Coinbase to miss Q3 revenue estimate by 10%, analyst blames low crypto volatility, volumes
Mizuho says that Coinbase will miss current consensus third-quarter revenues by 10%, citing low trading volumes. Crypto volatility has been relatively low this year, partially due to regulatory uncertainty. “We expect dwindling volumes…combined with an expected...
Rebound. Stocks close higher led by the Nasdaq index
The US stock indices retraced some/all of the declines seen this week with a rebound in the major indices. The NASDAQ index led the gains today, and has also erased the losses from Monday and Tuesday's trade. The S&P and Dow are still on pace for a decline this...
Economic calendar in Asia, Thursday, 5 October 2023
None of the data releases below should trigger much movement in forex rates upon release.This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most column are the 'prior' (previous...
Trade ideas thread – Thursday, 5 October 2023
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,...
Xsolla Powers Web Shop Launches For 40 Of The Top 100 Mobile Games
Xsolla, a global video game commerce company, shares insights that 40 of the top 100 mobile games have launched their Web Shop using Xsolla's solution. These insights offer a glimpse into the increasing trend of multiplatform operations in the mobile gaming industry...
US equities race higher as yields and oil cool
Nasdaq Comp dailyThe stock market is feeling some relief from high rates today.US 30-year yields hit a 15-year high today at 5.00% but have since backed all the way off to 4.86%. That's been coupled with falls across the curve with US 2-year rates down 10 bps to...
What is driving the AUDUSD in trading today?
The AUDUSD tested the low from yesterday at 0.62849. The low came up a pip short of that low and bounced.The high for the day was able to extend above the low from last week at 0.6331 on two separate 4-hour bars. However, momentum could not be sustained above the...
This era of easy government spending is likely over and markets aren’t prepared
Once in awhile politics has a way of underscoring longer-term trends in markets. Yesterday's ouster of House speaker Kevin McCarthy highlights a tilting in power towards fiscal hawks in Washington, which isn't a surprise after years of overspending.It came just hours...
Citigroup highlights slower US credit card spending
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,...
NZDUSD sellers had their shot,but 100/200 bar MAs on 4-hour resistance remain a key target
The RBNZ kept rates overnight. On the decision, the price of the NZDUSD moved lower and below a lower swing area between 0.5879 and 0.58945. The low price reached 0.58695 before bouncing higher. Subsequent lows held support against the low of the swing area at 0.5879...
Oil routed in a $5 fall
It was a slow ride up the escalator for oil but it's turned into a quick fall back down the elevator.WTI crude oil is down $4.87 to $84.36 which is a quick change in fortunes after touching $95 last week. The fall through $85 ran stops at the psychological level which...
NASDAQ index ticks back above its 50 hour moving average/swing area/38.2% retracement
The Nasdaq is higher today, and trading near new highs. In the process, the index is extending above a cluster of resistance.The price is back above the 38.2% of the move up from the March 13 low at 13123The price is back above the 50 hour MA at 13166The price is back...
USDJPY stays within the technical range. What next?
The USDJPY has settled in between some technical levels which is controlling the ups and downs. On the top side, the 200 hour moving average at 149.157 is providing close resistance. Above that the high for the day at 149.315 corresponds with swing lows from last...
European equity close: Some back-and-forth before a flat close
Closing changes for the main European equity markets:Stoxx 600 -0.1%German DAX +0.1%French CAC flatUK's FTSE 100 -0.8%Spain's IBEX -0.6%Italy's FTSE MIB -0.2%European stocks earlier today touched the lowest since March but bounced back to flatSTOXX 600 dailyMoneyMaker...
WTI crude falls below $86
Saudi Arabia today reiterated today that it would keep its voluntary output cut in place through year end and OPEC's monitoring committee said it wouldn't recommend any policy changes. Those are headlines that should be bullish but oil is falling anyway, and in...