US yields are moving to new lows. The snapshot shows:2 year yield 4.81%, -12.8 basis points5 year yield 4.264% -12.6 basis points10 year yield 4.111% -10.0 basis points30 year yield 4.229%, -6.0 basis pointsThe US yields moving lower, is giving support to US stocks....
The US dollar is crumbling: A squeeze or something fundamental?
is this a squeeze or something fundamental? The US dollar is sinking fast today with USD/JPY 160 pips below the intraday peak of $147.36. The dollar is similar weak elsewhere and has just hit an air pocket in EUR/USD in a quick move to the highs of the day.EURUSD 10...
Have excess pandemic savings run out?
JPMorgan last week made the call that US pandemic savings have finally run out."Excess savings for US households when adjusting for inflation are now fully exhausted from a 2021 high of $2.1 trillion," JPM said.Retailers have been highlighting how low-end consumers...
Brent crude oil climbs $1 to settle at the highest in a week
Brent crude oil dailyA falling US dollar and hopes for a soft landing in the US led to a third rally in brent crude in the past four trading days. Oil climbed $1.04 to settle at $85.48, which is the highest intraday since August 21 and the highest settlement since Aug...
Technical look at major cross currency pairs: A look at the EURGBP, EURJPY and GBPJPY
In this video, I take a quick technical look at 3 major cross currency pairs:EURGBPEURJPY, and GBPJPYThose on pairs did have up-and-down price action today:EURGBP: The EURGBP initially moved lower in the Asian Pacific session only to find support BUYERS against its...
The market is pricing in a soft landing with no further rate hikes
Can Powell stick the landing?Today's price action in markets embodies the perfect ending to the inflationary cycle. The slowdown in job openings and consumer confidence is correctly being viewed as a signal that the Federal Reserve no longer needs to hike...
US sells 7-year notes at 4.212% vs 4.232% WI
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,...
USDCAD can’t extend above yesterday’s high and falls to 100 hour MA support target
The USDCAD moved higher earlier in the day and in the process tested the high price from Friday near 1.3639. Those highs were short of another swing area near 1.36534. The inability to move above the high from Friday turned buyers into sellers. The weaker US data...
USDCHF moves lower and tests the 100 bar MA on 4-hour chart
The USDCHF has moved lower with the reversal lower in the USD on the back of the weaker US data today. The move lower has seen the price extend below a swing area between 0.8805 and 0.8827, and down to test its rising 100 bar moving average on the 4-hour chart at...
Apple sends invite for September 12 launch event. Stock is up 1.7%
Apple traditionally has a product launch in the early fall and the invites have gone out. The event will take place on September 12. Shortly after the event the new products are offered for sale going into the key Christmas season. Shares of Apple are currently...
USDJPY falls to a cluster of support
USDJPY tests a cluster of supportThe USDJPY is reversing hard to the downside as yields fall after weaker US data. The 2-year yield is now down -12.2 basis points. The 10-year yield is now down -8.1 basis points.The fall in the USDJPY has taken the price from 147.368...
European equity close: UK returns from holiday with a flourish
Closing changes:Stoxx 600 +1.0%German DAX +0.9%UK FTSE 100 +1.7%French CAC +0.7%Italy MIB +1.2%Spain IBEX +1.0%The holiday in the UK yesterday meant that investors there missed out on yesterday's rally but they were quick to play catch-up today with an outsized climb...
Bitcoin surges to the upside. What are the technicals telling us now?
The price of bitcoin surged higher on positive results from a lawsuit between Grayscale and the SEC. The ruling may open the door for ETF's on bitcoin. We will see.The run to the upside to the price above its 200-day moving average at $27,472, but short of its 38.2%...
USD/JPY continues slide as economy questioned. The pair nears 146.00
USD/JPY is having a look at 146.00 after touching a 2023 high of 147.36 earlier today. It's a rapid turnaround as the market re-evaluates the path of Federal Reserve rates and the strength of the US economy.USDJPY 10 minsThe drop of more than 120 pips threatens a...
S&P and NASDAQ trade above their 50 day moving average
The weaker data has traders thinking the Fed might be on hold going forward. Yields are lower. Stocks are higher.Both the S&P index and the NASDAQ index have ventured above their 50 day moving averages. The 50 day moving average on the S&P is at 4460.85. The...
EURUSD runs higher after weaker data. Runs up to 200 hour moving average at 1.08472
EURUSD runs up to test it 200 hour moving average. Key levelThe EURUSD is run to the upside as yields tumble after weaker consumer confidence data and jolts job openings. Consumer confidence fell to 106.1 which was much lower than the 116.0 estimate. Jolts job...
Bitcoin jumps as Grayscale wins lawsuit against the SEC
Bitcoin hourlyThe D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. The court ordered the petition for review be granted and the commission's order be vacated.This means the SEC was wrong to reject the application for a spot bitcoin ETF and that...
This is what the end of the Fed hiking cycle looks like
USDJPY 10 minsThe US dollar has fallen hard across the board with USD/JPY erasing the entirety of today's earlier move. That comes after a pair of big economic data misses.JOLTS job openings plunged to the lowest since March 2021 and the three-month decline of 2.55...
US August consumer confidence 106.1 vs 116.0 expected
The July reading at 117.0 was the highest since July 2021 (revised to 114.0)Details:Present situation index 144.8 vs 160.0 prior Expectations index 80.2 vs 88.3 prior1 year Inflation 5.8% vs 5.7% prior Jobs hard-to-get 14.1 vs 9.7 priorThis and the big drop in JOLTS...
JOLTs job openings for July 8.827M versus 9.465M estimate
JOLTs job openings declinePrior report 9.582M revised down to 9.165MJob Openings:Job openings 8.827M versus 9.465M estimate. This is the smallest since March 2021.Professional and business services -198KHealthcare and social assistance -130KState and local government...