Author: FX
Earlier today, in the kickstart video, I outlined the following key support level for the EURUSD. That level was shown and outlined between 1.1131 and 1.11399. Here is that clip….So what happened?Below is the chart of the price action today. Of not is the low price stalled between the level outlined in the above video from the start of the US trading day. The price spiked up to 1.1175. The current price is at 1.1164.What next?The 1.1184 to 1.11897 remains a target on the topside. The 1.1184 level was initiated as a technical level going back to 2021. Other swing…
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The price of the WTI crude oil futures are settling up $0.16 and $71 a barrel. The high price today reached $71.41. The low price was at $70.40.Oil prices rebounded above $70.00, a level that has largely held sway over the past month, driven by tight supply and short covering by institutional investors. While weak demand from China and slowing Western economies have capped the commodity’s gains, Wednesday’s 50-basis-point rate cut by the US Federal Reserve has sparked hopes of a revitalized US economy, potentially boosting oil demand from the world’s largest consumer.Today, Baker Hughes oil rig count was unchanged…
The NASDAQ index is down -100 points or -0.55%. The prices back down testing the low price from yesterday near 17909.75. Early today, the price fell below that level on its way to fill the gap from Wednesday to Thursday ( i.e the high from Wednesday). Buyers came in near the level and pushed the price back higher. If buyers show up here, call of the bearish dogs again.Conversely, move below 17909 and I could take another look down at the low of the gap near 17832 before the week is up.BTW today is a triple witching day.Triple witchiing refers…
In the kickstart video from earlier today, I highlighted the key levels in the GBPUSD. On the downside the 1.3265 was key support.Looking at the GBPUSD price action since then (see chart below), the low price for the day came in at 1.32676, just 2 pips short of the targeted support. So the buyers leaned. The price has since moved higher. The high price has reached 1.33266 nearly 60 pips from the low. What now? For traders who are bullish the GBPUSD (the BOE more hawkish/the Fed more dovish), would not want to see that 1.3265 level broken. After holding…
Mexican Peso continues to weaken, recording losses for three consecutive days amid increasing risk aversion. Fed Governor Waller supports the recent 50 bps rate cut, pointing to easing inflation and hinting at further cuts if labor conditions deteriorate. Banxico anticipated to lower rates by 25 bps next week, potentially sustaining an appealing interest rate differential to support the Peso. The Mexican Peso extended its losing streak against the Greenback to three consecutive days, with the currency set to sustain weekly losses. Risk aversion hurts the Peso’s prospects, which hasn’t been able to capitalize on the Federal Reserve’s (Fed) decision to…
Dow is one of the worst-performing Dow Jones stocks on Friday. The market is somewhat volatile on the year’s third triple witching day. Large volumes of stocks are traded on triple witching days when options expire. Dow receives $100 million from the Department of Energy to build chemical plant for batteries. Dow (DOW), the holding company of Dow Chemical Company, was one of the worst-performing stocks in the Dow Jones Industrial Average (DJIA) on Friday. Shares sank 3% in the morning session before attempting a weak recovery by lunchtime. The DJIA is the only major index making gains, but it is…
Federal Reserve (Fed) Board of Governors member Michelle Bowman clarified on Friday why the policymaker voted against the Fed’s 50 bps jumbo rate cut this week. Fed Governor Waller goes down in the books as the first Fed Governor to vote against both the consensus and the Fed Chair since 2005. Key highlights I agreed it was appropriate at this meeting to recalibrate the Fed funds rate level, but I preferred a smaller first move. We have not yet achieved the inflation goal. I see risk that the FOMC’s larger policy action could be interpreted as a premature declaration of victory on inflation.…
SDI Productions/E+ via Getty Images Amazon (AMZN) has elected not to continue with Progyny (NASDAQ:PGNY) as the company’s fertility benefits provider for employees starting Jan. 1, 2025, and is switching to Maven. Maven has alsready been working with Amazon by providing virtual “family-building care,” according to a Source link
GBPUSD dailyFollowing the Bank of England’s decision to maintain policy rates, Credit Agricole highlights the GBP’s emerging status as a high-yield currency, supported by the potential for future easing.Key Points:BoE Decision and Forward Guidance:The BoE kept rates unchanged in September while signaling future gradual easing. Only one member dissented for a 25bp cut, indicating a cautious approach.Gilt Holdings Reduction:The BoE plans to reduce gilt holdings by GBP 100 billion over the next year, reflecting a commitment to monetary tightening despite potential easing ahead.Market Reactions:UK rates markets have adjusted easing bets for November and December 2024, suggesting a slightly less dovish…