Author: FX

bitcoin dailyThere aren’t many charts more technical than bitcoin and with today’s 4.5% decline, it’s sending all the wrong signals.It’s only been below these levels for a few hours over the past six months and the last time it was here it was flushed down to $50,000 in something of a flash crash.At the same time, the series of lower highs from $72K down to 65K over the past six months sends the wrong signal.Moreover, there is a strong correlation between bitcoin and tech stocks, particularly semiconductors. That space is suddenly struggling as the market cools on its enthusiasm for…

There is an undercurrent in economic circles right now and it basically boils down to: The Fed should cut 50 bps but it will probably cut 25 bps.Rick Rieder from BlackRock was on Bloomberg earlier today making that point and CIBC touches on it in their review of the non-farm payrolls report, which they call mixed.Overall, this is a tricky one for the Fed in terms of how quickly it dials back rates. Growth still looks solid, tracking around 2% for the quarter, and that mainly driven by the consumer once again. Also some part of the slowdown in job…

US Dollar recovers ground after mixed August Nonfarm Payrolls data. Fed official downplayed discussions of a larger rate cut in September than 25 bps. Markets are seeing 40% odds of a 50 bps cut in the next Fed meeting. The US Dollar Index (DXY), a measure of the US Dollar against a basket of six currencies, recovered its footing on Friday after the release of August Nonfarm Payrolls (NFP) data came in mixed. Following the data, the probabilities of the Federal Reserve (Fed) implementing a 50 bps rate cut in September remains high, but Fed officials might not embrace it…

The U.S. labor market showed signs of cooling in August, with job growth slowing but remaining positive, potentially paving the way for a measured approach to interest rate cuts by the Federal Reserve later this month. The Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 142,000 in August, below the average monthly gain of 202,000 over the prior 12 months. Meanwhile, the unemployment rate changed ticked lower to 4.2% from 4.3% previous. Key points from the August Employment Situation Summary: Total nonfarm payroll employment rose by 142,000, below market expectations June’s job gains were revised…

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday that Fed officials are finally beginning to catch up with the broader market’s view that the time has come for movement from the US central bank on policy rates, but downplayed discussion of a larger opening cut in September. Key highlights The job market is slowing down. Today’s employment data is a continuation of what we’ve been seeing. It raises some serious questions about this meeting and next several months that we make sure not to make labor market turn into something worse. There is a overwhelming Fed…

In August, job growth in the US amounted to 142 thousand, which was slightly less than expected (consensus 165 thousand, Commerzbank forecast 150 thousand), Commerzbank’s Senior Economist Dr. Christoph Balz notes. The labor market remains a cause for concern “The US labor market barely recovered in August after the disappointing July report. 142 thousand new jobs were created, while the unemployment rate fell to 4.2%. At the same time, however, the increase in jobs in June and July was revised downwards by a total of 86 thousand.” “The labor market therefore remains a cause for concern. The Federal Reserve is…

The USDCAD has moved to a new high and reach the next technical target at 1.35535 (see post). THe price has not been above that moving average since August 7 nearly one month ago. A break above that level would have traders looking toward its 200-day moving average of 1.35880.Earlier today, the price broke back above its 100-hour moving average 1.35172, and the buyers did lean against that level before taking the price higher. Buyers are making a play, with work to do. A move above the 100 bar moving average on the 4-hour chart would give the buyers more…

USD/JPY is rebounding from key support near the August 5 lows.  It is forming a bullish candlestick although it is not possible to be certain until the current 4-hour period ends.  The trend remains bearish although a correction higher looks likely.  USD/JPY has fallen close to the August 5 lows and bounced. It is forming a large, bullish Hammer Japanese candlestick pattern on the 4-hour chart – if the current period ends with the pattern intact it could signal the start of a substantial pull-back or correction higher.  USD/JPY 4-hour Chart  The Relative Strength Index (RSI) momentum indicator has exited…

Omega Pacific and Copaur Minerals amend Williams Property agreement Source link

A fundamental mistake many novice forex traders make is to forget to assess what type of market they are working with and adjust their approach accordingly. Navy Seals and Army Rangers are trained to carry out missions on many different kinds of terrain: deserts, swamps, jungles, tundra, oceans, or Niko’s’s castle. Without this training, their effectiveness would be limited: they’d struggle to survive on unfamiliar terrain because their skills wouldn’t work (imagine a soldier in white winter camouflage, trying to hide in a dark green jungle). The first lesson they learn is how to evaluate their environment and consider what…