Author: FX
Upbeat Aussie Employment data strengthens case for RBA to maintain its current interest rate policy. Aussie shows little reaction to PBoC’s decision to leave interest rates unchanged. Fed dovish bets might limit the downside. The AUD/USD declined by 0.40% to 0.6790 in Friday’s session, pressured by growing expectations of interest rate cuts by the Federal Reserve (Fed). The Fed’s focus on preventing labor market deterioration has led traders to anticipate a 75-basis-point (bps) decrease in the remaining two Fed policy meetings. The Australian Dollar remained stable despite the People’s Bank of China’s (PBoC) decision to maintain interest rates unchanged. Despite…
The major US stock indices are closing the day with mixed results. It was triple witching hour so there was some end-of-day volatility, that could have impacted the price action. At the ending bell, the Dow industrial average is closing higher. The broader S&P and NASDAQ indices are closing lower. They small-cap Russell 2000 was the worst performer today with a decline of -1.10%.Below is a snapshot of the closing levels: Dow industrial average rose 38.17 points or 0.09% at 42063.36S&P index fell -11.09 points or -0.19% at 5702.55NASDAQ index fell -65.66 points or -0.36% at 17948.32The small-cap Russell 2000…
The Canadian Dollar continues to churn in the midrange. Canada remains on the back burner after CPI inflation fizzled this week. CAD traders are facing a slim data calendar next week. The Canadian Dollar (CAD) found little underpinning momentum on Friday, and the CAD is poised to wrap up the end of the trading week close to where it started. The Canadian Dollar fell to a three-week low of 1.3650 against the US Dollar (USD), but broad-market Greenback weakness has USD/CAD stumped near 1.3550. An appearance from Bank of Canada (BoC) Governor Tiff Macklem fizzled on Friday, failing to jumpstart…
Shares of Intel are trading up 5.82% after reports from the WSJ that Qualcomm approached the company about a takeover in recent days. The shares of Intel are down in 2024 from an end of year closing level of $50.25. The current price is up $1.23 or 5.82% at $22.37 in volatile trading . The low for the year reached $18.51 on September 10.With Berkshire ridding itself of some of the Apple position and Bank of America and raising cash, would that be an idea too? I am just thinking out loud. That is not substantiated but it might be…
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…