Author: FX

US November prelim UMich consumer sentiment 60.4 vs 63.7 expectedFed’s Daly: Policy is in a very good placeYellen: We have not seen an impact on the Treasury market from the ICBC attackYellen-He meeting readout: US seeks healthy economic relationship with ChinaFrom earlier: Lagarde says rates cuts not coming for at least “the next couple of quartersBiden and Xi to meet next week, engage in ‘in-depth discussions’Fed’s Bostic: There’s still more work to be done on inflationMarkets:Gold down $21 to $1936US 10-year yields up 2.2 bps to 4.65%WTI crude oil up $1.64 to $77.38S&P 500 up 1.4%EUR leads, JPY lagsThere was…

Share: The Euro has stepped higher against the Pound Sterling for five straight trading days. The EUR/GBP briefly saw a fresh six-month high on Friday. Economic data has mixed for both the EU and the UK, but the market’s hat tip goes to the Euro. The EUR/GBP wraps up another trading week just shy of 0.8750 after seeing five straight days of gains with the Pound Sterling (GBP) waffling against the Euro (EUR) for the entire week. EU and UK economic data mixed on forecasts across the board this week, but it’s getting difficult for investors to ignore…

Share: NZD/JPY rose nearly 0.10% towards the 89.245 area The cross continues to side-ways trades, slightly tilted to the downside. Bulls seem to be taking a breather after last week’s 3% gains. The NZD/JPY will close a 0.30% losing week around the 89.245 area, as investors are taking profits from the early month’s sharp gains. Observing the daily chart, the NZD/JPY displays signs of bullish exhaustion after the cross gained more than 3% at the beginning of November. The Relative Strength Index (RSI) has turned flat above its midline, while the Moving Average Convergence (MACD) prints neutral green…

Share: S&P 500 rises 1.54%, closing at 4,414.57, marking its seventh consecutive week of gains. Nasdaq 100 and Dow Jones Industrial also post gains, with technology and consumer sectors leading. Market players overlook Fed Chair Jerome Powell’s hawkish comments, focusing instead on mixed economic data. Upcoming week to focus on US inflation data, unemployment claims, and further commentary from Federal Reserve officials. Wall Street is set to finish the week with gains, as the S&P 500 prints solid gains above the 4,400 figure, shrugging off a deteriorated consumer sentiment, while US Treasury bond yields stabilized after climbing more…

The major stock indices are closing near session highs with the NASDAQ index leading the way. All 3 major indices are closing above their 100-day moving averages (bullish). All 3 indices are closing higher for the week.A snapshot of closing levels shows:Dow industrial average +391.16 points or 1.15% at 34283.09. Its 100-day moving average is at 34266.16S&P index up 67.87 points or 1.56% at 4415.23. Its 100-day moving average is at 4402.54NASDAQ index up 276.65 points or 2.05% at 13798.10. It’s 100-day moving averages at 13618.08.For the week, each of the major indices close higher for the 2nd consecutive week:Dow…

Share: The Canadian Dollar has seen little but downside this week. A pivot to market Fed expectations is sending investors into the US Dollar. Crude Oil bids try to recover, limiting Loonie losses for Friday. The Canadian Dollar (CAD) is in the red overall for the week, seeing only a minor gain on Friday, closing the last trading day of the week up a whole five pips against the US Dollar (USD). Canada has seen a thin showing on the economic calendar all week, and next week is set for more of the same as broader markets focus…

Interest rate expectations and central bank rhetoric was heavy this week and seems to have been a biggest drivers of price action. This was most notable in the U.S. with a heavy dose of commentary form Federal Reserve members, whose general refusal to call a rate hike peak pushed the Dollar into one of the top spots among the major financial assets. Ready to do a quick review to stay in flow with the market environment? If so, let’s check out the major headlines first! This Article Is For Premium Members Only Become a Premium member for full…

Here is a great chart snapshot from BMO showing how Fed pricing has changed in the past year. Most of 2023 involved the market buying into the idea of higher-for-longer Fed funds but since October 18, there has been a fresh attempt to price in rate cuts, despite ongoing hawkish Fed rhetoric. That came after a series of softer US economic data points, including the ISM survey and non-farm payrolls. Source link

Yesterday’s poor 30-year Treasury auction reverberated through the market but later in the day, many people were arguing that it should be ignored because a ransomware attack kept China’s largest bank — ICBC — out of bidding.Yellen now says there was no impact on the Treasury market from the attack. Could she mean that there’s been no direct impact?Whatever happened, US 30-year yields are back to where they were before the sale.US 30s, 5 min chart Source link

S&P indexes moving above its 100 day moving averageThe S&P index is currently trading near session highs, up 60.44 points or 1.39% at 4407.92, and in the process has broken above its 100-day moving average of 4402.47 (see the blue line in the chart above). The last time it traded above this moving average was on September 20, after which it gapped below it the following day, remaining below it until now. During this period, the index reached its low on October 27 at 4100.51. From that low to today’s high, the index has risen by 7.4% over 10 days…