Author: FX
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Silver prices bounce and cling to gains, despite a buoyant US Dollar. Near-term, XAG/USD might consolidate, as mixed signals between the RSI/RoC suggest caution is warranted. Silver is recovering some ground after falling to weekly lows during the New York session of $22.56. However, a late buying impulse keeps XAG/USD trading in the green with gains of 0.41%. At the time of writing, the XAG/USD is trading at $23.21, above its opening price, and set to finish the week with losses of 1.23%. Silver Price Analysis: Technical outlook The XAG/USD daily chart depicts that the non-yielding metal remains upward biased…
2/2 © Reuters. FILE PHOTO: The floor of the the New York Stock Exchange (NYSE) is seen after the close of trading in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson/File Photo 2/2 By Lewis Krauskopf (Reuters) – Shares of U.S. banks are taking a beating in December, as worries over an expected recession and weakening profit margins dull the industry’s appeal. The banks index has slumped some 11% this month against a 5.5% drop for the broader index in the same period. Among the hardest hit were shares of Bank of America (NYSE:), which have fallen 16% this month. Shares of Wells Fargo (NYSE:) & Co…
Markets:Gold up $16 to $1793US 10-year yields up 3.6 bps to 3.48%WTI crude oil down $1.80 to $74.31S&P 500 down 43 points to 3852 (-1.1%)JPY leads, CHF lagsThe market continued to digest the Fed and ECB stance on Friday and the message is a souring of the mood, leading to selling of equities and the euro on slowing growth prospects. USD/JPY fell as the bond market stridently expresses the view that the Fed won’t hike as high as it’s promising, with the terminal rate in Fed fund futures at 4.84% and US 2s lower than at the start of the…
What a fakeout in stocks this week. The bulls were feeling great after the soft CPI and hopeful that Powell would tip the nod towards easier policy. Instead, he leaned in hard to hikes and that was followed by an even-more hawkish lean from Lagarde.Now the bond market is signaling an unnecessary recession and US stocks posted an ugly outside day on the chart.On the day:SPX -1.1%Nasdaq Comp -1.0%Russell 2000 -0.7%DJIA -0.9%On the weekSPX -2.1%Nasdaq Comp -2.8%Russell 2000 -1.9%There isn’t much to like on the S&P 500 weekly chart after this week’s outside reversal:SPX weeklyADVERTISEMENT – CONTINUE READING BELOW Source…
It was a major week for the financial markets as traders were bombarded with top tier catalysts from all sides, including interest rate changes and leading economic indicators from around the globe. Ultimately, risk sentiment turned sour before the weekend, and when combined with an extremely hawkish ECB statement, the euro was able to snatch the top spot against the major currencies. Notable News & Economic Updates: Despite the central bank’s efforts to increase lending and loosen limits on property loans, China’s credit grew at a little slower pace than predicted in November at 2T yuan ($287 billion) vs. a…
In the past year we’ve seen the implosions of:NFTsMeme stocksCryptoTech stocksWith that, you would think retail traders would sober up. Instead, they’ve switched from hard liquor to crack cocaine in the of ultra-short-dated equity options. Here’s a chart from Goldman Sachs showing that 44% of SPX volume in the third and fourth quarter (so far) has been in options with less than 24 hours to expiration.Today is quad witching so it makes me skeptical of price action but there’s also a bigger picture story here and it ends badly.Whatever happened to investing?ADVERTISEMENT – CONTINUE READING BELOW Source link
Seeing tentative signs that inflation rises are stabilizing; not calling a peak Expects Fed to hike by more than its median forecastIt will take time for inflation to ebbMester spoke on Bloomberg TV. The Fed is going to spend the next month pushing back against the bond market. We’ll see who wins but the bond market is showing a lot of confidence so far.ADVERTISEMENT – CONTINUE READING BELOW Source link
It was a busy week and one of the things I missed was a report from the Philadelphia Fed’s research department that questioned non-farm payrolls numbers.The report focuses on the March-June period and compares the comprehensive quarterly data against the usual monthly release. It’s not a small change:In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES [non-farm payrolls report] estimated net growth of 1,047,000 jobs for the period. Said another way, non-farm payrolls were nearly nil from March-June.Now some of those jobs…