Author: FX
Biden sold around 200m barrels from the SPR to cap prices and its worked probably better than even he thought. Intentions to begin buying back were announced, multiple times, in the past few months. Timing was suggested after next month (June). The headline today is citing ‘people familiar’ but there was no, zero, indication given as to timing. And 3m barrels is a drop in the bucket. Still, posting this FWIW. Oil got a bit of a lift in price.Intention is to purchase 3 m barrels of US produced sour crude. Source link
S&P 500 FORECAST:Speculators are overly negative on the S&P 500 in the futures markets according to CFTC dataExtreme bearish positioning can sometimes lead to powerful and face-ripping ralliesLooking at price action, the S&P 500 continues to forge a double bottom pattern Recommended by Diego Colman Get Your Free Equities Forecast Most Read: US Dollar Withers Despite Last Week Bullish Breakout. Are Bears About to Pounce?The S&P 500 has proven highly resilient this year, defying numerous headwinds, including restrictive monetary policy, turmoil in the banking sector, and growing risks of a medium-term recession. Despite these challenges, the stock index is up…
Share: Market anticipation for Banxico’s monetary policy decision influences USD/MXN trading activity. Disappointing New York Empire State Manufacturing Index adds to the US Dollar’s struggles. US debt ceiling talks and mixed messages from Federal Reserve speakers impact market sentiment. USD/MXN prolongs its fall as the Mexican Peso (MXN) continues to strengthen, with the USD/MXN falling to a new seven-year low at around 17.4339, surpassing the July 2017 low of 17.4498, amidst a risk-on impulse that keeps most US equities on the green. The safety status of the US Dollar (USD), has been compromised, as a light US economic…
Will this week’s Australian jobs numbers support another rate hike for the Reserve Bank of Australia (RBA)? Here are major points you need to know if you’re planning on trading Australia’s labor market report this week: Event in Focus: Australia’s April Employment Data: Employment Change, Unemployment Rate When Will it Be Released: May 18, 2023 (Thursday) 1:30 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: 25,100 net jobs added for the month of April, slower than the 53K jobs added in March Unemployment rate to maintain its 3.5% reading (a 50-year…
VXRT, GLMD and AUTL among mid-day movers Source link
US DOLLAR FORECAST:U.S. dollar begins the week on the back foot, undermined by concerns over the U.S. debt limit impasse and disappointing economic dataThe U.S. retail sales and industrial production reports from April should be watched on TuesdayIn terms of technical analysis, the DXY reverses lower off Fibonacci resistance, failing to follow-through on the topside after a bullish breakout late last week Recommended by Diego Colman Get Your Free USD Forecast Most Read: Crude Oil Market Outlook Darkened by Debt Ceiling Debacle and Recession RisksAfter a strong rally late last week, the U.S. dollar, as measured by the DXY index,…
Stronghold Digital Mining, Inc (SDIG) Announces 1:10 Reverse Stock Split Stronghold Digital Mining, Inc. (SDIG) (“Stronghold”, or the “Company”) announced today that it will effect a 1-for-10 reverse stock split (“Reverse Split”) of its Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and Class V common stock, par value $0.0001 per share (“Class V Common Stock” and, together with the Class A Common Stock, the “Common Stock”), that will become effective on May 15, 2023, at 5:00 p.m., Eastern Time (the “Effective Time”). Stronghold’s Class A Common Stock will continue to trade on The Nasdaq…
Prior was +1.4%Prices up 1.6% m/mPrices -12.3% y/yInventory of homes for sale up 1.6% but remains near a 20-year lowThere was a huge seasonal adjustment at work in this data set in April because sales were up 11.3% but non-seasonally activity was down 19.5%.“Over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market,” said Larry Cerqua, CREA’s 2023-2024 Chair. “The issue going forward is not new:…
Whether you’re a seasoned forex trader or just a newbie, I’m sure that by now you’ve already come across a few generalizations about trading. But be warned! Some may have some truth to them but these three are nothing but myths. Here are three of them: 1. “Try often enough and pretty soon you’ll succeed.” Perhaps we have Disney to blame for having this fairytale mindset, thinking that whoever watches the market 24/7, takes the most trades, and gives up his entire social life, will be rewarded with a happy ending. Sorry to burst your bubble, but the forex market doesn’t…
Share: Markets Strategist Quek Ser Leang at UOB Group sees the likelihood of extra gains in USD/THB in the short-term horizon. Key Quotes “We highlighted last Monday (08 May, spot at 33.95) that USD/THB ‘could consolidate first before dropping to 33.54’. We added, ‘in order to keep the current momentum going, USD/THB must stay below 34.23’. While USD/THB fell as expected, it rebounded from a low of 33.50.” “Downward momentum has faded and this combined with oversold conditions suggests USD/THB could rebound further. However, any advance is unlikely to break the major resistance at 34.20 this week. On…