Author: FX
2d illustrations and photos Sagimet Biosciences (SGMT) has refiled for a $75M initial public offering. The biotech company didn’t specify terms in its latest filing, but indicated in its fee filing schedule that it was looking to raise $75M. The company hopes to list its shares on Nasdaq under the symbol SGMT. Based in San Mateo, Calif., Sagimet has been developing therapies for nonalcoholic steatohepatitis, or NASH. The company lead drug, denifanstat, is in Phase 2 testing. Lead bookrunners on the deal include Goldman Sachs, TD Cowen, Piper Sandler and JMP Securities. Sagimet first filed for an IPO in April…
© Reuters. FILE PHOTO: Supporters of the drag community protest against Florida’s ‘Protection of Children’ bill which would ban children at live adult performances, inside the state capitol in Tallahassee, Florida, U.S. April 25, 2023. REUTERS/Octavio Jones/File Pho By Daniel Trotta (Reuters) – A U.S. judge on Friday blocked a new Florida law restricting drag performances, the third time this month that federal courts have enjoined laws backed by Florida Governor Ron DeSantis that concern gender or LGBTQ matters. In all three cases, the issues supported by DeSantis, a Republican presidential candidate, lost on grounds that the laws appear to…
Share: The EUR/JPY found support at a low of 155.06 and then recovered to 156.60. European and German PMIs came in weaker than expected. Soft inflation figures and monetary policy divergence weights on the Yen. Despite initial losses, the EUR/JPY pair managed to regain ground, climbing from a low of 155.06 to 156.60 and closing with mild losses. Weaker-than-expected figures from the US, UK and the Eurozone seem to be having a greater impact on the Yen as the USD/JPY rose to monthly highs. In addition, monetary policy divergence between the European Central Bank (ECB) and the Bank…
Share: NZD/USD bulls are looking for a break to the upside to test trendline liquidity. All eyes are on the RBA meeting as per market correlations. NZD/USD has been held below a key trendline resistance for a couple of years but it could be on the verge of a breakout to the upside. However, the Kiwi the Bird is being dominated by global moves until something notable happens in the region. All eyes are on the 4 July Reserve Bank of Australia decision until then. NZD/USD weekly and daily charts Meanwhile, as per the technical analysis, the bulls are seeking…
Share: Pound gains ground as BoE boosts rates; EUR/GBP pair hits 0.8566, sparking recession concerns. The technical outlook suggests a prolonged EUR/GBP downtrend as cross falls below the 20-day EMA. Buyers eye EUR/GBP recovery above 0.8600; the critical hurdle lies at 50-day EMA at 0.8657. The EUR/GBP dropped for the second straight day following Thursday’s Bank of England (BoE) monetary policy decision to raise rates by 50 basis points (bps) which bolstered the Pound Sterling (GBP) against the Euro (EUR). In addition, a deceleration in business activity in the Eurozone (EU) and the UK increased recession fears. Still,…
Markets:WTI crude oil down 22-cents to $69.29US 10-year yields down 6.4 bps to 3.73%Gold up $6 to $1919Bitcoin up $2.4% to $30,850S&P 500 down 0.8%USD leads, AUD lagsThe US dollar was in demand once again, despite falling Treasury yields. Some of that might have been a result of relative values as bund yields fell much further than Treasuries. In any case, it was a classic risk-off day with the exception that the yen couldn’t sustain a bid. That’s a red flag because there was some initial JPY-buying after the hot Japan core CPI print earlier. Some of that extended early…
Share: USD/CAD traders await the open next week to decide on the directional bias. Bulls are in the market and correcting bearish bias. As per the prior analysis, USD/CAD Price Analysis: Bears are eyeing a continuation, but bulls seek to take over, USD/CAD has made its move to the upside as forecasted and the bulls are eating into the Fibonacci scale as the following will illustrate. In the near future, however, a downside continuation could be in store: USD/CAD daily charts, prior analysis The market is bearish and is headed towards a price imbalance between the current lows and near…
A busy week for central banks means forex playas had a lot of repricing to do! Less-hawkish-than-expected meeting minutes from the BOJ and RBA dragged the Australian dollar and the yen throughout the week, while growth concerns also pulled the British pound lower. Meanwhile, the U.S. dollar benefited from hawkish testimonies from Powell as well as some good old risk aversion, falling only to the Loonie by the Friday close. USD Pairs Overlay of USD vs. Major Currencies Chart by TV Risk aversion and expectations of hawkish testimonies from Fed Governor Powell gave the dollar a boost early in the week,…
Risk-takers took a chill pill this week, as persistently high inflation got central banks planning more interest rates, which got traders worrying about lower growth. It didn’t stop bitcoin bulls from pushing BTC/USD to a key technical level though! What had traders FOMO-ing hard into the digital asset? Missed all the market movers this week? Lemme show you the biggest headlines first: Notable News & Economic Updates: ? Broad Market Risk-on Arguments NZ BusinessNZ Services Index up by 3.2 points from upwardly revised 50.1 in April to 53.3 in May. All five measures showing expansion. Canada Retail Sales for April…
Nasdaq weekly chartI would attribute a big chunk of this week’s equity selling to quarter-end rebalancing flows and/or the front-running of those flows. There were plenty of dip buyers in Nasdaq stocks, particularly in the magnificent seven mega stocks that have been responsible for nearly all of the equity market rally this year.On the day:S&P 500 -29 points, or -0.8%, to 4395Nasdaq Comp -0.9%Russell 2000 -1.0%DJIA -0.6%Toronto TSX Comp -2.7%On the week:S&P 500 -1.3%Nasdaq Comp -1.4%Russell 2000 -3.0%DJIA -1.7%Toronto TSX Comp -2.7%Here’s an early hint: The first two weeks of July are, seasonally, the strongest time of the year. Source…