Author: FX
It was a bit of a challenging week for our FX strategies as top tier catalysts brought on choppy conditions in the latter half of the week, with most markets closing not too far from where they started. USD/CAD: Monday – June 26, 2023 USD/CAD 2-hour Forex Chart by TV With U.S. and Canadian inflation updates set to hit this week, we spotted an attractive technical setup on USD/CAD price action. We thought that a retest of the bottom end of a descending channel could attract potential bulls short-term if our expectations as discussed in our Event Guide of a…
In a few days, we’ll get a sneak peek of the manufacturing activity in the U.S., a top tier leading economic indicator! Will the numbers ease or feed into U.S. recession fears? Here are points you need to know if you’re planning on trading the event: Event in Focus: U.S. Flash Manufacturing PMIs for June 2023 The purchasing managers index (PMI) comes from a survey conducted among a few hundred purchasing managers in major business sectors, such as the manufacturing and services industries. An index reading of 50.0 and above hints at optimism and industry expansion, while a reading of…
S&P index trades to new 2023 highsAs a market heads into the close for the week, month, and quarter, the S&P today is extending to new highs for the year. The price extended above the June 16 high at 4448.47 to an intraday high of 4456.72. The current price trades at 4452.22.Technically, this month’s low came on June 1 (the first day of the month) at 4171.64. That low was above the 50% midpoint of the move down from January 2022 all-time high. The price closed above its 61.8% retracement on June 12 at 4311.69, and stayed above that level…
The price of WTI crude futures are settling at $70.64. The high price reached $71.04. The low price was at $69.53. The Baker Hughes rig count fell for the 9th consecutive week. Earlier this week crude oil inventories shows a huge drawdown of 9.6 million barrels much higher than expectations.Multiple OPEC* delegates foresee an extension of Saudi production cuts into August. A Reuters survey indicates OPEC June output to fall by 50k BPD from May to 28.18mln BPD. For the week, the price rose 2.07%. For the month, the price is up 3.7% after falling -11.32% in May.For the 2Q,…
Share: EUR/JPY found support at a low at 156.70 and then recovered towards 157.50. Japan reported soft inflation data supporting a dovish stance from the BoJ. German yields retreated after soft EZ HICP and mixed German data. EUR/JPY has regained momentum and is positioned for a weekly gain as it finds support around 156.70 and rebounds towards the 157.50 area. The JPY has lost appeal after soft inflation data from Japan, which is set to reinforce further the dovish stance of the Bank of Japan (BoJ). On the other hand, German yields are in retreat due to disappointing…
Share: USD/MXN holds steady near 17.1200 as easing US inflation slows US Dollar’s climb, despite concerning Mexican jobs data. US Dollar Index drops more than 0.50% after the softer-than-expected inflation report, allowing breathing space for the peso. Expectations of unchanged rates from Banxico favor MXN, potentially signaling further downside for the USD/MXN pair. USD/MXN stays firm around the 17.1200 region as softer-than-expected inflation data in the United States (US) weighed on the US Dollar (USD), putting a lid on the USD/MXN advancement. Jobs data revealed in Mexico showed some deterioration, though the Unemployment Rate remains at 3%. At…
Share: Natural Gas price recovers following the release of US inflation data which comes out lower than expected, weighing on the US Dollar. Natural Gas had been trading flat-to-lower prior to the data on Friday due to greater-than-expected stockpiles in Europe. This largely eclipsed US data out on Thursday showing a fall in inventories last week. Natural Gas price recovers on Friday after the release of US inflation data shows an unexpected fall in prices which weighs on the US Dollar. The lower inflation data reduces the chances of the Federal Reserve (Fed) hiking interest rates at its next meeting which…
Share: The XAG/USD jumped above $22.70, seeing more than 0.80% gains and is set to close a winning week. Core PCE declined to 4.6% YoY in May, lower than expectations. Following the data the USD and US bond yields retreated. The XAG/USD surpassed the $22.70 mark on Friday and registered an increase of over 0.80%. This positive momentum positions it for a week of gains after two weeks of losses. The boost in Silver prices can be explained by the release of soft Core Personal Consumption Expenditures (PCE) data from the US from May, which revealed a decline…
PacBio initiated at buy at Goldman on sequencing system Source link
64% of firms expect inflation to remain above 3% for the next two years, down from 79% in Q1 surveyDemand for labor is softening as sales expectations moderateIndicator of future sales -6% vs -18% priorFirms expect input and output prices to grow at a slower rateMore firms than in Q1 think it will take five or more years for inflation to return close to 2%Firms see price pressures easing due to factors, including weaker commodity price rises and softer demandSeparate highlights from the consumer survey:Expectations for 5-year inflation to 2.89% from 2.92%Consumers think interest rates will drop in next 12…