Author: FX
Michael M. Santiago After a strong rally that has seen the benchmark S&P 500 (SP500) and the tech-heavy Nasdaq Composite (COMP.IND) post six-day win streaks, Wall Street took a beat on Friday, with the major averages struggling for direction. By afternoon, the Nasdaq was up 0.03% to 13,787.08 points, while the blue-chip Dow (DJI) was higher by 0.21% to 34,481.85 points. The S&P added 0.26% to 4,437.27 points. All 11 S&P sectors were trading in the green, with the exception of Materials. Utilities and Energy topped the leaderboard. The S&P was on track for a fifth straight positive week, having…
Out of our four forex strategy discussions this week, three were arguably very effective with proper risk management as our strategists did a great job of navigating around a busy calendar of top tier events. Jump in to see how it all went down! Forex Setup of the Week: USD/JPY’s Consolidation Ahead Of The FOMC Decision USD/JPY 4-hour Forex Chart by TV On Monday, we spotted a sweet consolidation pattern on USD/JPY, the perfect setup for those expecting a strong directional move in the U.S. around the highly anticipated FOMC monetary policy statement. Expectations were that the Fed would pause…
Share: EUR/USD rally curtailed following the ECB rate hike and hawkish remarks from central bankers. US Consumer Sentiment improves, supporting a stronger USD; Eurozone inflation slows as expected. Hawkish stances by both ECB and Fed officials hint at potential further tightening. Upcoming key events include the German May PPI, the EU’s General Council meeting, and US housing market data. EUR/USD rally stalled in the aftermath of the European Central Bank (ECB) rate hike, trimming some of its previous day’s gains amidst mixed market sentiment. Following the Federal Reserve (Fed) and the ECB’s decisions, central bank speakers are grabbing…
Aurora (AUR) Releases Open-Source Autonomous Driving Dataset Aurora Innovation, Inc. (AUR) today publicly released the Aurora Multi-Sensor Dataset, a large-scale multi-sensor dataset with localization ground truth, in collaboration with the University of Toronto. The dataset contains rich metadata such as semantic segmentation and spans weather patterns during all four seasons, including rain, snow, overcast and sunny days, as well as different times of day, and a variety of traffic conditions. It is between one and two orders of magnitude larger than other publicly available localization datasets and can be used to develop and evaluate large-scale, long-term approaches to autonomous vehicle…
JAPANESE YEN FORECAST:USD/JPY blasts off and flirts with fresh multi-month highs after Bank of Japan’s monetary policy decisionBoJ kept interest rates and its yield curve control program unchanged, signaling little appetite to alter course any time soonThis article looks at key USD/JPY’s levels to watch in the coming days Recommended by Diego Colman Get Your Free JPY Forecast Most Read: EUR/USD Skyrockets After ECB Decision, EUR/JPY Flies to 15-Year HighsUSD/JPY rallied on Friday, surging past the ¥141.50 level and reaching fresh multi-month highs after Bank of Japan retained an ultra-accommodative stance and U.S. Treasury yields resumed their advance heading into…
Steel is the physical backbone of the global economy and trends in steel pricing offer some insight into strength in investment.Oftentimes those signals can become muddied by trade flows, especially when China was dumping steel into the US. Since the steel trade war though, US production is far more of a domestic industry than previously and that makes it a better economic barometer.Today, large steel US producer Steel Dynamics offered an update on Q2 operations, forecasting earnings that were modestly below estimates, leading to a 4% decline in shares. More interesting are the details in the report.The non-residential construction sector…
Share: UOB Group’s Economist Ho Woei Chen, CFA, reviews the latest set of Chinese data releases. Key Takeaways The moderation in China’s industrial production came within expectation while retail sales and fixed asset investment slowed more than expected in May. New home prices also rose at its slowest pace in four months and the youth unemployment rate hit a fresh record high in May. China’s post-Covid recovery is running out of steam with risks that the economy may weaken further without stronger fiscal and monetary policy support. As expected, the PBOC cut the benchmark 1Y medium-term lending facility…
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros Meet Alex. Alex’s trading performance has been choppy at best and he’s looking for ways to achieve consistent profitability. After scanning trading-related forums, Alex stumbled upon the term “reward-to-risk (R:R) ratio,” and learned from other traders that using a high R:R ratio would increase his chances of booking profits. He tries it on his long EUR/USD trade and aims for 50 pips using a 25-pip stop. Unfortunately, the pair only moved 30 pips…
EUR/USD News and AnalysisEUR/USD remains close to five-week highsThe ECB’s prognosis that rates will likely rise again in July has underpinned itStill, gains have been fast and the ECB isn’t the only central bank raising rates Recommended by David Cottle How to Trade EUR/USD EUR/USD remains close to five-week highs, upward revisions on inflation outlookThe Euro steadied on Friday but still looks set to end the week on a high note thanks to the European Central Bank, which raised its key lending rates once again on Thursday.The decision had been widely expected given the stubbornness of Eurozone inflation, as indeed…
Carl Court Stock index futures were up slightly Friday with bulls enjoying a strong week. S&P futures (SPX) +0.2%, Dow futures (INDU) +0.2% and Nasdaq 100 futures (NDX:IND) +0.1% were higher. Going into Friday’s trading, the S&P 500 (SP500) is up 3%, the Nasdaq Composite (COMP.IND) is up 4% and the Dow Jones (DJI) is up 1.6%. “Risk assets are exhibiting few nerves at the moment and have continued their relentless advance over the last 24 hours, with the S&P 500 rising for a 6th consecutive session on Thursday for the first time since November 2021,” Deutsche Bank’s Jim Reid…