Author: FX
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks as he attends a Democratic National Committee rally at Richard Montgomery High School in Rockville, Maryland, U.S., August 25, 2022. REUTERS/Jonathan Ernst By Andrea Shalal WASHINGTON (Reuters) – U.S. President Joe Biden will travel to the swing-state of Pennsylvania on Thursday to unveil a federal budget plan laden with spending proposals and higher taxes on the wealthy that will form a blueprint for his expected 2024 re-election bid. Biden’s proposal, which resurrects many items stripped from last year’s budget plan, faces even stiffer opposition in Congress this year, after Republicans…
The damage from the Fed has been done and fears of an upshift to a faster pace of rate hikes this month, along with an even higher terminal rate and for a longer period of time, saw yields cheapen further. ADP and JOLTS showed a still hot labor market. USD steady at 105.60, Treasury yields nudged higher overnight, as did JGB rates ahead of the current BoJ meeting.The curve inverted further to -108 bps from -104.8 bps Tuesday, the most inverted since 1981. BOC left the policy rate unchanged at 4.50%, a tie for the…
Bitcoin is now trading below the $22K mark! Will there be enough buyers in the next support zone to stem BTC/USD’s downtrend? Earlier this week, risk assets like Bitcoin (BTC/USD) took hits after Fed Chairman Powell hinted of even higher interest rates and longer periods of higher interest rates. It also didn’t help that Silvergate Capital, a major lender to the crypto industry, has announced that it will wind down its operations and undergo “voluntary liquidation” that includes “full repayment of all deposits.” This comes after the company saw a “recent turmoil” and the “digital asset industry underwent a transformational…
Dollar pairs keep making big moves lately, so I’m looking to catch these pullbacks on USD/JPY and GBP/USD. Cable looks ready to retest a broken support zone while USD/JPY might be in for a channel correction. GBP/USD 1-hour Forex Chart by TradingView Missed the bearish break on Cable lately? You might still have a chance to catch a quick pullback if this pair retraces to the former support zone around the 1.1950 minor psychological mark. This happens to be in line with the 50% Fib and 100 SMA dynamic inflection point, which could attract more sellers. If so, GBP/USD could…
<p>Coming up later today at 1500 GMT:</p><ul><li>1000 US Eastern time</li><li> Federal Reserve Vice Chair for Supervision Michael Barr speaks on "Crypto" before the Peterson Institute for International Economics</li></ul><p>"Crypto"? That's what it says folks:</p> This article was written by Eamonn Sheridan at www.forexlive.com. Source link
If you’re counting on risk-off flows to pick up, you might wanna watch out for this neckline break! Think this U.S. equity index is in for a downtrend soon? Here are the levels to keep an eye on: S&P 500 Index (SP500) 4-hour Chart by TradingView Check out the S&P 500 completing its head and shoulders formation! The stock index is closing in on the neckline support around 4,000, probably gearing up for a breakdown and selloff soon. After all, the moving averages just made a bearish crossover to confirm that sellers are taking control of the game. In that…
Share: In recent trade today, the People’s Bank of China (PBOC) set the yuan at 6.9666 vs. the prior close of 6.9565. About the fix China maintains strict control of the yuan’s rate on the mainland. The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled. Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day’s closing level and quotations taken from the inter-bank dealer. Source link
Nuveen Preferred and Income Fund declares $0.107 dividend Source link
USD/JPY PRICE, CHARTS AND ANALYSIS: Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: Gold Price Forecast: $1800 Back in Focus as Price Consolidates Following SelloffUSD/JPY FUNDAMENTAL BACKDROPUSD/JPY Printed a fresh YTD high around the 137.900 handle before retreating 100 pips to slip below the 137.00 mark. Gains were capped despite positive ADP data out of the US with the pair remaining in overbought territory.The hawkish rhetoric by Fed Chair Powell had helped facilitate a break of the 137.00 handle after 7 days of consolidation…
USOIL, Daily The Energy Information Administration (EIA) reduced it’s oil price forecasts for 2023, and it also cut estimates for US crude production. According to the Short-Term Energy Outlook report for March 2023, the average price of West Texas Intermediate (WTI) crude oil is expected to record an average $77.10 per barrel in 2023, which represents a decrease of 1%, compared to $77.84 in it’s February estimates. Meanwhile the EIA kept its expectations for Brent and West Texas crude next year (2024) at $76.58 and $71.57 a barrel, respectively, according to the report seen by the Energy Research Unit. Regarding oil price expectations…