Author: FX

designer491 Bitcoin (BTC-USD) is on track to end the week ~6% lower, in line with broader stock markets, as investors stayed away from risky bets amid continued macroeconomic uncertainty fueled by hotter-than-expected inflation data. The data cemented fears that the Federal Reserve will have to tighten policy for longer than expected. Markets are pricing in ~75% chance that rates will top 5.25% by the end of the Fed’s June meeting. “In our view, the U.S. is experiencing a series of rolling recessions, including downturns in housing, cryptocurrency, several areas within Big Tech, industrial activity and capital spending,” said Wolfe Research…

© Reuters. The Hollywood sign is seen through clouds during rare cold winter weather, in Los Angeles, California, U.S., February 24, 2023. REUTERS/Aude Guerrucci By Steve Gorman and Rich McKay LOS ANGELES (Reuters) -A slow-moving winter storm intensified over California on Friday, triggering the first blizzard warning in parts of the Los Angeles area in 30 years and creating the extraordinary sight of snowflakes swirling around the iconic Hollywood sign. Snow and freezing rain pushed into the Golden State from the north, where it dumped about 10 inches (25 cm) of powder on Portland, Oregon, earlier in the week. California’s…

Markets:S&P 500 down 44 points to 3975US 10-year yields up 6.6 bps to 3.95%WTI crude oil up $1.19 to $76.58Gold down $11 to $1811USD leads, JPY lagsFriday’s PCE inflation report certainly didn’t cool worries about rising prices as all the main numbers in the report aside from income ran hot. The market reaction was more of what we’ve been seeing lately — US dollar strength. The data helped the dollar break through some resistance levels as it climbed to the highs of the year on most fronts (with GBP as a notable exception). AUD/USD broke through the 200-day moving average…

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On the day:S&P 500 -1.0%DJIA -1.1%Nasdaq Comp -1.7%Russell 2000 -1.2%Toronto TSX -0.3%On the week:S&P 500 -2.7% — worst since DecNasdaq Comp -3.3% — worst since DecRussell 2000 -3.1%Toronto TSX -1.7%It was a rough one for US stocks but not as bad as it looked midday. The S&P 500 fell 45 points to 3974 after falling as low as 3947. There were a series of higher lows throughout the day, indicating that dip buyers are still lurking. The 200-day moving average held today on the first challenge.The bigger story is the bond market with US 2s closing at 4.81%, which is…

Sticky inflation and green shoots from PMI surveys had bond yields pumping higher and risk assets moving into the red this week. It was no surprise that the U.S. dollar dominated the FX majors, solidified on Friday by another hot inflation read in the U.S. Notable News & Economic Updates: Spotlight back on Ukraine-Russia war after Biden’s surprise visit to Kyiv, talks of China’s President visiting Russia in April or May Global bond yields surge, most notably in Europe, thanks to upside PMI surprises U.S. economy grew by 2.7% in Q4 2022, less than the previous forecast of 2.9% expansion.…

2/2 © Reuters. FILE PHOTO: Mexico’s President Andres Manuel Lopez Obrador waves during an event to sign a decree for the nationalization of lithium, in Bacadehuachi, state of Sonora, Mexico February 18, 2023. Mexico’s Presidency/Handout via REUTERS 2/2 By Carolina Pulice MEXICO CITY (Reuters) – The Mexican government’s latest move to tighten control over its potentially lucrative lithium reserves fails to resolve the puzzle of how it can lure needed private industry expertise while keeping most profits for state coffers. Last Saturday, President Andres Manuel Lopez Obrador signed his latest presidential decree on lithium, establishing a more than 900-square-mile (235,000…

WTI crude oil weeklyWhen you zoom out and look at the weekly oil chart, all the volatility seems to spill away. There have been plenty of whippy moves in the past few months but it’s all taken place in a range of $70-85.This week, oil bounced around again but closed almost perfectly flat on the week after a 99-cent gain today.The bears are worried about inventories building in the US and muddling signs from China’s reopening. The bulls are encouraged by better global growth and Russian supplies stumbling.Ultimately though, we’re right in the middle of the range and waiting for…

USDCHF tests the swing high from JanuaryThe USDCHF is stretching to the January and 2023 high at 0.94069. The price just reached 0.94058. There is some symmetry in the daily chart for the year. The move to the downside from the high took 19 days. The move back to the upside in February is on day 16.Looking at the chart, the low price reached on February 2nd took the price below the low floor area between 0.9081 and 0.91014. The low price extended to 0.90586 on the break of the floor, but momentum could be sustained and the price quickly…

<ul><li>Fed needs to keep at rate hikes until inflation trend brakes lower</li><li>Says here view on the economy and inflation hasn't been changed by the latest data</li><li>Data shows inflation not yet on trend to get back sustainably to 2% target</li><li>New <a href="https://www.forexlive.com/terms/i/inflation/" class="terms__main-term" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa" target="_blank">inflation</a> data affirms case for rate hikes</li><li>Asked about 25 bps vs 50 bps at March meeting, declines to say</li><li>Says 25 vs 50 bps discussion misses bigger picture</li><li>Says there's more data and info to take on before debating rate rise sizes at March 21-22 meeting</li></ul><p>Again, she's passing up an opportunity to be more hawkish than previously. She has…