Author: FX
There were new highs in several European indexes yesterday but for the second day in a row there was also some heavy selling intraday. That was a sign of looming weakness and it manifest today, though not dramatically.On the day:Stoxx 600 +1.3%German DAX -1.4%Francis CAC -0.9%UK’s FTSE 100 -0.5%Spain’s Ibex -1.5%Italy’s FTSE MIB -0.9%On the week:Stoxx 600 -0.7%German DAX -1.1%Francis CAC -1.5%UK’s FTSE 100 -0.3%Spain’s Ibex -1.3%Italy’s FTSE MIB +1.3%I’m not sure how Italy was able to buck the trend, but that’s three weeks in a row of gains for the MIB and four in the past five. For broader…
I don’t like the look of the bitcoin chart… and when you’re trading crypto there isn’t much else to go on. There was a weeks-long period of consolidation around $23,000 in an impressive rally from $17,000 but there was a false breakout to $24,000 and yesterday it broke below the range. The selling has continued today, albeit at a modest pace. It’s down another $180 to $21,650.The bulls will be hoping that the mid-January highs now act as support and that idea has some traction today as it flattens out. Like all markets, bitcoin will be watching Wednesday’s US CPI…
U.S. STOCK MARKET ANALYSIS & OUTLOOKYields hurt growth stocks bringing down U.S. stock prices.Focus will be solely on U.S. CPI next week.Bull flags apparent on both daily SPX and NDX charts. Recommended by Warren Venketas Get Your Free Equities Forecast SPX, NASDAQ 100 FUNDAMENTAL BACKDROP Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter U.S. stocks have been under pressure going into next week’s key economic data releases after the carry over effects of the recent Non-Farm Payroll (NFP) report hurt valuations (in particular rate-sensitive growth stocks).…
Russia is planning to fix the differential for its main crude export — urals — to minus $20 from brent. Currently brent is trading at $86 so that would put it at $66.Crucially, $66 is well-above the $60 price cap set by Europe and G7 nations. So far that price cap doesn’t appear to be a problem but it could if/when crude prices rally. The move by Russia may indicate some annoyance at wide differentials to its crude and customers asking for deep discounts. Fixing it, I suspect, is an aim to secure longer-term sales agreements and prices that are…
Lubo Ivanko/iStock Editorial via Getty Images Thomson Reuters (NYSE:TRI) is 3.7% higher Friday – on pace to break a five-session losing streak – after an upgrade to Sector Outperform at Scotiabank. Shares had fallen 2% Thursday in the wake of an earnings report where it beat profit expectations but cut its 2023 revenue forecast. Scotiabank’s reaction to the report is mostly neutral, saying it showed continued momentum in the company’s “big three” segments that led to beating expectations for earnings per share and EBITDA. And while the company trimmed its free cash flow guidance for 2023, that’s related to recent…
Share: GBP/USD briefly dropped below the 1.20 level earlier this week. Economists at Rabobank expect the pair to see further dips below 1.20 in the coming months. EUR/GBP seen at 0.90 around the middle of the year “We expect to see further dips below GBP/USD 1.20 in the coming months.” “While EUR/GBP has dropped back from its recent highs, it remains in an ascending channel, and we retain our forecast for a move to 0.90 around the middle of the year.” “On March 15, Chancellor Hunt is due to present his spring budget. Hunt has provided reassurances to…
EURUSD falls below the support @1.0711.Stay below is bearishThe EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is…
Share: Silver has dropped back again this year. But strategists at Commerzbank expect increasing Gold prices to lift Silver too. Supply deficit likely to shrink on Silver market “Global demand is likely to decrease as compared with its record high last year. Growing supply is anticipated at the same time: mining production is expected to reach its highest level since 2016 and the supply of scrap Silver to post the highest level in a decade.” “As these two effects combined will probably mean that the supply deficit this year will not be even half as high as it…
Share: Strategists at Rabobank analyze the path of Brent Crude Oil for the next months. In their view, a slump in prices is unlikely to last. Brent will appreciate and average $90 for Q3 and Q4 2023 “Brent prices could see the $60s very briefly in a financial sell-off caused by an official recession. This is unlikely to last, as we believe that there are multiple levels of support in the $70s and our expectations are that Brent will appreciate and average $90 for Q3 and Q4 2023.” “On the products side, we expect ULSD to average $3.01/gal…
CONSUMER SENTIMENT KEY POINTS:February consumer sentiment climbs to 66.4 from 64.9 previously, topping market expectations of 65.00The improvement in confidence levels suggests that Americans are more optimistic about the economic outlook, a good sign for household spendingElsewhere in the report, one-year inflation expectations rises to 4.2%, while the five-year ahead measure remains unchanged at 3.9% Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: US Dollar Price Forecast – DXY Nestles Beneath Dynamic ResistanceA popular gauge of U.S. consumer attitudes extended it recovery in February,…