Author: FX

S&P 500, Nasdaq 100, US Dollar, Event Risk and FOMC Rate Decision Talking Points:The Market Perspective: S&P 500 Eminis Bearish Below 3,900; USDJPY Bullish Above 132.00The Q4 GDP update this past session beat expectations and the Fed’s favorite inflation indicator (PCE deflator) is due for release FridayBetween the progress in certain risk assets (like the Nasdaq 100), the remarkably constraints on the Dollar and the heavy event risk next week; expect Friday confusion Recommended by John Kicklighter Get Your Free Top Trading Opportunities Forecast When we approach a market with a preconceived bias, there will often be evidence that we…

© Reuters. FILE PHOTO: A representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration By Hannah Lang and Douglas Gillison (Reuters) – U.S. Democratic Senators Elizabeth Warren and Ron Wyden are calling on the country’s accounting watchdog to increase oversight of firms that audit cryptocurrency companies in the wake of the collapse of crypto exchange FTX. In a letter to the U.S. Public Company Accounting Oversight Board (PCAOB) made public on Thursday, Warren and Wyden questioned the agency, which oversees registered public accounting firms around the world, as to why auditing firms working with FTX failed to…

Overnight piece from Bloomberg (gated). In summary:The European Union is floating a plan to cap the price of Russian diesel at $100 a barrel From February 5 (the same date as the EU will ban almost all imports of refined Russian products)$45 threshold would be set for discounted ones like fuel oilBloomberg citing unnamed ‘people familiar’.EU discussion of the cap will begin formally today, Friday, 27 January 2023. Talks are expected to continue over the next several days,Here we go, ungated access here if you’d like more detail. —I’m gonna ask for forgiveness in advance. Hey, its Friday! Source link

Dow Jones Industrial Average, Nasdaq 100, Volatility and Event Risk Talking Points:The Market Perspective: Dow Range 34,600 to 38,200Equities begrudgingly advanced in the past US session, leading the Dow to a five-day advance that still fits comfortably within its broad rangeThe Nasdaq 100’s 2.0 percent rally pushed the index above its 200-day simple moving average for the first time in 203 trading days – ending the longest slump in two decades Recommended by John Kicklighter Get Your Free Equities Forecast The US equity market is not progressing very far, but the benchmark indices are still making progress. Setting aside the…

Reuters reported that British finance minister Jeremy Hunt said it will be necessary to maintain the disciplined approach of his November budget to help reduce inflation, Prime Minister Rishi Sunak’s office said following a Cabinet meeting on Thursday. The article states that Hunt announced a string of tax increases and tighter public spending in a budget plan in November. He is due to present a budget on March 15. “The Prime Minister and (Hunt) emphasised that the rate of inflation is only predicted to fall because of the tough decisions the Government had taken at the autumn statement to stabilise…

Avalon_Studio Eagle Materials (NYSE:EXP) fell on Thursday after the maker of construction materials reported quarterly earnings and revenue that missed estimates. Its stock declined 3.3% to $139.92 a share by 3:11 p.m. ET. The company said its profit rose 14% from a year earlier to $117.2 million, or $3.20 a share, from $102.5 million, or $2.53 a share in its fiscal Q3 ending in December. Wall Street analysts on average estimated the company would report EPS of $3.23. Eagle’s (EXP) revenue rose 10% from a year earlier to $511.5 million, compared with the consensus estimate of about $533 million. “Construction…

© Reuters. FILE PHOTO: The Archer Daniels Midland Co. (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo By Karl Plume CHICAGO (Reuters) -Archer-Daniels-Midland Co on Thursday said robust soy crushing margins and hefty global demand for crops had propelled the U.S. grains merchant to a record fourth-quarter profit and would keep driving strong results in 2023. The solid quarterly earnings highlighted how global crop merchants like ADM have weathered rising energy costs and supply chain disruptions such as lower Black Sea…

Gold Talking Points:The bullish trend in Gold has continued with another fresh seven-month-high printing yesterday, just inside of the 1950 level.Buyers were unable to do much after that test, however, and prices have slid right back to the key level of 1923, which was the all-time-high for almost nine full years before the 2020 summer breakout.The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section. Recommended by James Stanley Get Your Free Gold Forecast It was just a few months ago that Gold…

USDJPY dailyBank of America Global Research discusses USD/JPY outlook and sees the pair staying around current levels before rebounding over the coming months.We expect USD/JPY to rebound as we think the most the BoJ could deliver in 2023 would be a removal of YCC and NIRP, but not a proper hiking cycle still priced by the market, with our base case being no change. FX carry and a BoP deficit would weigh over JPY once policy uncertainty declines after the new BoJ governor comes in,” BofA notes.”We are more constructive on USD/JPY vs consensus and expect USD/JPY will rebound above…

USD/JPY remains sideways, trapped within the 129.00/131.00 range. Buyers are unable to conquer the 20-day Exponential Moving Average, and keep the USD/JPY pair range-bound. USD/JPY Price Analysis: Remains exposed to selling pressure, as its bias is still downwards. The USD/JPY bounces from weekly lows reached early Thursday at 129.02 and reclaimed the 130.00 psychological level, eyeing a test of the 20-day Exponential Moving Average (EMA) at 130.70. Nevertheless, the USD/JPY fell short and hit a daily high at 130.61, settling around current exchange rates. At the time of writing, the USD/JPY is trading at 130.34. USD/JPY Price Analysis: Technical outlook…