Author: FX

Markets:Gold up $27 to record $2719US 10-year yields down 2 bps to 4.07%WTI crude oil down $1.27 to $69.40S&P 500 up 0.3%JPY leads, CAD lagsHappy Friday and an especially happy on to the gold bugs, who are being richly rewarded with a 4-day rally and a fresh all-time high. The bids were strong and steady with dips being bought, despite much better sentiment in Chinese equities today (MCHI up 4.4%).The upbeat mood in China led to a decent retracement in the US dollar and erased most of yesterday’s retail-sales-driven bid. The thinking is that a stronger economy in China will…

The earnings season heats up a bit next week with Tesla, Boeing, AT&T, and Coca-Cola leading the way.MondayAfter Close:SAP (SAP)Nucor (NUE)Logitech (LOGI)Zions Bancorporation (ZION)TuesdayBefore Open:Verizon (VZ)General Motors (GM)3M (MMM)RTX (RTX)Freeport McMoRan (FCX)GE Aerospace (GE)Lockheed Martin (LMT)Sherwin-Williams (SHW)After Close:Enphase Energy (ENPH)Baker Hughes (BKR)Seagate Technology (STX)Texas Instruments (TXN)WednesdayBefore Open:Boeing (BA)AT&T (T)Coca-Cola (KO)Thermo Fisher Scientific (TMO)CME Group (CME)Boston Scientific (BSX)General Dynamics (GD)After Close:Tesla (TSLA)Lam Research (LRCX)IBM (IBM)ServiceNow (NOW)Viking Therapeutics (VKTX)T-Mobile (TMUS)Sands (LVS)ThursdayBefore Open:American Airlines (AAL)UPS (UPS)Southwest Airlines (LUV)Nasdaq (NDAQ)Carrier (CARR)Tractor Supply Company (TSCO)After Close:Dexcom (DXCM)Deckers Brands (DECK)Western Digital (WDC)Skechers (SKX)FridayBefore Open:New York Community Bancorp (NYCB)Colgate-Palmolive (CL)Piper Sandler (PIPR)The bigger names are still week…

There are some small wins for seller in the USDJPY from a technical perspective:The price stalled ahead of a topside trend line yesterday on the hourly chart (see chart above) . The inability to get to the level is a small negative.The price fell below an upward-sloping trend line on the hourly chart above near 149.61The price fell below the 100-hour MA at 149.61The price run-up to extend above the 150.00 level, but only extended to 150.313 before rotating back to the downside.The move higher fell short of the 50% midpoint of the move down from the July high at…

I just posted about the signs of euphoria that are building in markets. And why wouldn’t they be, the market has rallied six weeks in a row.Here is a reminder from two years ago what the other side of that trade looks like. In October 2022, the gilt market blew up and that led to the ouster of Liz Truss while the market puked to the lows of the year when US CPI rose to 8.2% y/y.But the doom and gloom proved to be a buying signal as this article showed, published exactly two years ago.h/t @biancoresearchWhat were we doing…

By Lisa Pauline Mattackal and Purvi Agarwal (Reuters) -The and the tech-heavy Nasdaq gained ground on Friday, bolstered by technology stocks, while Netflix (NASDAQ:) surged after exceeding subscriber growth estimates. Shares of Netflix jumped 10.2% to a record high after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year. The Dow was dragged lower by American Express (NYSE:), which lost 3.6% after its quarterly revenue missed estimates. Meanwhile, all the so-called Magnificent Seven stocks, which have driven much of Wall Street’s rally this year, rose. Apple (NASDAQ:)…

The Dow Jones tested further into record territory despite a lack of momentum. Q3 earnings season bolstered investor confidence as earnings broadly beat expectations. US economic data further buoyed risk appetite as recession fears evaporate. The Dow Jones Industrial Average (DJIA) tested cautiously into higher ground on Friday, clipping into another record high and keeping the needle pinned firmly into the bullish side. Equities broadly lifted higher as Q3 earnings season sees most companies out-earning market expectations, and upbeat US economic data this week has trounced fears of a near-term recession. Q3 earnings season got off to a strong start…

Mexican Peso gained 0.90% earlier on Friday but erased gains amid a weaker US Dollar. US Dollar Index hit a two-month high before retreating to 103.48, down 0.23% on Friday. China’s stimulus measures provided brief support to the Peso. The Mexican Peso remained firm against the US Dollar on Friday yet erased earlier gains, which saw the emerging market currency appreciate over 0.90%. US economic data revealed during the week justified the Federal Reserve’s (Fed) gradual approach to easing policy, bolstering the Greenback and weighing on the Peso. The USD/MXN trades at 19.85, up by 0.20%. Wall Street trades with…

Magazine covers are notorious signs of a top.The meme stocks are flying once again.Do we ride this to 85 at least?I don’t think we’re necessarily in the final inning but I suspect the market will need a red sweep to keep the party going. This article was written by Adam Button at www.forexlive.com. Source link

Both OPEC and the IEA revised their oil demand forecasts downwards again this week, Commerzbank commodity analyst Carsten Fritsch notes. Oil market to face a significant oversupply next year “OPEC now expects an increase of 1.9 million barrels per day this year and 1.7 million barrels per day next year. That is 100,000 barrels per day less than the previous forecast in each case. Nevertheless, OPEC remains much more optimistic than the IEA. This year’s downward revision is due to China, for which OPEC expects demand to rise by 580,000 barrels per day, while the IEA expects only 150,000 barrels…

Silver surges past $32.00, driven by falling US Treasury yields, with prices up 2.26% during the North American session. The RSI indicates growing bullish momentum, with key resistance levels at $32.95 and $33.00 in sight. A pullback below $32.00 could see support at $31.32, with stronger backing around the 50-DMA at $30.13. Silver’s price skyrocketed during the North American session, sponsored by falling US Treasury bond yields. Even though traders trimmed bets that the Federal Reserve would ease policy less aggressively than expected, precious metals extended their gains. The XAG/USD trades at $32.33, up over 2.26%. XAG/USD Price Forecast: Technical…