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Month: May 2022
It was Friday the 13th but the day was not a scary one for the markets. After sharp declines in the US stocks, bond yields and crypto coming into the day, today saw stocks rebound, yields moved back higher and bitcoin even rallied. Fundamentally, however, there was a scare as the UMichigan preliminary consumer sentiment
Silver falls to lowest level since July 2020 The price of silver Silver Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is
Crude oil is near the topside trend line on the daily chart WTI crude futures are up for the 3rd straight week after squeezing above the closing level from last week at $109.72. Today the price settled at $110.49. That is up $4.36 or 4.11% on the day. For the week the prices up $0.77
USDCHF is up for the 6th consecutive week The USDCHF USD/CHF The USD/CHF is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed in order to purchase one US
The price action in risk assets in the last hour is sobering. The S&P 500 has turned a 110-point gain into a 60-point gain. That’s still up 1.5% but there’s still 90 minutes of trading left to go. If the index is already down for six straight weeks and it can’t muster a decent relief
The GBPUSD is trading to a new session high and in the process has reached its 32.8% retracement of the week’s trading range. The high price came on Monday at 1.24052. The low price was today after the pair broke below the low from yesterday at 1.2165. The low price today reached 1.21543. That low
NASDAQ index fell 24% from its March high The US stocks are trading higher and to new session highs for the major indices as European traders exit for the day. Dow industrial average is up 527 points or 1.66% at 32257 S&P index is up 107 points or 2.72% at 4038 NASDAQ index is up
AUDUSD broke below swing levels from 2022, 2021 and 2020 The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed
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EURUSD’s correction is modest. Back toward unchanged. After the 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.
You have to appreciate the ability of markets to price in risks. Almost immediately after Elon Musk’s Twitter deal was announced, it was pricing well-below the takeover bid. The potential for a +10% gain in a few months wasn’t tempting enough and Musk proved why today as he said the deal was ‘temporarily on hold’
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There are a couple of large ones on the board for today but more notably for USD/CAD at 1.2990-00 and 1.3040-50. The expiries do keep near some notable technical levels, with the 100-hour moving average in the pair sitting at 1.3000 and 200-week moving average at 1.3040. That could keep price action more sticky for
Risk trades are faring better on the day, building from the optimistic late bounce in US equities yesterday. Of note, the Nasdaq was down over 2% at one point but salvaged a 0.1% gain by the time the closing bell rang. More details on the wild swings here. That said, it still doesn’t take away
> More from Bank of Japan Governor Kuroda: Continued powerful monetary easing Bank of Japan Governor Kuroda comments from earlier: Adding more now: Japan’s economy continues to pick up as a trend BOJ must continue to support economy’s recovery from pandemic with powerful monetary easing expected rise in inflation is driven mostly by energy costs,
Kuroda concedes BOJ policy to by massive JGB amounts may be hurting market functions but says need to maintain massive monetary easing Bank of Japan Governor Kuroda says the 2% inflation target has not been achieved stably, sustainably. Thus the BOJ must continue its monetary easing. Concedes though that market functioning may be impaired. —
USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate. CNH is the offshore yuan. USD/CNH has no restrictions on its trading range. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. The previous close was 6.7872 Yesterday’s reference rate
Japan’s fin min rolling out the commentary again, making a point that the Bank of Japan is not a branch of the government and is not there to fund government spending. Suzuki’s response comes after former Prime Minister Abe, earlier this week, described the BOJ as a government subsidiary that can fund government spending without
Yesterday’s data published by the RBNZ: RBNZ Q2 Survey of inflation expectations 2 year expectation (3.29%) is unlikely to cause too much further angst at the RBNZ. RBNZ – cash rate (OCR) expectations continue to rise, 50bp increase expected this quarter BNZ confirm: The market’s OCR expectations were pared back yesterday after the RBNZ’s 2-year
Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given
Markets: Gold down $29 to $1822 WTI crude oil up $1.01 to $106.72 US 10-year yields down 5.6 bps to 2.85% S&P 500 down 5 points to 3930 JPY leads, EUR lags The S&P 500 came within a hair of a 20% high-to-low decline but near that area it found a bid to close near
AUDUSD trades to targeted swing area support The AUDUSD tumbled lower today and in the process has moved down toward a key swing area between 0.6809 and 0.6832 (see red numbered circles on the daily chart above). The low for the day reached 0.6824 before bouncing. Risk focused traders have put a toe in the
EURUSD trades to within 14 pips of the 2017 low IN the first week of 2017, the low price in the EURUSD reached 1.0339. A period of 278 weeks later (some 5 years and 4 months) the price has returned to with 14 pips of that level today. The low price reached 1.0353 today. The