Bank of America (BofA) analysts are suggesting that traders consider selling USD rallies, particularly against the Canadian Dollar (CAD), Japanese Yen (JPY), Israeli Shekel (ILS), and Indian Rupee (INR). The team identifies specific technical indicators that suggest a USD correction could be imminent. Key Points: General Outlook: BofA analysts suggest that Tuesday’s USD high point […]
Author Archives: Admin
The Atlanta Fed left its GDP tracker for Q3 unchanged today: After this morning’s releases from the US Census Bureau, the US Bureau of Labor Statistics, and the Institute for Supply Management, an increase in the nowcast of third-quarter real gross private domestic investment growth from 11.8 percent to 12.3 percent was offset by decreases […]
Oil rigs unchanged at 512Gas rigs down 1 to 114Oil rigs down 16% from the peak If I’m OPEC+ and looking at this, I feel totally in control. There’s no surge of US production coming to counter OPEC cuts. Some notes from John Kemp: Based on the historical record, after prices peak it takes on […]
It was a round trip in the DAX as it started soft, recovered and then finished on the floor. On the day: Stoxx 600 flatGerman DAX +0.6%Francis CAC -0.3%UK’s FTSE 100 +0.4%Spain’s Ibex -0.6%Italy’s FTSE MIB -0.6% On the week: Stoxx 600 +1.5%German DAX +1.3%Francis CAC +0.9%UK’s FTSE 100 +1.8%Spain’s Ibex +1.2%Italy’s FTSE MIB +1.6% […]
It’s been a volatile week for bitcoin and it’s ending on a poor note. Bitcoin is down $570 or 2.2$ to $25,445. That’s just above the August low of $25,350. Bitcoin popped on Tuesday after the SEC lost a court case brought by Grayscale and its improper dismissal of a spot ETF. That may clear […]
US August non-farm payrolls +187K vs +170K expectedUS August ISM manufacturing PMI 47.6 vs 47.0 expectedCanada Q2 GDP -0.2% vs +1.2% expectedBaker Hughes US oil rig count unchanged this weekAtlanta Fed GDPNow steady at 5.6% after ISM manufacturing reportUS July construction spending +0.7% vs +0.5% expectedFed’s Mester: Inflation still too high, but sees progressUS August […]
Closing changes: S&P 500 +0.2%DJIA +0.3%Nasdaq Comp flatRussell 2000 +1.0%Toronto TSX Comp +1.2% Weekly: S&P 500 +2.5%DJIA +1.4%Nasdaq Comp +3.2%Russell 2000 +3.6%Toronto TSX Comp +3.5% There were some larger divergences with energy leading the way today behind a 2.0% rise in the XLE ETF. Banks were also strong to help pace the gain in the […]
The September dot plot is always the most-interesting one of the year because it’s the closest thing to forward guidance that the FOMC offers. Officials are required to place a year-end dot but there are only two meetings left so it basically says what they expect to happen in the next two meetings. Now that’s […]
Goldman Sachs maintains its recommendation for a short position in EUR/CAD with a target of 1.42 and a stop at 1.50. The rationale behind this trade is largely based on the resilience of the U.S. economy and the potential for upside in the Bank of Canada’s monetary policy. Key Points: Strategic Focus: Goldman Sachs is […]
Monday is Labor Day in the United States and Canada so the stock, bond and futures markets will be closed while the FX market will be severely thinned. The economic calendar is bare and I wouldn’t expect too much drama. This article was written by Adam Button at www.forexlive.com.