European indices closing the session with mixed results German DAX, UK FTSE marginally higher. France's CAC and Spain's Ibex lower In the forex market as London/European traders look to exit, the NZD remains the strongest, while the CHF is the weakest.
House Democrats near internal deal to move forward with $3.5T budget framework Vote could come as soon as today Democratic members believe a deal is imminent for a $3.5 trillion budget framework and a separate vote on the bi-partisan infrastructure deal on Sept 27.
Canadian Dollar Price Forecast: USD/CAD Breakout Reverses - Loonie Levels USD/CAD has given back almost 400 pips over the past three trading days. Will bears be able to drive below key support?
AUDUSD tests the 50% midpoint of the August trading range Midpoint of the August trading range comes in at 0.72659 The move to the upside has now retraced 50% of the August trading range (from the August 4 high). It has also corrected 61.8% of the move down from last week's 5 day decline (that is at 0.72703 - not shown in the chart above).
Goldman Sachs says oil tailwinds only temporarily dampened by delta The bullish case for oil WTI crude oil is up 91-cents today to $66.61. It's the second day of gains after yesterday's 5.8% jump, which was the largest in six months.
Commodity currencies leg higher once again as the dollar slump extends USD/CAD falls through 1.26 The market continues to cheer on the improved outlook for covid on signs of the delta variant peaking in the US and China getting cases under control.
EURUSD extending the gains and range for the day Slowly.... The EURUSD is extending the gains for the day and in the process of the range for the day. At the start of the North American session, the trading range was around 22 pips.
GBPUSD consolidates between hourly moving averages 38.2% and the 200 hour MA resistance above at 1.3747. The 100 hour moving average at 1.36827 is the lower support The GBPUSD is trading up and down today and trades near the middle of the range.
The Big Deal About Masks What’s the big deal about masks? In exchange for slight inconvenience and discomfort, we save lives. Basic human selfishness explains why many would fail to comply. Anti-authoritarian scruples might lead some to oppose government mask mandates. But how could anyone sincerely disagree with the principle that wearing masks is a good thing?
S＆P 500 hits another record high Can't keep stocks down The S&P 500 rose above yesterday's high of 4489 to a new record at 4492. If you look at the pattern in the past six months, it doesn't take much of a dip to lure the bulls back in.
US July new home sales 0.708m vs 0.690m expected US new home sales data There has been a sharp turnaround in sales in the past few months but that doesn't tell the whole story. Home builders are planning to build as much as ever but because of materials prices uncertainty, they're waiting until later in the building process to sell the homes.
AUD/USD Rate Rebound Takes Shape Within Descending Channel Formation The recent rebound in AUD/USD may end up being short lived as the exchange rate trades within the confines of a descending channel.
Richmond Fed manufacturing index (August) 9 vs 25 estimate The Richmond Fed manufacturing index for August 2021 Full report CLICK HERE From the Richmond Fed: Below is the table of recent components. Also are the expectations 6 months forward which continue to show positive readings.
How the Economics of Walking About Helps Predict Unemployment, or the Value of Soft Data On the short-sightedness of over-reliance on hard data.
More gains for US stock stocks in early trading. The NASDAQ trades to a new record high NASDAQ and S&P up for the fourth consecutive day A snapshot of the market currently shows: A look around the other markets shows:
USDCAD falls and stays below its 200 hour MA Moves toward the next downside target as the lap up and back down continues The USDCAD has been mirroring the sharp move higher seen last week (helped by weaker oil prices) with nearly identical sharp move lower on Friday and Monday.
US stocks set for a modest gain at the open after yesterday's record close Futures point higher S&P 500 futures are up 6 points after yesterday's big rally to a record close at 4480. The intraday high yesterday was 4489. Wells Fargo today boosted its year-end S&P 500 target to 4825, which is a 7.7% climb from current levels.
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US dollar selling picks up. USD/JPY falls to one-week low USD/JPY down 20 pips to 109.49 USD/JPY is trading at an one-week low after falling below 109.48 in a round of US dollar selling. There were some minor stops below the Aug 18 low of 109.48.
USDJPY's to a new session low and cracks back below its 100 day MA 100 day moving average at 109.67 The pair is approaching a swing low level going back to Wednesday and Thursday of last week near 109.479. Move below that level and the sellers become even more empowered.