. The EURUSD stay below the 50% midpoint of the 2 week range The EURUSD move lower after the US jobs report, and in the process dipped below the lower end of a swing area at 0.9733. The underside of a broken trend line was also near that level (on the hourly chart). However the
Month: October 2022
There was a terrible close on Friday and US stocks are on track for a poor open on Monday. Futures are down 0.7% in very early trading to start the new week. I don’t know if stocks need a reason anymore but the poor China services PMI on the weekend and the attack on the
Oil futures inched lower on Friday as a firm dollar weighed on prices ahead of key U.S. jobs data, although benchmarks were headed for a weekly gain on OPEC+’s move to cut production. Brent crude futures were down 25 cents, or 0.26%, to $94.17 a barrel at 0649 GMT. WTI crude futures were down 25
Heidi Gutman | CNBC Ahead of the release of the latest consumer price index reading this week, Allianz Chief Economic Adviser Mohamed El-Erian told CBS’ “Face The Nation” Sunday that he predicts headline inflation “will probably come down to about 8%,” but that core inflation “is still going up.” Core inflation is what measures the
AUD/USD bulls eye the channel top near 0.6450 on a break of the 38.2% Fibonacci and 50% mean reversion area near 0.6380/0.6400. AUD/USD bears are moving the price towards the edge of the abyss and 0.6350. AUD/USD has opened at support but hangs over the edge of the abyss at 0.6350 which guards the risk
GBPUSD trades above and below 200 hour moving average The GBPUSD has moved below the 200 hour MA for the 2nd time since the US jobs report. The 200 hour MA comes in at 1.11169 currently. The initial try, took the low to 1.10903 before bouncing. That low tested the broken 38.2% of the 2
Caixin Services Purchasing Managers’ Index (PMI) for September 2022 came in at 49.3 from 55.0 in August China’s economy is struggling under the weight of ongoing COVID outbreaks and the imposition of restrictions on activity. As well as the imploding property sector, burdened by debt servicing issues. After August’s improvement, the roller-coaster has taken the
Silver recovered from a two-year low on the escalation of geopolitical tensions, recession worries in key economies, and seasonal demand. Though the post-pandemic industrial demand helped commodity prices to stream higher, silver prices were reeling under the bearish grip. Silver was the worst performer among precious metals in 2022. The metal has lost more than
Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday. Nonfarm payrolls increased 263,000 for the month, compared with the Dow Jones estimate of 275,000. The unemployment rate was 3.5% versus the forecast of 3.7% as
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USDCAD find support against its 200 hour moving average The him USDCAD moved up to test the early European session high near 1.3761. The high price reached 1.3760 and rotated back to the downside. Higher oil prices are helping to contribute to the loonie’s strength (lower USDCAD). The current prices trading at $91.15. That’s up
The trade in the first half of the year was to sell stocks and buy oil. That’s shaping up to be the trade of Q4 as well. WTI crude oil are up 5% today and briefly touched $93.00, which is the highest since August 30. It’s also come on a day with a strong US
Pulses prices have shot up during the recently concluded monsoon season, especially Kharif pulses, owing to lower production estimates compared to the last year, propelled by the erratic rainfall distribution in the key producing states like Maharashtra and Karnataka, and lower crop area this year as farmers shifted to competitive crops. Tur (Arhar) dal prices
After a brief recovery, risk sentiment turned sour again towards the end of the week. Solid data from the US that solidify expectation for continuous aggressive Fed actions was a factor. Strong rebound in oil price also raised concern of a second wave in inflation. The overall development suggests that risk sentiment remains fragile, and
Job growth remained strong overall in September, but declines in several sectors led to a slowdown compared to hot readings during the summer. Leisure and hospitality was the standout sector, growing by 83,000 jobs. The sector has been consistently adding jobs since the Covid restrictions in 2020 shuttered many bars and restaurants. However, the sector
The major US stock indices are still up on the week… The broader S&P and Nasdaq indices are both down over 2.2% on the day. The S&P is down -2.22%. The Nasdaq is down -2.85% That’s horrible. However, both indices still remain up on the week. Yahoo! Yippee! What a great starrt to October. A
Closing changes for the main US markets: S&P 500 down 104 points to 3639 or -2.9% Nasdaq Comp -3.8% Russell 2000 -3.2% DJIA -2.1% Toronto TSX Comp -2.35% On the week: S&P 500 +1.4% Nasdaq Comp +0.5% Russell 2000 +1.9% Toronto TSX Comp +0.4% That SPX candle was looking really nice earlier this week. Meanwhile,
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