Sales of existing homes dropped for the fourth straight month due to a very low supply of homes on the market. Existing home sales fell 0.9% in May from the previous month to a seasonally adjusted annualized rate of 5.8 million units, according to the National Association of Realtors. That is the fourth straight month
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Analysts at MUFG Bank, expect the USD/JPY pair to trade in the 107.00/114.00 range over the next weeks. They point out the actions of the Federal Reserve matter most given the limited scope for any meaningful change in the monetary policy stance of the Bank of Japan. Key Quotes: “While we remain sceptical of the
United States investment management firm VanEck has filed for a new Bitcoin (BTC) futures mutual fund with the Securities and Exchange Commission. According to a prospectus filed Monday, the new “Bitcoin Strategy Fund” will invest in Bitcoin futures contracts as well as pooled investment vehicles and exchange-traded products that provide exposure to Bitcoin. The fund
AU10y-NZ10y The Aussie 10 year and New Zealand 10 year spread has dived lower again. This is in keeping with the divergent outlook between the RBA and the RBNZ. A puzzle over the last two weeks has been NZD weakness despite a more hawkish tilt from the RBNZ. This has made the AUDNZD a pain
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Dow up nearly 600 points as Fed concerns ease a bit. All the major indices are closing higher on the day led by the Dow industrial average which rallied near 600 points. Stocks were supported by less hawkish than expected comments from Feds Bullard and Kaplan. S&P rises for the first time five trading days S&P
TOKYO: Crude dropped on Tuesday as investors cashed in on a recent rally, but market sentiment remained solid on hopes for a quick recovery in demand in the US and European markets and fading expectations for an early return of Iranian crude. Brent crude futures for August eased 10 cents, or 0.1%, to $74.80 a
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USD/INR steps back from intraday top after two-day downtrend. Mildly upbeat sentiment weighs on USD ahead of Powell’s testimony. US-China jitters, covid updates and second-tier data add filters to the moves. USD/INR defends the 74.00 threshold, snapping a two-day pullback from late-April top amid the initial Indian trading session on Tuesday. That said, the Indian
…GOP wants to fund infrastructure bill by raising gasoline taxes and taxing electric vehicles The White House is out saying that present Biden wants to grow the electrical vehicle industry. That is why he opposes a related tax proposed by the GOP to pay for infrastructure. The GOP also supports raising gasoline tax whereas Pres. Biden said that taxing the low-wage
Trades to a new cycle high The WTI crude oil futures are now trading up $1.75 or 2.44% at $73.39 (high at $72.40). The move to the upside has now taken out the high from last week at $72.96 to make a new cycle high going back to October 10th 2018. Close risk is now at the high from last
LONDON: Oil prices were largely steady on Monday on rising demand in the northern hemisphere’s summer driving season, but traders braced for a return of Iranian crude supplies despite a pause in talks to end U.S. sanctions. Brent crude for August lost 24 cents, or 0.3%, to $73.27 a barrel by 1255 GMT. U.S. West
Dollar and Yen retreat as markets enter into US session. Stock markets are staging a mild rebound in Europe, while US futures also point to higher open. Treasury yields also recovered from earlier decline, with US 10-year yield back above 1.4 handle at the time of writing. New Zealand Dollar leads Australian and Sterling higher.
USD/CAD continues to push lower during the American session. US Dollar Index drops below 92.00 on Monday. Surging crude oil prices provide a boost to CAD. Following last week’s impressive upsurge, the USD/CAD pair started the new week on the back foot and staged a deep correction. As of writing, the pair was trading at
Bitcoin (BTC) is lower going into a new week’s trading — Monday has seen a test of levels below $33,000 and bulls are struggling. What could be next? With bullish short-term voices few and far between, it seems that cryptocurrency just isn’t of interest to investors right now. Against a backdrop of macro market uncertainty,
BTC had been resilient The hawkish Fed shift strengthened the USD, but BTC had been fairly firm. However, there is now some weakness and this could be a delayed reaction to all that USD strength. Also some more China mine closures being touted as reasons for weakness today. If $30,000 breaks expects stops to be