Crude oil inventory -6.858M versus -0.211 million estimatePrior week -0.961 millionCrude oil inventory drawdown of -6.858 million versus expectations at -0.211 million. Distillates inventories drawdown of -3.362M versus -1.735M estimateGasoline drawdown of -5.941M vs estimated -1.903MThe price of crude oil has moved higher after the larger than ...
Canadian budget to allow accelerated expensingThe National Post reports that the November 4 Canadian budget -- Carney's first -- will include provisions that "allow companies to write off their new machinery and other capital costs more aggressively."This is similar to what the US unveiled in ...
The USDCAD has moved below the 200 day MA after rate cutThe USDCAD has moved lower (higher CAD) after the cut rates by 25 basis points and said that the "current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period ...
US September pending home sales 0.0% vs +1.0% expectedPrior was 4.0% (revised to 4.2%)The pending home sales index remained unchanged in September despite falling mortgage rates, according to NAR. However the August reading was revised slightly higher. Commentary in the report cited rising angst about the labor market. ...
Bank of Canada rate decision: Cut by 25 basis points, as expectedAhead of the decision, the market was pricing in a 92% chance of a cut and a 72% chance of a further cut by March. This brings the overnight rate to 2.25% from 2.50%.Highlights:Statement says current policy rate is "about ...
What's priced in for the Bank of Canada ahead of today's decisionThe Bank of Canada decision is at 9:45 am ET and the latest commentary from Governor Macklem is that they would be putting more emphasis on risk and trying to be forward looking.How does the OIS market see it:92% chance ...
AUDUSD Technicals: The AUDUSD continued the move higher today, but backs off a bitThe AUDUSD has been trending higher over the past week, supported by renewed optimism over improved U.S.–China relations. Hints that China may resume buying U.S. soybeans have helped lift risk sentiment, though expectations suggest those purchases will be smaller in ...
Trump will meet Xi at 11 am Thursday local time (10 pm Wed New York...The White House reports that Trump will meet with Xi at 11 am Thursday local time in South Korea.That's 12-and-a-half hours from now so it's 10 pm New York time. Expect a long meeting with headlines leaking out early in ...
Quotable: Key comments during Trump's trip to AsiaTrump is set meet with Chinese President Xi on Thursday in Busan in their first face-to-face meeting this term.Some notable quotes today: Trump said the expected trade deal would be good for both countries and “something very exciting for everybody.. ...
Big day for markets with the Fed, Bank of Canada and earningsThe US government shutdown continues but we macroeconomic nerds get some real market-moving news to digest. The Bank of Canada decision at 9:45 am kicks it off, followed by a press conference 45 minutes later. I wrote a preview here.There ...
US MBA mortgage applications w.e. 24 October +7.1% vs -0.3% priorMarket index 338.7 vs 316.2 priorPurchase index 164.3 vs 157.3 priorRefinance index 1327.8 vs 1214.7 prior30-year mortgage rate 6.30% vs 6.37% priorThis is never a market moving release. Mortgage applications are generally inversely correlated to mortgage rates. ...
Fed preview: what's priced in and what could surprise the market?The Fed is widely expected to cut interest rates by 25 bps bringing the policy rate to 3.75-4.00%. The central bank is also expected to announce an end to QT. We won't get the SEP at this meeting, so the ...
UK September mortgage approvals 65.94k vs 64.00k expectedPrior 64.68k; revised to 64.96kNet consumer credit £1.49 billion vs £1.50 billion expectedPrior £1.69 billion; revised to £1.75 billionNet borrowing of mortgage debt by individuals rose by £1.2 billion to £5.5 billion in September. That's the highest figure since March ...
Switzerland October UBS investor sentiment -7.7 vs -46.4 priorPrior -46.4That's a sharp jump in investor confidence with UBS noting that: "This marks one of the largest increases in the history of the indicator, second only to surges observed in the aftermath of the great financial crisis and during ...
Spain Q3 preliminary GDP +0.6% vs +0.6% q/q expectedPrior +0.8%Spain's economic growth slowed down in the third quarter of the year but still posted a modest showing as a whole. On a year-on-year basis, the Spanish economy is seen growing 2.8% and that just misses estimates of 3.0% ...
What are the main events for today?In the European session, the only highlight is the Spanish Flash Q3 GDP. The data won't change anything for the ECB. We will also get a couple of low tier releases like the Spanish Retail Sales data and the Italian ...
Gold set to peak in the first half of next year - HSBCGold may have come under pressure early this week but HSBC sees that as just being a brief setback for the precious metal. The firm sees the rally in gold carrying over to the new year, with prices set to ...
Trump: I think it will be a great deal for both the US and ChinaChina president Xi is coming tomorrowI think we are going to have itI think it will be a great deal for both the US and ChinaThe signs are definitely looking optimistic but what exactly does any deal here accomplish? It ...
China shows a small gesture of goodwill ahead of Trump-Xi meetingChina's COFCO Group is reported to have purchased three US soybean cargoes totaling 180,000 tons in what looks to be a small gesture of goodwill ahead of the Trump-Xi meeting tomorrow. So, how is this significant? Well, this is a ...
Trump: We will not have the Fed raising interest ratesExpects 4% GDP growth in the next quarterFactories are booming in the USSemiconductor manufacturing is rapidly returning to the USWe've secured commitments of over $18 trillion in new investmentsProbably $21 or $22 trillion of investments will be coming to the ...
Australia's CBA sees no more rate cuts from RBA, cash rate at 3.6% for an...Australia's CBA sees no more rate cuts from RBA, cash rate at 3.6% for an extended time to come. Earlier:Australian Q3 Core inflation (trimmed mean) +1.0% q/q (expected 0.8%, RBA forecast 0.6%)Australian dollar jumped after very strong CPI data, November ...
Goldman Sachs expects a 25bp rate cut from the Bank of England in NovemberGoldman Sachs expects BoE to deliver 25 BP interest rate cut in November this year vs prior forecast of no rate cut-BoE meet next week, Thursday 6 November-Earlier:The Tuesday UK inflation data still reverberating through markets - BoE rate cut ...
BofA sees BoJ hiking rates in January after hawkish October holdBofA sees BoJ hiking in January, USD/JPY supported by U.S.-Japan summitBank of America expects the Bank of Japan to maintain its cautious policy stance at the October meeting but deliver its next interest rate hike in January, as policymakers balance ...
Japan Chief Cabinet Secretary Kihara says has no comment on Bessent's remarksJapan Chief Cabinet Secretary Kihara:No comment on Bessent’s X postMonetary policy falls under jurisdiction of BOJGovernment will continue to closely coordinate with BoJExpect BOJ to conduct monetary policy to appropriately achieve inflation targetBessent earlier, his remarks boosted the JPY:Bessent says ...
Trump says expects to lower fentanyl linked tariffs on ChinaTrump statement on something the Wall Street Journal had floated Tuesday US time.WSJ: Trump looking to lower tariffs on FentanylTrump now:expects to lower fentanyl linked tariffs on Chinawill discuss farmers, fentanyl with Chinanot sure will speak about Taiwan with XiMay ...
Toyota executive Ueda: Japanese govmt positive view on reverse imports from USToyota executive Ueda: We are still discussing internally about reverse imports from United States Japanese government is taking positive view on issue of reverse imports from US Camry one option for reverse importsWe didn’t specifically say that we will invest $10 billion in ...
PBOC sets USD/ CNY central rate at 7.0843 (vs. estimate at 7.0962)The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the ...
South Korea’s President Lee says protectionism and nationalism are risingSouth Korea’s Lee:Protectionism and nationalism are risingTrade environment very different now from 20 years agoProved shared trust is key to shared prosperity during crisesSupply chain cooperation is keyBusiness leaders in Asia Pacific region have helped achieve shared prosperity through cooperation Hopes ...
SoftBank and Hitachi among investors in $550 billion U.S. planJapan’s major firms line up for $550 billion U.S. investment driveJapan’s biggest corporate names are positioning themselves to play key roles in a massive $550 billion investment package pledged by Tokyo as part of a U.S.–Japan trade agreement signed earlier ...
RBNZ official says interest rates falling, credit conditions becoming more favourableReserve Bank of New Zealand Financial markets director Richardson: Transmission of recent OCR cuts to domestic financial conditions playing out largely as expected Financial conditions in New Zealand have loosened with interest rates falling and credit conditions becoming more favourable We have the ...
EURUSD Technicals: The EURUSD fell hard and it raced as fast to the upside.The EURUSD saw a sharp decline earlier today after an attempted break above the key 100-day moving average at 1.1663 failed to hold. The rejection at that level triggered a strong move lower, taking the pair down through the 200-hour ...
Preview: Bank of Canada to cut rates Wednesday, then what?The Bank of Canada will decide on interest rates at 9:45 am ET on Wednesday with a press conference to follow 45 minutes later. The implied odds of a rate cut are at 92% and that would bring the overnight ...
Gold fights to get back above $4000If I'm putting on my gold technical analysis cap, then this chart is probably the right way to look at it.We had a near--parabolic run through all-time highs and now we're in a retracement phase. Yesterday, we bounced from the ...
AUDUSD Technicals. Buyers in the AUDUSD based at a key corrective target and pushed higherThe AUDUSD rallied strongly yesterday, lifted by renewed optimism surrounding a potential US-China trade resolution. That momentum initially carried over into today’s Asian session, with the pair extending modestly higher before stalling and turning lower ahead of the European open.The ...
AUDUSD Technicals: AUDUSD gets a boost from US/China trade frameworkThe AUDUSD is the strongest performer against the USD today, benefiting from improved U.S.–China relations over the weekend. The pair opened with an upside gap from Friday’s close and quickly climbed above the 100-day moving average at 0.6534. Although price ...
USDCHF Technicals: USDCHF buyers and sellers are unsure of the next move.The USDCHF continues to chop sideways, mirroring the indecisive trading seen through most of last week. Price action has been oscillating above and below the 100-hour moving average (0.7959) and the 200-hour moving average (0.7949), with each directional break failing ...
USDCAD Technicals: USDCAD moves lower but into support and buyers stall the fallThe USDCAD moved lower today despite renewed trade tensions between the U.S. and Canada, after campaign ads aired in the U.S. showing former President Reagan criticizing tariffs — comments that President Trump dismissed as “cheating.” Trump followed up by announcing ...
The USD is lower to start the new trading week on hopes for a China/US...The US is lower after successful talks between the US and China. Treasury Secretary Scott Bessent said weekend negotiations produced a “very successful framework” for President Trump and Xi Jinping to finalize when they meet Thursday. China’s foreign ministry ...
GBPUSD Technicals: The GBPUSD falls to new lows after 200 hour MA capped the rallyThe GBPUSD moved higher after the weaker-than-expected U.S. CPI report, but the rally quickly lost steam once price reached the 100-hour moving average. Buyers turned to sellers, capping the move and sending the pair back lower.The decline pushed the pair ...
US stocks jumped at the open as CPI is cooler than expectationsThe major US stock indices are trading higher helped by cooler CPI data and better earnings from Intel. Chips stocks are higher with Nvidia up 1.46%, Broadcom up 2.3%, AMD up 5.62%, and Micron up 3.17%.A snapshot of the ...
EURUSD Technicals: The EURUSD is trading to a new high after support held on the...The EURUSD moved lower during the Asian-Pacific and early European sessions, with the decline taking the pair back toward a familiar swing area between 1.15816 and 1.15976. Yesterday, the pair also dipped briefly below this zone before rebounding, and today ...