US: Blowout GDP in Q3, but Growth in Q4 Will Be Slower
Most spending components posted record rates of growth as the economy re-opened. However, growth is set to slow sharply in Q4, and new COVID cases pose a downside risk to our projected 6.1% Q4 growth rate. Strong Growth Rate Reflects...
U.S. weekly jobless claims total 751,000, vs 778,000 expected
The number of first-time unemployment-benefits filers fell to the lowest level in the pandemic, declining for a second straight week, the Labor Department reported Thursday. Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24,...
Euro Down after ECB, Oil Tumbles, Dollar and Yen Rise
After a brief pause, Dollar and Yen are both extending rally in European session today. Stocks are clearly lacking momentum for even a small recovery. More surprisingly, the selloff in oil prices accelerate with WTI now pressing 35 handle. Euro...
EUR/USD Trades At 1.1720
On Wednesday, the EUR/USD currency pair declined to the 1.1720 mark. It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the weekly S1 at 1.1752. In this case the rate...
Sharp third-quarter growth will show the economy regaining ground, but it’s still in a hole
People wear face masks while visiting Union Square as the city continues the re-opening efforts following restrictions imposed to slow the spread of coronavirus on October 24, 2020 in New York City. Noam Galai | Getty Images Third quarter GDP...
Dollar and Yen Firm as Asia Stabilizes, Euro Awaits ECB
The forex markets are rather steady in Asian session today, after the sharp moves overnight. Asian stocks are rather immune from the mini crash in the US. Still, for the week, Yen and Dollar are currently the strongest ones on...
Elliott Wave View: Silver (XAG/USD) Correction May Extend
Short term Elliott Wave View in Silver (XAGUSD) suggests that cycle from August 7 peak is unfolding as a triple three Elliott Wave structure. In the 60 minutes chart below, the metal ended wave ((X)) ((X)) at $25.57. Silver is...
BOC Recalibrated QE with Focus on Long-term Bonds. Downgraded Growth for 2021
BOC left the policy rate unchanged at 0.25% in October. The central bank explicitly noted that the policy rate will stay unchanged at least until 2023. Meanwhile, it announced to “recalibrate” the QE program, reducing weekly purchases “gradually” to at...
Asia Morning: U.S. Stocks Suffer 3% Sell-Off
On Wednesday, U.S. stocks encountered another sell-off within the week. The Dow Jones Industrial Average tumbled 943 points (-3.43%) to 26520, the S&P 500 slumped 119 points (-3.53%) to 3271, and the Nasdaq 100 plunged 456 points (-3.93%) to 11142....
Brace for a ‘fairly scary time’ on Wall Street, Wells Fargo warns
Wells Fargo Securities’ Michael Schumacher has a message for investors: Buckle up. The firm’s head of macro strategy warns Wednesday’s market turbulence may just be a preview of what’s ahead. “When you think about the U.S. elections, Covid worsening [and]...
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