Global Flash PMIs Impress, Disappointing Durables, Oil Rebounds Despite Suez Canal Still Blocked
US stocks rallied after Fed Chair Powell and Treasury Secretary Yellen reinforced their bright outlook for the economy and stance on inflation, government debt, need for revenue for permanent spending, and ultra-dovish commitment for the labor market. The Powell/Yellen put...
EURUSD Slips to 4-Month Low Near 1.18
EURUSD is creating several sessions of losses in the 4-hour chart, recording a fresh four-month low marginally above the 1.1800 handle earlier today. The price started a strong negative movement after the pullback on the double top level of 1.1990,...
Homebuyer mortgage demand inches higher, but rates hit highest level since summer
A for sale sign sits outside a house in Miami Beach. Carlos Barria | Reuters Higher mortgage rates do not appear to be dampening demand for home purchases but are crimping refinance volume. Mortgage applications to purchase a home rose...
Market Sentiments Saved by Strong PMIs, Dollar Staying Firm
Asian markets closed in deep red earlier today while European stocks dived in initial trading. Yet, the markets were saved by much stronger than expected PMI data out of Eurozone and UK. Overall sentiments recovered notably, with US futures pointing...
Pound Dips On Soft Inflation
The British pound is in negative territory in the Wednesday session. Currently, GDP/USD is trading at 1.3709, down 0.32% on the day. Pound struggling to stay above 1.37 The British pound remains under pressure, as GBP/USD fell below the 1.37...
USD/JPY Shallow Wave-4 Correction Indicates Bullish Targets At 110
USD/JPY is creating a sideways correction after a massive impulse upwards (blue arrow). The bulls are expected to push price action even higher. The USD/JPY bullish momentum is probably a wave 3 (grey). The strong AO (awesome oscillator) and ecs.MACD...
Selloff in Asia Intensifies, Aussie and Kiwi Accelerate Down
New Zealand and Australian Dollar accelerates lower today as selloff in Asian stocks intensify. The development came on renewed concern over the third wave of coronavirus infections in Europe and return to lockdown. News regarding vaccines were also negative, as...
USD/CAD Approaches Key Resistance, Dollar Gains Momentum
Key Highlights USD/CAD recovered nicely above the 1.2450 and 1.2500 resistance levels. A crucial bearish trend line is forming with resistance near 1.2600 on the 4-hours chart. EUR/USD and GBP/USD remain in a bearish zone below 1.1950 and 1.3900 respectively....
One year after Covid-19 market bottom, Canaccord Genuity’s Tony Dwyer says stocks are in ‘no man’s land’
Canaccord Genuity’s Tony Dwyer is temporarily dialing back his appetite for stocks. On the one-year anniversary of the Covid-19 bottom, he’s telling investors the market is in “no man’s land.” “We’re in this period where the Russell 1000 growth mega...