Mortgage rates hit their highest level in a month, and weekly demand drops
Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Borrowers backed away from the mortgage market last week, as higher interest rates chilled a recent revival in refinances. The...
Caution ahead of Fed Minutes
A day of caution in the markets, with Europe a mixed bag and the US opening marginally lower as we await FOMC minutes later in the session. Given how much Fed commentary we’ve had over the last couple of weeks,...
GBP/USD Potential Inverse Head and Shoulder Target 1.55
In the last Bank of England’s meeting, the central gave a signal for a potential interest rate hike in 2022. This would put it ahead of a number of other G10 central banks, including RBA, U.S Fed, BOJ, and ECB....
Dollar Digests Gains, Canadian Dollar Recovers Mildly after CPI
Canadian Dollar rises mildly in early US session after stronger than expected consumer inflation reading. But strength of the Loonie is related limited. It remains one of the worst performing for the week, just next to Australian and New Zealand...
Oil Under Pressure, Gold Rises
Oil continues to suffer recovery nerves The weaker than expected US Retail Sales data and ensuing US dollar strength weighed further on oil prices overnight. Confidence is being weakened anyway by softer China data earlier in the week and ratcheting...
Stocks making the biggest moves premarket: Lowe’s, Target, Krispy Kreme and others
Check out the companies making headlines before the bell: Lowe’s (LOW ) – The home improvement retailer reported an adjusted quarterly profit of $4.25 per share, beating the consensus estimate of $4.01. Revenue beat forecasts, and the same-store sales decline...
EURJPY Testing Critical Support, Neutral Outlook Under Threat
EURJPY is testing its March low of 128.28, slipping just below it on Tuesday and earlier today. The pair has now retraced the entire upleg between March and June, and although the long-term uptrend that’s been in progress since May...
RBNZ Left OCR Unchanged Amidst Latest Lockdown. Hawkishness Maintained
To everyone’s surprise, the RBNZ left the OCR unchanged at 0.25% in August. The decision was made in light of the renewed New Zealand’s lockdown after a report of one coronavirus case. Policymakers, however, maintained a hawkish stance, suggesting that...
Elliott Wave View: Oil (CL) Has Scope To Extend Lower
Short-term Elliott wave view in Oil (CL) suggests that cycle from July 6 peak is unfolding as a double three Elliott Wave structure. Down from July 6 high, wave (W) ended at 65.01 and rally to 74.30 ended wave (X)....
Kiwi Jitters after RBNZ Stands Pat, Euro Weakening
Commodity currencies recover mildly in Asian session but remain the worst performing ones for the week. Markets seemed to have priced in RBNZ standing pat well already. New Zealand Dollar recovered very quickly after initial spike following the announcement. On...