Mortgage application demand stalls as interest rates surge to highest level since July
Mortgage interest rates last week rose at the fastest pace in over a year, throwing cold water on already cooling demand. Total mortgage application volume was essentially flat for the week, rising just 0.5% according to the Mortgage Bankers Association’s...
EUR/USD Bullish ABC Zigzag Aims At Fibonacci Targets
EUR/USD is showing signs of indecision: the bearish price action was stopped at the 1.20 support level and trend lines (green). What is going on with this pair? The bullish bounce was strong at 1.20. This suggests a wave A...
European Open: Australian GDP Beats, Index Futures Point Higher
Europe is set for a positive open after sentiment remained buoyant overnight, whilst the dollar could face further pressure over the coming session/s. Asian futures: Australia’s ASX 200 index rose by 55.7 points (0.82%) to close at 6,818 Japan’s Nikkei...
Aussie Supported by GDP, Dollar Turns Soft in Consolidative Markets
The markets are relatively mixed so far. Dollar’s rally attempt was brought to a halt overnight while Euro and Swiss Franc recovered. Commodity currencies also recovered, as led by Aussie, with support from better than expected GDP data. Yet, major...
Gold Price Drops Toward $1,700, Upsides Capped
Key Highlights Gold price started a fresh decline below the $1,800 and $1,780 support levels. A key bearish trend line is forming with resistance near $1,780 on the 4-hours chart. EUR/USD remained well bid above 1.2000, whereas GBP/USD settled below...
Stock futures rise slightly in overnight trading after Tuesday’s losses
U.S. stock futures rose slightly in overnight trading Tuesday after stocks dipped in the regular session. Dow futures rose 65 points. S&P 500 futures gained 0.2% and Nasdaq 100 futures rose 0.3%. On Tuesday, the major averages gave back some...
10% GDP growth? The U.S. economy is on fire, and is about to get stoked even more
Restaurant workers wearing faceshields, facemasks and gloves prepare food at the reopening of iconic LA restaurant Pink’s Hot Dogs on March 1, 2021 in Los Angeles, California. Frederic J. Brown | AFP | Getty Images The U.S. economy has roared...
Economists see first signs in data that vaccine is working
Economists following the high-frequency data on virus infections are seeing initial signs that the vaccine is having positive effects on deaths and infection rates. While they caution that the signs are tentative, they point to two areas: the decline in...
What Does the UK Budget Hold for Sterling?
The Chancellor of the Exchequer will unveil the latest UK Budget on Wednesday at 12:30 GMT. It will likely include another massive round of spending to safeguard jobs and boost the recovery. Rumors suggest taxes on corporations might be raised...
Fed policy changes could be coming in response to bond market turmoil, economists say
Joggers pass the Marriner S. Eccles Federal Reserve building in Washington, D.C., on Tuesday, Aug. 18, 2020. Erin Scott | Bloomberg | Getty Images While the Federal Reserve may not raise its benchmark interest rate for years, there are growing...
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