Archiv für den Monat: Mai 2022
Despite the Fed’s big rate boost, most banks will still pay paltry interest rates
Stocks making the biggest moves midday: Peloton, Under Armour, Monster Beverage and more
US Dollar Forecast: Focus Now Shifts to CPI Data and a Slew of Fedspeak Ahead
Australian Dollar Outlook: RBA Action Does Little to Boost AUD
Forexlive Americas FX news wrap: More volatility follows benign US jobs report
Canada April employment 15.3K vs. 55.0 K estimate
Fed’s Barkin wants to raise rates as ‚fast as feasible‘
Kashkari: The Fed must follow through on its forward guidance ‚at a minimum‘
Fed’s Kashkari: We have to do our best to achieve our dual mandate
ECB’s Elderson: Weaker incoming data don’t suggest so far that we’re entering recession
Baker Hughes oil rig count rises by 5 to 557 in the current week
Markets:
Gold up $7 to $1883WTI crude up $2.34 to $110.60US 10-year yields up 5 bps to 3.12%EUR leads, CAD lagsS&P 500 down 23 points to 4123 — first streak of 5 weekly losses since 2011
The non-farm payrolls report was right down the fairway. Jobs were a bit high but unemployment a tad disappointing. The main focus was on avg earnings and those were a fraction below consenus. That led to a brief dip in USD/JPY and short-dated yields but it didn’t last.
Instead, it was equities and deleveraging taking over once again. A swoon in stocks and bonds and several fledgling rallies lent some support to the dollar but the FX market was largely sidelined in this episode. Cable skidded along the bottom near 1.2340, as did the Australian dollar.
The loonie came under some selling pressure and USD/CAD rose above 1.2900 but couldn’t get above last week’s high of 1.2914 and there was some selling as risk trades made a bit of a stand late and oil — once again — found a bid.
In all those noise, the resilience in crude may be a true slgnal. Oil closed the week above $110 to end a series of lower highs in what looks like a break from the wedge. That it could make the move in such a dicey market adds credence to the break. Natural gas though reversed on Friday to $8 after touching $9.
In Europe, the EU continues to debate a ban on Russian oil but Hungary might block it; there’s talk of giving them an 18-month timeline. Slovakia is also looking for an exception. There isn’t much chatter on the Iran nuclear front.
In USD/JPY, the pair added 42 pips on the day but it was all in Asia and we stayed within the range in New York trade. However it was the ninth week in a row of gains for the pair in what’s been an absolute screamer of a trend trade.
Have a great weekend.
The S&P and NASDAQ close lower for the 5th consecutive week
A look at the final numbers shows:
Dow industrial average -98.6 points or -0.3% at 32899.38. The index close at 32977 last Friday. The index fell -0.23% this week.
S&P index -23.51 points or -0.57% at 4123.35. The index closed at 4131.92 last Friday. The index fell This week -0.21% this week
NASDAQ index -173.02 points of -1.4% at 12144.67. The NASDAQ closed at 12334.64. The index fell -1.54% this week.
Russell 2000 fell -31.58 points -1.69% at 1839.56. It settle that 1864.10 last Friday. The index fell 1.37% this week.
This was the first stretch of five weekly declines in the S&P 500 since May-June 2011 and the first five-week losing streak in the Nasdaq since 2012.
Next week CPI data takes center stage. More Fed speak as well.
US 10 year yield moves to a new high going back to November 2018
Fed’s Barkin wants to raise rates as ‚fast as feasible‘
Barring a big turnaround: This will be the fifth consecutive week of losses for US stocks
The last time the market fell six weeks in a row was in 2011.