ForexLive European FX news wrap: Quiet markets with London out 0 (0)

Headlines:

Markets:

  • AUD leads, JPY lags on the day
  • European equities higher; S&P 500 futures up 0.2%
  • US 10-year yields flat at 4.239%
  • Gold flat at $1,914.73
  • WTI crude down 0.2% to $79.70
  • Bitcoin down 0.3% to $25,951

It was a quiet session with London out on holiday today, so there wasn’t much to work with for European traders as the flows were light. Jackson Hole didn’t deliver much in any case, so markets are left to their own devices to start the new week.

There was little appetite among major currencies on the day, with the dollar keeping steadier and mostly little changed in narrow ranges.

In the equities space, Asian stocks rallied initially as China provided some relief measures for investors. Chinese indices opened up 5% higher but saw gains fizzle to end the day just barely 1% higher.

US futures kept a little higher on the day at least, helping to breathe a calmer mood to the general equities space. And with month-end approaching, it will make things a little trickier to navigate in the days ahead. We’ll see if the selling will hit again later in Wall Street today.

This article was written by Justin Low at www.forexlive.com.

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Nasdaq Composite Technical Analysis – Watch these key levels 0 (0)

Last week
was the Jackson Hole Symposium week and we
have heard from many Fed members about their opinions on the momentary policy
going forward. There seems to be a consensus for a pause in September as they
try to “carefully” assess the lag effects of their tightening to date.
Nonetheless, they are ready to do more if conditions require further tightening
and in fact, they keep reaffirming their data dependency. The economic data
since the last FOMC meeting has been surprising to the upside with the labour
market remaining very strong, but the last two inflation reports showed the Core M/M
inflation rising by just 0.16%. Overall, it looks like a soft landing scenario
but the latest US PMIs showed
that there might be pain ahead.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite bounced on a key support at 13174
and rallied back towards the broken trendline where we
had also the confluence with the
red 21 moving average. The
price got rejected there as the sellers leant on the moving average to position
for another fall below the key support. The bias for now remains bearish as the
price has been printing lower lows and lower highs and the moving averages are
crossed to the downside.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see more closely the
resistance zone that we had around the broken trendline with the 50% Fibonacci retracement level
acting as a further barrier. This resistance will be key for the buyers as they
will need the price to break above the level to switch the bias from bearish to
bullish and start targeting a new high.

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we
have a minor resistance around the 13615 level where we have the confluence of
the 50% Fibonacci retracement level and the red 21 moving average. This is
where we can expect the sellers to pile in with a defined risk above the level
to target the break below the 13174 support. The buyers, on the other hand,
will want to see the price breaking higher to pile in and target a break above
the 13850 resistance.

Upcoming
Events

This week is an important one given that we will see
many key labour market data, including the US NFP, before the next FOMC
meeting. We start tomorrow with the US Consumer Confidence and the US Job
Openings. On Wednesday, we have the US ADP report. Moving on to Thursday, we
will have the US Jobless Claims and the US PCE data. Finally, we conclude the
week with the US NFP and the ISM Manufacturing PMI on Friday. Although the Fed
keeps all the options on the table, it’s also leaning more towards a pause in
September, so we will need strong data to make the market to expect a hike at
the upcoming meeting.

This article was written by FL Contributors at www.forexlive.com.

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ECB’s Holzmann: There is a case for rate hike if no surprises turn up 0 (0)

  • Not in the clear yet on inflation
  • ECB is behind the curve, can assess policy once at 4%
  • Should start debate on ending PEPP reinvestments

He looks to be trying to push for it but it is quite evident that not all ECB policymakers are sharing this view. In terms of market pricing, it’s pretty much a coin flip for September at this stage. The odds of a 25 bps rate hike are pinned at around 45% currently, with the remainder 55% pricing in no rate hike for next month.

This article was written by Justin Low at www.forexlive.com.

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Gold Technical Analysis – The bears remain in control 0 (0)

The quick
rise in the US real yields and the US Dollar in August weighed a lot on Gold
and the yellow metal sold off with very shallow pullbacks along the way.
Recently, the less hawkish comments from Fed members and the
miss in the US PMIs gave
Gold some support as the Treasury yields and the USD retreated. Going forward
it’s going to be all about the data as strong readings should keep weighing on
Gold while a deterioration in the data should support it.

Gold Technical Analysis –
Daily Timeframe

On the daily chart, we can see that Gold has
avoided a complete breakdown as it rallied back above the 1893 low soon after
breaking below it. The price is now testing the red 21 moving average and it’s
struggling to break through as the sellers are probably leaning on the moving average to
position for more downside.

Gold Technical Analysis – 4
hour Timeframe

On the 4 hour chart, we can see that after the long
divergence with the
MACD coming
into the 1893 low, the price broke above the downward trendline
confirming a reversal and rallied towards the 38.2% Fibonacci retracement level.
This is where the sellers are piling in with a defined risk above the 1934 resistance to
position for another selloff below the 1893 support. If the price extends all
the way up to the 1934 resistance, we should see the sellers piling in even
more aggressively as they will have an even better risk to reward setup.

Gold Technical Analysis – 1
hour Timeframe

On the 1 hour chart, we can see that we
recently got a quick selloff from the 38.2% Fibonacci retracement level during
the Fed Chair Powell’s speech and then a quick turnaround as the buyers leant
on the support around 1904 to position for a rally into the 1934 resistance.
The price action now might be messy, but the key levels to watch will be the Fibonacci
retracement levels and the 1904 support.

Upcoming Events

This week is an important one given that we will see
many key labour market data, including the US NFP, before the next FOMC
meeting. We start tomorrow with the US Consumer Confidence and the US Job
Openings. On Wednesday, we have the US ADP report. Moving on to Thursday, we
will have the US Jobless Claims and the US PCE data. Finally, we conclude the
week with the US NFP and the ISM Manufacturing PMI on Friday. Although the Fed
keeps all the options on the table, it’s also leaning more towards a pause in
September, so we will need strong data to make the market to expect a hike at
the upcoming meeting. In case we see weak readings, Gold is likely to rally and
vice versa if we get strong figures.

This article was written by FL Contributors at www.forexlive.com.

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Japan maintains overall assessment of its economy in August 0 (0)

The only standout is that the Japanese government raised the view on exports for the first time in three months, noting that it is „showing movements of picking up recently“. Besides that, here is the rest of the overall assessments:

  • Private consumption is picking up
  • Business investment is picking up
  • Industrial production shows signs of picking up
  • Corporate profits are improving moderately as a whole
  • The employment situation shows movements of improvement
  • Consumer prices are rising

This article was written by Justin Low at www.forexlive.com.

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Weekly Market Outlook (28-01 September) 0 (0)

UPCOMING EVENTS:

  • Monday: UK
    Bank Holiday, Australian Retail Sales.
  • Tuesday: Japan
    Unemployment Rate, US Consumer Confidence, US Job Openings.
  • Wednesday: Australia
    CPI, US ADP.
  • Thursday: Japan
    Retail Sales, Chinese PMIs, ECB Minutes, Eurozone CPI, Eurozone
    Unemployment Rate, US Jobless Claims, US Core PCE.
  • Friday: Swiss
    CPI, US NFP, US ISM Manufacturing PMI.

Tuesday

The US Consumer Confidence has been
sizzling up in the past few months as the consumers continue to see a strong
labour market, higher real wages, and lower inflation.
Compared to the University of Michigan Consumer Sentiment, which shows more how
the consumers see their personal finances, the Consumer Confidence shows how
the consumers
see the labour market
. The consensus sees the
index at 113.4 in August vs. 117.0 in July.

The labour market data is now the top
priority for the Fed and the markets
as a softer labour market is what is seen as needed to reach the 2% inflation
target sustainably. After reaching the peak in May 2022, Job Openings have been
trending lower although they are seen as still too high. The consensus sees Job
Openings increasing to 9.793M in July vs. 9.582M in June.

Wednesday

The monthly Australian CPI Y/Y data is
expected to show further disinflation with the consensus looking at 5.2% in
July vs. 5.4% in June. The latest RBA
Meeting Minutes
showed that the central
bank prefers to remain on hold and given the recent weaker data like the Employment
Report
, it looks like only a notable beat
can stir the RBA from this path.

The US ADP continues to be pretty useless in
forecasting the US NFP, but the market keeps on reacting to it, nonetheless.
The consensus sees 195K new hires in August vs. 324K in July.

Thursday

The Chinese Manufacturing PMI is expected
to tick higher to 49.5 vs. 49.3 prior, while there’s currently no consensus on
the Services reading although it was 51.5 in July. The Chinese economy has been
struggling for quite some time and, despite promises of more support from the
authorities, the market interpreted the latest actions as not enough.

The Eurozone CPI Y/Y is expected to move
lower to 5.1% vs. 5.3% prior, while the M/M figure is seen at -0.1% vs. -0.1%
prior. The Core CPI Y/Y is expected at 5.3% vs. 5.5% prior. There’s a
growing sentiment among the ECB members that downside risks have materialised,
and it requires a more careful assessment on the policy front. The market sees
a 50/50 chance for a 25 bps hike at the September meeting and this report should
decide what we will likely see at the next policy decision. The Unemployment
Rate is seen unchanged at 6.4%.

The US Jobless Claims remain a key
leading indicator for the labour market, and they’ve been signalling continued
strength. The consensus sees Initial Claims at 235K vs. 230K prior, while
Continuing Claims are expected at 1709K vs. 1702K prior.

The US PCE Y/Y is expected at 3.3% vs.
3.0% prior, while the M/M figure is seen at 0.2% vs. 0.2% prior. The Core
PCE Y/Y, which is the Fed’s preferred inflation measure, is expected at 4.2%
vs. 4.1% prior, while the M/M reading is seen at 0.2% vs. 0.2% prior. I
don’t expect this report to be market moving given that the market is more
focused on the more timely CPI data.

Friday

The Switzerland CPI Y/Y is expected to
match the prior reading at 1.6%, while the M/M figure is seen at 0.2% vs. -0.1%
prior. As a reminder, the inflation rate in Switzerland is already in the
SNB’s 0-2% target band on both the headline and core measures, but the
central bank maintains its hawkish stance wary of upside risks. Nonetheless, the market sees the SNB to remain on hold at the next meeting.

The main event of the week will be, of
course, the US NFP report. The consensus sees 170K jobs added vs. 187K prior
with the Unemployment Rate remaining unchanged at 3.5%. The Average Hourly
Earnings Y/Y is seen at 4.4% vs. 4.4% prior, while the M/M figure at 0.3% vs.
0.4% prior. This report coupled with the US CPI in two weeks will decide if
the Fed will hike or pause at the September meeting, as per their words
they will “decide on the totality of the data”. In my opinion, given the
Fed’s particular focus on the labour market, in case we get a hot report, the
market is likely to anticipate a hawkish reaction without waiting for the CPI
data.

The US ISM Manufacturing PMI is expected
to tick a little higher to 46.6 vs. 46.4 prior. The US S&P Global
Manufacturing PMI missed expectations by a big margin last week, so the
sentiment going into this report is likely to be skewed to the downside. There
should also be particular attention to the employment sub-index which tumbled
to cycle lows in the prior report.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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Newsquawk Week Ahead: US ISM, PCE and NFP, EZ CPI, ECB Minutes and Chinese PMIs 0 (0)

Week Ahead August 28th – September 1st

  • Mon: Australian Retail Sales (Jul)
  • Tue: NBH Announcement, German GfK Consumer Sentiment (Sep), US CaseShiller (Jun) and JOLTS (Jul)
  • Wed: Australian CPI (Jul), Spanish Flash CPI (Aug), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US ADP National Employment (Aug)
  • Thu: ECB Minutes, Japanese Retail Sales (Jul), Chinese Official PMI (Aug), German Retail Sales (Jul)/ Unemployment (Aug), EZ Flash CPI (Aug), US Challenger Layoffs (Aug), US PCE (Jul)
  • Fri: Chinese Caixin Manufacturing PMI (Aug), Swiss CPI (Aug), EZ/UK/US Final Manufacturing PMI (Aug), ISM Manufacturing PMI (Aug), US Labour Market Report (Aug), Canadian GDP (Q2)

Note: Previews are listed in day order

Australian Retail Sales (Mon): Retail sales are forecast to rise 0.3% MM in July following a contraction of 0.8% in the previous month. Analysts at Westpac expect a number slightly above market expectations, citing a slight firming in their Westpac Card Tracker in July. “Population growth alone is running at 0.2%mth. As such, even if sales hold flat in real (i.e. inflation-adjusted) per capita terms, total nominal sales would be up about 0.4%mth. We expect that to be broadly the story in July, with a 0.4% rise for the month, the desk adds.

Australian CPI (Wed): The monthly CPI data is expected to show a cooling to 5.2% in July from 5.4% in June. These recently introduced monthly inflation metrics have become paramount for the RBA’s data-dependent policy steering, given that data used to be released quarterly. For this month, the desk at Westpac suggests “Electricity presents a key risk this quarter both in terms of the impact of state energy rebates and the timing of bill increases. The ABS recently introduced a monthly electricity price series for the CPI, but it only goes back to September 2017 so we don’t have a good handle on the monthly seasonality of electricity price changes.” At the latest RBA meeting, the statement from Governor Lowe highlighted “Returning inflation to target within a reasonable timeframe remains the Board’s priority” but clarified that “To date, medium-term inflation expectations have been consistent with the inflation target and it is important that this remains the case.” Governor Lowe also warned that “Some further tightening of monetary policy may be required”, with markets currently pricing around a 90% chance of a hold at 4.10%, according to the ASX 30 Day Interbank Cash Rate Futures.

Chinese PMIs (Thu): China’s NBS Manufacturing PMI is expected to tick higher, but remain in contraction territory – with the metric forecast at 49.5 in August (prev. 49.3 in July). There are currently no expectations for the non-manufacturing and Composite readings. China’s economic struggles have been telegraphed by the latest trifecta of disappointing data in the form of trade, inflation, and activity – which all largely underscored ailing demand both domestic and abroad. Since then, Chinese authorities have released a series of measures to boost the economy and stem the slide in stock markets, although desks suggest it will take time for the stimulus to filter through to the real economy. Analysts at ING expect a further deterioration in the Chinese PMIs, both the official and Caixin releases “ as we await more substantial support from the government to boost domestic demand while global demand remains weak.” On the flip side, the desk suggests “One positive next week would be that the non-manufacturing PMI may still register a modest expansion even if the index edges lower, as it is still the summer holiday season when many families travel and boost business.”

EZ Flash CPI (Thu): Expectations are for headline Y/Y flash CPI in August to fall to 5.1% from 5.3% with the super-core metric seen moving lower to 5.3% from 5.5%. The prior report saw the headline pullback from 5.5% to 5.3% amid a negative contribution from energy prices, whilst the super-core reading held steady “thanks to diverging developments between non-energy industrial goods and services inflation” as opined by ING. For the upcoming release, analysts at Moody’s suggest that the decline in the headline will be prompted by food and core inflation, counteracting a potential increase in energy inflation given the runup in crude oil prices. Digging deeper into core inflationary pressures, analysts expect the reading to ultimately inch lower “as services inflation stabilizes and core goods inflation falls thanks to lower producer prices”. That said, the desk cautions that there is a risk “that services inflation may tick up, buoying overall core inflation”. From a policy perspective, last week’s soft PMI metrics prompted a dovish repricing for the ECB’s September meeting with the decision now seen as a coin flip between unchanged and a 25bps increase. Furthermore, subsequent source reporting revealed that momentum at the ECB is growing for a pause on rate hikes as recession fears increase. The report added that the debate is still open given inflation metrics are set to be released this week and any decision to pause would need to make clear future hikes could still be needed. Furthermore, several policymakers cautioned against reading too much into survey data such as the August PMIs as there is a growing gap between hard data and sentiment readings. As such, it appears that next week’s inflation metrics will prompt a significant repricing one way or the other.

ECB Minutes (Thu): As expected, the ECB pulled the trigger on another 25bps hike, taking the deposit rate to 3.75%. Aside from the decision itself, focus for the statement was on the modest adjustment to the Bank’s language on future decisions whereby the key ECB interest rates will be „set at“ sufficiently restrictive levels for as long as necessary vs. the previous wording of „brought to“. Elsewhere, the GC also opted to set the remuneration of minimum reserves at 0% (vs. prev. matching the deposit rate). In the follow-up press conference, Lagarde stated that policymakers were unanimous in their stance. When initially questioned over whether she thinks the Bank has more ground to cover, she said the decision will be based on the data and the GC is „open-minded“. When pressed on the matter later during the press conference, Lagarde stated that at this moment in time she „would not say so“ with regards to there being more ground to cover; given the mixed interpretations of this statement, it will be interesting to see if the account can provide any greater clarity on the matter. On the balance sheet, Lagarde remarked that a reduction had not been discussed and there would be no trade-offs between rates and QT. Overall, the main takeaway ahead of the September meeting was that the ECB was happy to either pause on rate hikes or carry out further tightening, however, any decision to do so would be based on how the data plays out between now and then. On which, it is worth noting that the inflation data the morning of the release may well tip the balance for the September meeting which is a near-enough coin flip between unchanged and a 25bps hike after the soft PMI data for August prompted a dovish repricing last week. With this in mind, and as is often the case, the account of the previous meeting will be deemed stale and pass with little in the way of fanfare.

US PCE (Thu): Headline PCE prices are expected to rise 0.2% M/M in July (prev. 0.2%), while the core rate is seen rising by the same magnitude, and also matching the prior; the annual rate of core inflation is likely to tick-up to 4.3% Y/Y from 4.1%. Credit Suisse says that the PCE deflator, the Fed’s preferred measure of inflation, is likely to confirm the disinflation already evident in July’s CPI report. The bank is in line with the consensus regarding its expectations. „Gradual disinflation in shelter should weigh on the run rate of PCE in the coming months,“ it writes, „however, shelter is a smaller weight in PCE than CPI inflation, and more limited progress on other core services, which are a higher weight, could keep PCE stickier than CPI later in the year.“

Swiss CPI (Fri): July’s release printed at 1.6%, in-line with market expectations and incrementally below the SNB’s Q3 forecast of 1.7%, which was set during the June gathering. For the August metric, we look for any skew around the SNB’s 1.7% forecast. In particular, an above-forecast reading would be a point of concern for policymakers as it would indicate that their forecast for inflation to lift back above the 0-2% band from Q1-2024 onwards remains in play. As it stands, market pricing currently ascribes a circa. 70% chance of an unchanged rate decision at the upcoming September gathering.

ISM Manufacturing PMI (Fri): The consensus looks for a little change, at 47.0 in August (prev. 46.9). Although there are some differences in the ISM data vs the S&P Global PMI data, the flash release of the latter showed the manufacturing PMI falling to a two-month low of 47.0 (from 49.0 in July), while the output index dropped below 50.0, to 47.5 (from 50.2). The report from S&P said that it was a signal of a „solid deterioration“ in operating conditions midway through Q3; „the decline was the second-sharpest since January, as a renewed drop in output and steeper decrease in new orders weighed on the overall performance of the sector,“ it added, with the lower new sales leading to a retrenchment among manufacturers as input buying fell at a quicker pace. S&P said the fall in purchasing activity reflected a reduced need to store materials and finished items, and subsequently, manufacturing inventories declined further. „Despite lower demand, vendor performance improved to the smallest extent since February,“ S&P wrote, „some companies stated that a shortage of drivers at suppliers frustrated efforts to reduce delivery times.“

US Jobs Report (Fri): The consensus looks for 160k nonfarm payrolls to be added to the US economy in August (prev. 187k), and the unemployment rate is expected to remain at 3.5%, while average hourly earnings are seen rising 0.3% M/M, cooling from a rate of 0.4% seen in July. Analysts have been looking for the rate of job additions to cool as we progress further towards the end of the year. The Fed has projected that the jobless rate will rise to 4.1% by the end of this year, though officials have been noting the resilience of the labour market recently; recent initial jobless claims data, for instance, has failed to meaningfully spike higher, and in the survey week that coincides with the BLS jobs report window, the four-week moving average was at 234.5k (vs 237.5k going into the July data), and continuing claims was at 1.697mln (vs 1.717mln). Elsewhere, the BLS this week published its prelim estimates for the upcoming benchmark revisions to payroll employment, revising down employment levels for the year through March 2023 by 306k. Moody’s explained that „the eventual benchmark changes, released early next year, will impact the full period from April 2022 through March 2023,“ adding that the data was in line with its expectations „that employment growth will be revised lower, and while the monthly details are not yet known, the size of the revision would imply a 25k per month reduction in job growth.“

This article originally appeared on Newsquawk.

This article was written by Newsquawk Analysis at www.forexlive.com.

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Forexlive Americas FX news wrap 25 Aug: Powell/Fed prepared to raise rates but „carefully“ 0 (0)

Fed’s Powell’s Jackson Hole speech finally came and unlike last year when the speech was short and sweet and to the point, there was little bit of something for everyone :

Regarding monetary policy and rate decisions:

  • Prepared to raise rates further if deemed necessary.
  • The next move will be based on data.
  • The Federal Reserve will proceed ‚carefully‘ when deciding to hike rates again or maintain them.
  • There’s uncertainty in the economy, necessitating ‚agile‘ monetary policy-making.

On economic observations:

  • Inflation remains higher than desired.
  • Two months of positive data are just the beginning; more is needed to gain confidence in the inflation trajectory.
  • The current policy is restrictive, but the neutral rate level is uncertain.
  • The Federal Reserve remains committed to a 2% inflation target.
  • A decrease in inflation might also require a softer labor market.
  • Signs of the job market not cooling could lead to more actions from the Federal Reserve.
  • There’s evidence that inflation is becoming more responsive to labor market conditions.

Unique Economic Dynamics:

  • Supply and demand dislocations in this cycle have unique effects on inflation and labor market dynamics.
  • Job openings have decreased without a corresponding rise in unemployment, indicating a significant demand for labor.
  • Inflation appears to be more sensitive to labor market conditions than in recent decades.

Conclusion and Outlook:

  • The Federal Reserve is navigating uncertain economic conditions.
  • Risk-management is crucial given the current uncertainties.
  • Decisions in upcoming meetings will be based on a comprehensive assessment of data, outlook, and risks.
  • The primary goal is to restore price stability, which is essential for achieving the dual mandate of strong labor market conditions and stable prices.
  • The Federal Reserve is committed to continuing its efforts until the objectives are met.

Other Fed members who spoke today included Fed Harker:

  • Doubt that rate cuts are on the table until next year at some point
  • Reiterated his feeling that he does not see the need for more rate hikes now

Feds Goolsbee also spoke today and typically a dove, but his comments were a little bit more hedging :

  • Still confident about reaching the golden path of a soft landing
  • He thinks there is a long way to go on inflation
  • 3% inflation was lower but largely due to energy which can move back higher as well
  • We have not seen consumer spending deteriorate like you normally see given the rising yields
  • He is patient about getting to a 2% target

Market Reaction:

The market’s initial reaction was a slight dip in the dollar, possibly due to the ‚carefully‘ comment, which might be perceived as dovish. The dollar than reversed to the upside, only later to come off the high levels, but still closed higher.

For a September hike the odds remain around 20% but for a November hike the odds move back above the 50% level.

For the day , the greenback is ending as the strongest of the major currencies, but gains are relatively modest. The USDJPY was the biggest mover with the USD moving higher by 0.40%. The next largest gainer for the USD was vs. the NZD with a gain of 0.25%. Versus the USDCHF, the dollar, was virtually unchanged.

US rates are ending the day with mixed results. The shorter end is higher with the two-year closing the week over 5% at 5.0779 (up 5.9 basis points today). Meanwhile, the 10-year yield is down -0.4 basis points at 4.231%.

For the trading week the pattern was the same with the 2 year yield higher the longer end yields actually fell on the week.

  • 2-year yield rose 12.7 basis points
  • 5-year yield rose 4.9 basis points
  • 10-year yield fell -2.6 basis points
  • 30-year yield fell 10 basis points

US stocks had a volatile day. The NASDAQ index led the charge after tumbling yesterday. Today, it fell -87.63 points at its session lows but rose 169.45 points at its highs. The S&P and Dow industrial average had similar up-and-down price action throughout the day.

The final numbers are showing:

  • Dow industrial average rose 247.48 points or 0.73% at 34346.91
  • S&P index rose 29.40 points or 0.67% at 4405.72
  • NASDAQ index rose 126.66 points or 0.94% at 13590.64

For the trading week:

  • Dow industrial average fell -0.45%
  • S&P index rose 0.82%
  • NASDAQ index rose 2.26%

In other markets:

  • Crude oil is trading at $80. For the trading week, the price fell -0.82%
  • Gold today fell $-2.30 or -0.12% at $1914.52. For the trading week, the price rose 1.36%.
  • Silver rose $0.10 or 0.45% at $24.21. For the trading week silver rose 6.5%
  • Bitcoin is trading at $26,029 and marginally lower than the price a week ago at $26,192.

Next week, is US jobs week with the US employment report being released on Friday. That data will be preempted by the ADP report report on Wednesday, and Challenger job cuts on Thursday. The jolts job data will be announced on Tuesday. US GDP will be announced on Wednesday and personal income and spending will be announced on Thursday.

This article was written by Greg Michalowski at www.forexlive.com.

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US equities finish the week on a high note 0 (0)

Closing changes:

  • S&P 500 +0.6%
  • DJIA +0.7%
  • Nasdaq Comp +.09%
  • Russell 2000 +0.4%
  • Toronto TSX Comp +0.5%

On the week:

  • S&P 500 +0.8
  • DJIA -0.4%
  • Nasdaq Comp +2.3%
  • Russell 2000 -0.4%
  • Toronto TSX Comp -0.1%

The chart of the Russell 2000 is concerning. It looks topped out and the economy is weakening. There was a doji this week on an otherwise-decent week for risk trades. Maybe it can stabilize if yields come back down but four weeks in a row of declines isn’t promising.

This article was written by Adam Button at www.forexlive.com.

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