Since February 20th, when the S&P 500 began selling off from its all-time highs, EUR/JPY has been trading in a volatile trading range between 116.12 and 121.40. However, over the last 4 trading days, the pair has traded lower from 121.08 to today’s lows near 116.96, down almost 1.5% today alone. Support doesn’t come in …
Last week, US Initial Claims were 3,283,000 vs an expectation of 1,500,000. It was the largest initial claims weekly filing in US history and something I’d imagine no one ever thought they would see in their lifetime. Later today, at 8:30am ET, the US will release Initial Claims for the Week ending March 28th. The …
In our most recent “Week Ahead” we highlighted daily GBP/USD chart as our Chart of the Week. We discussed hot the 61.8% retracement level from the March 9th highs to the March 20th lows at 1.2510 was initial resistance. The pair still has yet to break above; however, the pair may just be consolidating before …
For all the talk we got about month-end buying because of pension fund rebalancing, it turned out to be a quiet day, comparatively speaking. The range on the day today in the S&P 500 was only 77.25 handles! This was not only the smallest daily range of the month, but also since February 21st when …
The South African Rand fell to 18.05 vs US Dollar as Moodys cut the country’s rating to junk, one level below investment grade, and kept the outlook negative. This is the first time the USD/ZAR as ever been above 18.00. Moodys joined S&P and Fitch with ratings below investment grade for South Africa. The ratings …
Amidst the ongoing spread of COVID-19 over the weekend, with global cases reaching 740k+ and poised to eclipse 1,000,000 this week, risk assets are mixed in Monday’s trading. After a slightly bearish close for Asian indices, European and US stock markets are in positive territory. Gold is ticking lower, though Treasury bonds still remain in …
In a few hours, China will release their “Official” NBS Manufacturing PMI data for March. The expectation is for a reading of 45, which is still in contraction territory. However, a print of 45 is much better than the previous reading of 35.7. (A reading above 50 means the economy is in expansion and a …
Yet another Central Bank holds an emergency meeting and cuts interest rates. It seems like it was only a matter of time before the Bank of Canada (BoC) made another inter-meeting move and cut rates by 50bps from 0.75% to 0.25%, falling in line with other major central banks around the globe. This decision followed …
Initial Jobless Claims were released earlier today, and the number was not pretty. Yesterday, we discussed how this number was expected to be larger than any we had ever seen before. According to Bloomberg, the average estimate by economists was 1,500,000 initial jobless claims filed for the week ending March 21st. The actual number was …
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