China’s yuan not far from a 4 month high – policy support, COVID recovery, seasonal demand China to pause costly chip investments as Covid strains budget PBOC Guangzhou branch reportedly guides banks to provide offshore financing to developers ICYMI – China’s Finance Minister reiterated plans to appropriately expand fiscal spending
Prelim 46.2 Prior 47.7 Lowest since May 2020 Firms hiked their selling prices at the softest pace for just over two years Lower prices for some inputs such as metals and fuel led to the slowest uptick in cost burdens since July 2020 The decrease in new orders was steep
The major US stock indices are getting off to a positive start with gains. The indices are led by the NASDAQ index which is up around 1% after declining -33.10% in 2022 (it was the worst performing of the major indices). They stepped out of the market eight minutes into
The latest GDT price index was down 2.8%, following a 3.8% decline in the final December auction. NZD/USD is surging back today, trimming the decline to 31 pips at 0.6281. This article was written by Adam Button at www.forexlive.com.
The first trading day of the year highlights a few opportunities in the market this year. I’m skeptical that price action this early is telling but some news items are notable and fit into themes I highlighted in the video below. 1) China reopening The China PMI today was awful
The US dollar is sizzling today even as Treasury yields fall. It’s a reminder that intermarket correlations don’t matter on Day 1 as flow-driven trade dominates. The rally in the dollar speaks only to demand for liquidity and the world’s reserve currency — I wouldn’t take it as any kind
Prior +10.0% CPI -0.8% vs -0.3% m/m expected Prior -0.5% HICP +9.6% vs +10.7% y/y expected Prior +11.3% HICP -1.2% vs -0.5% m/m expected Prior 0.0% The steeper fall in German inflation was already predicated by the state readings earlier today, and surely owes much to lower energy prices once
Headlines: Not quite the 2022 theme this one Bavaria December CPI +9.2% vs +10.9% y/y prior Saxony December CPI +8.7% vs +9.9% y/y prior Germany December unemployment change -13k vs 15k expected UK December final manufacturing PMI 45.3 vs 44.7 prelim Switzerland December manufacturing PMI 54.1 vs 53.3 expected SNB
After the Fed delivered a more hawkish than expected stance, the market sold off pretty heavily. The Fed once again had to repeat to the market that they are solely focused on bringing inflation back to their 2% target and they are ready to go above market expectations and risk
I posted earlier on TSLA: Tesla’s Q4 2022 deliveries fell short of Wall Street estimates but up from Q4 a year ago Its no secret that CEO Musk has been MIA at Tesla since he has indulged himself with populist plays on Twitter, rally letting down his shareholders. Reports today
Bullish channel is depicted by blue lines. Bearish RSI divergence (red line) The current price of gold is about $1,823. As long as price is trading within the bullish channel, the short-term outlook is bullish. Price continues to make higher highs and lows while staying within the lower boundary of
Support trend lines are denoted by black lines. Resistance at the green line (broken) The EURUSD pair is currently trading around 1.0680 after successfully breaking over the short-term resistance level of 1.0660 last week. Price re-tested the level at which it had previously broken out, and it has since begun