The US dollar is consolidating its recent losses with a small upside bias. What promises to be an eventful week has begun with the Bank of England stress test and the publication of the Fed’s Powell prepared remarks for his confirmation hearing to succeed Yellen as Chair. Unlike last year, this year’s BOE stress test saw…
The Chinese authorities’ efforts to contain leverage and reduce risk across the nation’s financial system took another step forward overnight with the ban on approvals for mutual funds that plan to allocate more than 80% of their portfolios to Hong Kong stocks. This looks like a response to surging capital flows into the territory from the…
Gold prices rose $5.39 an ounce on Monday, supported by a weaker U.S. dollar. The greenback rose slightly against the euro but dropped against the Japanese yen and the British pound. XAU/USD extended its gains after the resistance at $1292 was broken, but was unable to hold above the $1296 level. As a result, the…
The Joint Committee on Taxation (JCT) has evaluated the distributional impact of the Senate’s plan. CBPP has graphically depicted the impact on households, adjusting the JCT figures to account for the provisions regarding estate taxes: Source: CBPP. In other words, by 2025, households with income less $30,000 experience a net decrease in after-tax income. Households with income greater than that…
GBPUSD stays in a rising price channel on the 4-hour chart and remains in the uptrend from 1.3039. As long as the channel support holds, the uptrend could be expected to continue and next target would be at 1.3420 area. A break of this level could trigger further bullish movement towards 1.3657 (Sep 20 high) previous…
Previous: On Monday the 27th of November, trading on the euro/dollar pair closed down. Monday’s movements went against Friday’s, except that the euro made a couple of highs before dropping. After a housing market report from the US, buyers started to cash in on their long positions. The report showed an increase in new home sales…
S&P 500 The S&P 500 went back and forth during the trading session on Monday, as we have broken above the 2600 level, but have also stagnated. The resulting neutral candle suggests that we are going to struggle a bit, but as we have cleared a resistance barrier, I think it’s more likely that we…
Zero Hedge readers might have noted our increasingly bearish tone on all things Australian – economic that is, since the cricket team just whipped the English in the first test match in Brisbane. The focal point of our concern is the housing market and, earlier this month, we discussed how the world’s longest-running bull market – 55 years –…
The incoming Chair of the Federal Reserve does not intend to shake up the Federal Reserve. He has always voted with the majority and never made any speech that diverted from the Fed’s line. His 5 years as Governor will continue from the top seat. This is at least what he will tell Senators in…
U.S. equities finished mixed with energy stocks finding pressure amid a drop in crude oil prices ahead of this week’s OPEC production meeting. However, consumer discretionary stocks got a boost on upbeat holiday spending data, while an unexpected jump in new home sales to a decade high also added some optimism. Treasury yields were little…
