The US dollar is softening in the North American session. Rising US yields appear to be giving the greenback a thin slice of support against the Japanese yen, against which is it trading at a five-day high above JPY113.00. The fundamental backdrop seems more favorable for the dollar than the price action. It is…
WTI/RBOB held gains overnight following API’s reported crude draw (despite the gasoline glut) but after DOE confirmed a 5th weekly crude draw and 6th weekly gasoline build, algos were confused with prices chaotic. Production hit a new record high. North Sea and Canadian crude supply disruptions are suppressing U.S. imports and encouraging exports. API Crude -5.2mm (-440k…
EUR/USD made a clear break above the resistance line of 1.1860, reaching a high of 1.19, just below the next resistance level of 1.1910 and then consolidating. GBP/USD recovered despite Brexit worries about a short transition and trades around 1.34. USD/JPY is up to 113.30, still shy of the cap at 113.50 but up some 40 pips…
Although there are still a few days left for the year to end, 2017 has turned out to be pretty good for the pharma and biotech sector where FDA approvals are concerned. Till date, the regulatory agency has given its nod to 43 novel drugs, well above the 22 drugs approved last year. Immuno-oncology was…
During the holidays, many traders take extended vacations and hedge themselves accordingly. Those of us remaining at our desks can have very successful holiday trading sessions. We can make some sharp gains if we pay attention – but we can also be caught unawares and suffer dramatic losses. Last week I hosted a webinar on…
The headline existing home sales growth improved with the authors saying “home sales in most of the country expanded at a tremendous clip in November”. Our analysis of the unadjusted data somewhat disagrees with the headline data. Analyst Opinion of Existing Home Sales The rolling averages have been slowing in 2017 – but they again…
Following strong starts/permits data but weak mortgage apps (biggest drop in 3 mo), existing home sales broke the tie with a huge beat, surging 5.6% MoM (against expectations of a 0.9% jump)… …to the strongest pace of sales since December 2006. The median existing-home price for all housing types in November was $248,000, up 5.8 percent from November 2016($234,400)….
AUDUSD moved sideways in a narrow range between 0.7635 and 0.7694. As long as 0.7635 support holds, the sideways movement could be treated as consolidation of the uptrend from 0.7501 and a breakout of 0.7694 resistance could trigger further upside movement towards 0.7800. On the downside, a breakdown below 0.7635 support could take price back…
Despite the enthusiasm in US equities around passage of the tax reform bill, the US Dollar seems to have very little to say about it. After all, since it become clear at the start of the week that the reform bill would be passed by today, the US Dollar (via DXY Index) has endured a…
