by Philip Pilkington The other day my friend Rohan Grey – a lawyer and one of the key organisers behind the excellent Modern Money Network (bringing Post-Keynesian economics to Columbia Law School, yes please!) – directed me to an absolutely fascinating piece of writing. It is called ‘Taxes For Revenue Are Obsolete’ and it was written in 1945 by Beardsley…
Gold prices dropped $7.98 an ounce on Tuesday, pressured by climbing stocks and a strong dollar. Some chart-based selling was also behind gold’s 0.59% drop yesterday. XAU/USD headed back to the anticipated support in the $1329-$1328 area after the market failed to climb above the 4-hourly Ichimoku cloud. The market will focus on upcoming economic…
Yesterday, oil prices marked their sharpest one-day decline since February, following the markets as a whole. By 2:30 P.M. Eastern, the West Texas Intermediate (WTI) had dropped 3% for the day, while Brent was down 2.3%. Before Monday’s drop, both WTI and Brent were in the middle of an impressive rally – WTI had been…
The Aussie continued to climb this morning following the release of the retail sales. For the month of February, the MoM retail sales increased by 0.6%, which was higher than the 0.3% and last month’s 0.2%. This was a surprising increase coming a day after the Reserve Bank of Australia (RBA) left interest rates unchanged….
Wednesday’s stock picks: Long Square (SQ) Long Microsoft (MSFT) Short Huntington Bancshares (HBAN)
USD/JPY 4 hour The USD/JPY seems to be building a larger consolidation zone, which could be explained by a wave 4 correction (blue). Price did break above a resistance trend line (red) but still remains below shallow Fib levels such as the 38.2-50% Fibs. A bullish break above those levels would change the wave perspective…
USDCAD broke below 1.2803 support, suggesting that the downside movement from 1.3124 has resumed. Further decline could be expected in a couple of days and next target would be at 1.2650 area. Resistance levels are at 1.2860 and 1.2948, only break above these levels could signal completion of the downtrend.
The US Dollar put in a rather mixed performance on Tuesday, though it did rise towards the end of the day alongside local front-end government bond yields. There, sentiment improved on reports that the White House is not pursuing Trump’s attacks on Amazon. Perhaps a lack of critical event risk alongside a better mood paved the way for…
Asian stocks are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.09% while the Hang Seng is down 0.08%. The Shanghai Composite is trading up by 0.72%. Overnight US stocks closed with gains as investors looked forward to earnings season. Back home, India share markets opened the day on a flat note. The BSE Sensex is trading higher…
S&P 500 The S&P 500 rallied a bit during the trading session on Tuesday, breaking above the 2600 level. Ultimately, I think that the market should continue to reach towards the 2680 level, an area that is resistance. If we can break above the top of that level, then we should go looking towards the…
