Pair tests support area The AUDUSD is getting hit on the back of the rumblings that Pres. Trump is wanting to enact the $200B of tariffs on China. The price has moved to new session lows and tests the 200 hour MA and 50% retracement at the 0.7156 and the 100 hour at 0.71484.
Western Canada Select is at a $36.00 discount Recent numbers from Statistics Canada showed an 11% increase in Canadian oil production in the past year yet pipeline capacity continues to lag.
According to 4 people familiar A report from 4 people familiar with the situation, Pres. Trump told aides to proceed with the $200B of additional tariffs on China exports to the US. This is on top of the $50B already being enacted.
German Dax leads the way The European major stock indices are ending the week/day with gains: For the week: A snapshot of the forex market shows the USD is the strongest of the majors and the EUR is the weakest.
EUR/USD hits stops The euro is at the lows of the day, down 60 pips to 1.1630. There aren’t any new headlines behind the drop. The first leg of the fall came on the Trump-China headlines but this is a fresh leg and it’s euro-centric with EUR/CHF also falling to a one-week low.
The greater fool theory explains almost every bubble Some things have an intrinsic value. The most-obvious example is a stock with a dividend. The absolute floor for an equity is its dividend and so long as their is a profitable business behind it, the value is a multiple of that dividend.
Forex news for North American trade on September 14, 2018: Markets: – Gold down $7 to $1194 – WTI crude up 35-cents to $68.93 – US 10-year yields up 2.4 bps to 2.99% It was a full day of headlines on Friday with the main one a report that Trump has told his cabinet yesterday…
Nasdaq leads the gains for the week The major US indices are ending the day with modest gains. For the week, the major indices are ending the week with gains. The Nasdaq led the major indices in the US with at 1.36%. The Dow was the laggard but still rose 0.92%.
Commitment of traders report for the week ending Sept 11, 2018. – EUR long 11K vs 8K long last week. Longs increased by 3K in – GBP short 61K vs 70K short last week. Shorts trimmed 9K
White House statement cited by Reuters The White House says the President has been clear that he and his administration will continued to take action to address China’s unfair trade practices.