That doesn’t sound good for oil prices Reuters reports that the US has asked some OPEC producers to oil output. They haven’t requested a specific figure. raise The breaking report cites three OPEC and industry sources.
Conte makes his first speech as Prime Minister In general, markets make too much of election victories and not enough of first speeches. All kinds of things are said and promises are made during an election but the first few speeches lay out what the real priorities are.
Nasdaq fail after making new all time highs The Nasdaq – which traded to new all time highs – has reversed and trades in the red now. The index reached a high or 7644.48. The index just traded to a session low of 7602.37. The Dow and S&P are also lower.
The pair moves back between the 100 and 200 hour MA The EURUSD has moved to new session lows and now trades between the 100 hour MA at 1.16798 and the 200 hour MA at 1.16634. The early session move to new lows has increased the days range to 55 pips. That still compares to…
Closing changes for the main bourses: Italian shares had been higher for most of the day but tumbled after Conte’s speech. Italian 10-year yields are up 23 basis points to 2.77%.
Bloomberg headline I don’t think too many people were expecting any kind of breakthrough anyway.
The latest on trade negotiations The WSJ that China offered to spend almost $70 billion on US agricultural and energy exports in exchange for abandoning tariffs, citing people familiar.
A quick summary of the price action The dollar was goosed higher on the back of some decent data. The PMI, ISM and JOLTs data all beat expectations. Good news for the US economy. The Nasdaq moved to new record highs. The S&P and the Dow are less impressed. In the debt market, the…
Old high at 7637.26 The better data in the US today, has helped to send the Nasdaq to a new all time high for the year. The index is up about 33 points to 7640 now. The high reached 7644.479. The prior all time high from March 13th was at 7637.26.
Canadian dollar under heavy pressure USD/CAD is up a whopping 130 pips today on NAFTA uncertainty and oil price declines. The pair has hit a fresh round of stops after strong US ISM non-manufacturing data, taking the price above the May high of 1.3047 and to 1.3067. That’s the highest since March 21.