S&P is still higher The tech heavy Nasdaq has turned negative on the day at at 7819.92. That is down -3.8 points or -0.05% . The high extended to 7843.52. The low reached 7803.33 earlier in the day.
Mixed results for the week. The European stocks are ending the session with modest gains on the day: For the week, the results were mixed: In the 10 year debt sector today, yields moved lower today:
Lots of overhead resistance The GBPUSD moved up through channel trend line and the 38.2% and the close from yesterday all around the 1.3202 area. That kept the bulls more in control.
Moves higher this week The Atlanta Fed estimates growth at 3.9%. The New York Fed sees growth at 2.8% ForexLive
Total rig counts up 2 to 1054 The US Baker Hughes oil rig count unchanged at 863 in the current week. ForexLive
GDP forecast moves higher in the current week The New York Fed GDPNowcast estimate for second-quarter GDP growth came in at 2.8%. That is unchanged from last week.
This was hoped to be a source of growth in GDP Fed’s Bostic is on the wires saying their survey shows tax cuts are not changing capital spending. The sharp cut in corporate tax rates were hoped to kick start investment in capital spending.
Atlanta Fed president speaking in Northern Virginia The Atlanta Fed president Raphael Bostic is speaking at a town hall chat in Northern Virginia. He says: ForexLive
Trades in channel The GBPUSD is making a comeback and trades at new NY session highs. The price is still down on the day, but making progress in taking back some of the declines.
Positive tones all around as Europe sees green too ForexLive It’s yet another green day for stocks with the good mood from Asian trading continuing over to Europe. That should continue to keep USD/JPY underpinned on the day. China’s Shanghai Composite ended the day lower by 0.2% but that was the only major bourse the…