That is Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, during CNBC’s “Squawk Box” segment on Friday, expressing nearly unfettered optimism about the path forward for the U.S. stock market, despite a historically bad jobs report.
Friday’s monthly r
Job losses in April at 4 million to equal 20% of the labor force.
Unemployment rate forecast to soar to 18%.
Canadian economy essentially closed on virus effort.
USD/CAD falls on US Treasury yield decline after US initial claims report.
Canada stands to have forfeited a fifth of its employment in o
Gold prices gradually recover from the intraday low.
US President Trump cites an intelligence report suggesting China’s mishandling of virus outbreak, threatens to end the trade deal.
Concerns surrounding additional stimulus from the US, New Zealand act as the latest catalysts.
A light economic cale
The 4-week moving average of initial unemployment claims exploded to 2.606M, up from 213,000 last month.
Here is the potential market reaction to the release NFP data. From what i see it, the reading would be about -137k, which would make it a neutral USD.
Crude oil prices steadied in Asia Pacific trade on Wednesday having fallen to four-year lows in the previous session as investors continued to fret the effects of coronavirus on economic performance and, therefore, demand for energy.
A fall in US stockpiles reported by the American Petroleum Institu
Gold prices carry the bounce off 200-bar SMA.
A short-term descending trend line from late-February portrays bullish chart formation.
An upside break will escalate recovery moves beyond the $1,700 mark.
Despite repeated failures to take-out a short-term resistance trend line, Gold prices remain 0.0
USD/JPY's early gains have been reversed by key trendline hurdle.
The hourly chart bullish indicator divergence is still valid.
USD/JPY is trimming gains, having failed to take out the resistance of the trendline rising from Feb. 2 and Feb. 18 lows.
At press time, the trendline resistance is see
Market moods turned sour again today as outbreak of the coronavirus seems to be getting more serious outside China. In particular, South Korea cases surged by 52 to 156. In China, there were 889 new confirmed cases yesterday, with total accumulated cases rose to 75465. China’s Science and Technology
Manufacturing PMI positive for first time in six months.
First expansion in new orders since July, export purchases rise.
Poll conducted during the January China health crisis.
The US manufacturing sector ended its five month contraction in January as the new orders, export orders and production me
Analysts at TD Securities are looking for UK’s retail sales to post a +0.6% MoM gain in December (market 0.4%), reversing their loss of the same size from November.
“This still leaves UK retail trends looking much weaker than they were in H1 2019, with a 6m growth rate of zero. Despite so
USD/CAD stays above 23.6% Fibonacci retracement for over a week.
200-bar SMA, monthly top and December 18 low restrict immediate advances.
USD/CAD takes rounds to 1.3050 while heading into the European session on Friday. In doing so, the pair remains above 23.6% Fibonacci retracement of its gradual
USD/JPY has recovered from session lows on reports stating no or very few US casualties in Iran attack.
The bid tone around yen has weakened on hopes of de-escalation of US-Iran tensions.
A break above 108.63 is needed to confirm an immediate bullish reversal.
Weekly chart indicators are biased b
Japan's Nikkei share average falls more than 2 pct after US says Iran launched missiles against US forces in Iraq as Reuters news reports in the open.
USD/JPY declines 40 pips to 108 as Iran takes revenge of Soleimani's killing by the US
More to come...
Strong risk appetite dominates Asian session today, partly as follow through buying from US, and partly on trade optimism. Commodity currencies are trading generally higher, as led by New Zealand Dollar rand then Australian. On the other hand, Swiss Franc and Yen are the weakest ones for now. Dollar