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EUR/USD: remains strong despite recent sell off
Information is not investment advice
XAU/USD: Gold facing a further consolidation above 61.8% retracement area. Bulls have returned recently
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
US Market View
The Nasdaq was set to open at a record high on Thursday, boosted by shares of Tesla (NASDAQ:TSLA) and other top-shelf technology firms as data showing fewer weekly jobless claims pointed to a steady recovery in the labor market. Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.
A separate report from the Commerce Department on Thursday confirmed economic growth accelerated in the first quarter, thanks to the massive fiscal stimulus. Tesla Inc rose 2.8% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing. So far this week, the value index, which includes economy-linked energy, financial and industrial stocks, and its tech-heavy growth counterpart are both up almost 1.8% following the Federal Reserve's hawkish forecast from a week ago.
The S&P 500 growth index is up 3.9% so far in June and has gained 9.9% for the quarter, compared to the value index, which dropped 2.23% this month.
New orders for key U.S.-made capital goods unexpectedly fell in May, likely held back by shortages of some products, but a solid increase in shipments suggested business spending remained strong in the second quarter. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department said on Thursday. These so-called core capital goods orders jumped 2.7% in April. Economists polled by Reuters had forecast core capital goods orders rising 0.6%. Orders increased 16.3% year-on-year in May.
-The Biden administration on Wednesday ordered a ban on U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry Co over forced labor allegations, two sources briefed on the matter said. The U.S. Commerce Department separately restricted exports to Hoshine, three other Chinese companies and the paramilitary Xinjiang Production and Construction Corps (XPCC), saying they were involved with the forced labor of Uyghurs and other Muslim minority groups in Xinjiang.
USA Key Point
- The S&P and NASDAQ open up at new record highs.
- Fed's Harker: US economy is largely in good shape.
- EURUSD building more value above swing area near 1.1920-25.
- Fed's Barkin: Price pressure will ease in Q4.
- GBPUSD trades above and below 100 hour MA after post BOE move lower.
- Belgian June business sentiment hits record high at +9.8 vs +6.5 prior
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus