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White House: Will keep options open for more Iranian sanctions
White House: Will keep options open for more Iranian sanctions

White House: Will keep options open for more Iranian sanctions

385005   April 19, 2024 00:02   Forexlive Latest News   Market News  

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European major indices closing higher
European major indices closing higher

European major indices closing higher

385000   April 18, 2024 23:40   Forexlive Latest News   Market News  

Major European indices are closing higher for the second . The gains are led by the Spain’s Ibex which rose by 1.3%.

A look at the final numbers shows:

  • German DAX, +0.45%
  • France CAC, +0.55%
  • UK FTSE 100 +0.44%
  • Spain’s Ibex was 1.30%
  • Italy’s FTSE MIB +0.74%

As London/European traders headfor the exits, US stocks are also higher:

  • Dow industrial average up 261.43 points or 0.69% at 38013
  • S&P index up 24.45 points or 0.49% at 5046.85
  • NASDAQ index up 73 points or 0.46% at 15756.37
  • Russell 2000 up +20.77 points or 1.07% at 1968.72

The gains come despite higher yields in the US after NY Fed Pres. Williams did not shut the door on the potential for a rate hike if needed. Having said that, he said that “rates were at a good place”.

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US leading index for March -0.3% versus -0.1% estimate
US leading index for March -0.3% versus -0.1% estimate

US leading index for March -0.3% versus -0.1% estimate

384991   April 18, 2024 22:05   Forexlive Latest News   Market News  

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US existing home sales for March 4.19M versus 4.20M estimate
US existing home sales for March 4.19M versus 4.20M estimate

US existing home sales for March 4.19M versus 4.20M estimate

384988   April 18, 2024 22:02   Forexlive Latest News   Market News  

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US stocks open mixed. NASDAQ is lower. S&P is near unchanged.
US stocks open mixed. NASDAQ is lower. S&P is near unchanged.

US stocks open mixed. NASDAQ is lower. S&P is near unchanged.

384985   April 18, 2024 21:45   Forexlive Latest News   Market News  

US stocks are opening mixed with the NASDAQ lower. The S&P is trading above and below unchanged. The Dow industrial average is marginally higher. A snapshot of the market eight minutes into the open is showing:

  • Dow industrial average up 84.29 points or 0.22% at 37837.61
  • S&P index is down -6.51 points or -0.13% at 5015.71.
  • NASDAQ index is down -50.60 points or -0.32% at 15632.77.

The small-cap Russell 2000 indexes up 0.21 points or 0.01% at 1948.16.

For the trading week:

  • Dow industrial average -0.24%
  • S&P index -2.02%
  • NASDAQ index -3.35%
  • Russell 2000-2.69%

US yields have moved higher after the stronger than expected Philadelphia Fed index. The initial and continuing jobless claims were steady and indicative of a solid employment picture. NY Fed Pres. Williams reiterated that policy is a good place and that the Fed is not very to cut rates.

  • 2-year yield 4.975%, +4.3 basis points
  • 5-year yield 4.660%, +4.3 basis points
  • 10-year yield 4.622%, +3.7 basis points
  • 30 year yield 4.720%, +2.2 basis points

in other markets:

  • crude oil is trading down six cents at $82.62.
  • Gold is trading at $17.30 or 0.73% at 2377.28
  • Bitcoin is trading at $62,331

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US initial jobless claims 212K vs 215K estimate
US initial jobless claims 212K vs 215K estimate

US initial jobless claims 212K vs 215K estimate

384962   April 18, 2024 20:35   Forexlive Latest News   Market News  

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Philly Fed April manufacturing business index +15.5 vs +2.3 expected
Philly Fed April manufacturing business index +15.5 vs +2.3 expected

Philly Fed April manufacturing business index +15.5 vs +2.3 expected

384959   April 18, 2024 20:33   Forexlive Latest News   Market News  

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Philly Fed and initial jobless claims coming up
Philly Fed and initial jobless claims coming up

Philly Fed and initial jobless claims coming up

384956   April 18, 2024 20:17   Forexlive Latest News   Market News  

The week is breezing by but nerves are increasingly frayed after 4 consecutive declines in US equities. Today’s highlight is the duo of the Philly Fed (shown above) and initial jobless claims, both at the bottom of the hour.

There are sign of softening in the US jobs market but that hasn’t shown up yet in claims. Could today be the day? The consensus is 215K, up from 211K last week.

Later we get existing home sales at 10 am ET and a 5-year TIPS auction. The Fed calendar includes Williams at 9:15 am ET and Bostic at 11 am ET.

After the close, we get earnings from Netflix.

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ForexLive European FX news wrap: Currencies muted on lack of meaningful data
ForexLive European FX news wrap: Currencies muted on lack of meaningful data

ForexLive European FX news wrap: Currencies muted on lack of meaningful data

384955   April 18, 2024 19:45   Forexlive Latest News   Market News  

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Dollar’s dominant status as world’s reserve currency set to endure – Morgan Stanley
Dollar’s dominant status as world’s reserve currency set to endure – Morgan Stanley

Dollar’s dominant status as world’s reserve currency set to endure – Morgan Stanley

384948   April 18, 2024 18:49   Forexlive Latest News   Market News  

Morgan Stanley says that the dollar’s dominant status as the world’s reserve currency is set to persist. That is in part due to its credible challengers, such as the Chinese yuan, being rather lacking at the moment.

While there have been some concerns about the dollar’s reign at the top recently, Morgan Stanley argues that the greenback can still hold its own. That despite worries about US debt levels and some signs of reserve managers diversifying away from the dollar.

“We expect USD’s dominant reserve currency status to endure despite ongoing challenges from an increasingly multipolar world. This supports our current preference for USD and should provide long-term support, though periods of weakness are to be expected on cyclical conditions and valuations.”

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German economy likely expanded in Q1 – Bundesbank
German economy likely expanded in Q1 – Bundesbank

German economy likely expanded in Q1 – Bundesbank

384940   April 18, 2024 18:05   Forexlive Latest News   Market News  

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USD/JPY stays underpinned for now with watchful eyes on 155 mark
USD/JPY stays underpinned for now with watchful eyes on 155 mark

USD/JPY stays underpinned for now with watchful eyes on 155 mark

384928   April 18, 2024 16:45   Forexlive Latest News   Market News  

Even with the drop in Treasury yields yesterday, it did little to faze price action in USD/JPY. The pair remains underpinned but buyers are not gathering enough courage to take things further. For now, the 155.00 hurdle remains one step too far after all the verbal intervention by Japanese officials. But still, the chart shows that buyers remain poised and are keeping in near-term control.

USD/JPY hourly chart

The consolidative mood just under 155.00 is reminiscent of when price action was hovering just below the 152.00 mark for roughly two weeks. What traders need is some form of impetus or trigger point to really bolster the case for the next leg higher in the pair.

That being said, just be mindful that with each and every step higher, we are definitely pushing the threshold on Tokyo intervention.

For now, the near-term chart above shows that buyers are still in control. That is seen as price is holding just above 154.00 with the 100-hour moving average (red line) being defended as well.

But without any real trigger points, it would really take some nerve to go wandering closer to 155.00 at this stage. As such, the pair could find itself caught in this range for quite a bit over the next week or so.

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