EURUSD USDJPY: GBPUSD: USDCHF: USDCAD: AUDUSD and NZDUSD This article was written by Greg Michalowski at www.forexlive.com ..read more

US stocks close the week with gains on the day. S&P and Nasdaq lower for the week. Next week will be the Grand Daddy of the earning calendar this quarter Baker Hughes oil rig count +5 to 482. ECBs Schnabel:Services inflation showing last mile in inflation fight especially difficult European shares bounce back. Mixed performance for the week. Initial Atlanta Fed GDPNow growth tracker comes in at 2.8% University of Michigan consumer sentiment for July 66.4 versus 66.0 estimate (and prelim) Kickstart the FX trading day for July 26 w/a technical look at the EURUSD, USDJPY & GBPUSD US Core ..read more

The US stocks have closed the week with gains on the day. The S&P and the Nasdaq remain lower on the week. The Dow and the small-cap Russell 2000 closed higher with the Russell 2000 the best performer on the rotation on hopes lower rates would help those companies going forward. The final numbers are showing: Dow industrial average rose 654.27 points or 1.64% at 40,589.35. S&P index rose 59.86 points or 1.11% at 5459.09 NASDAQ index rose 176.16 points or 1.03%17357.88 The small-cap Russell 2000 rose to 37.08 points or 1.67% at 2260.06. For the trading week: Dow Industrial Average av ..read more

The US stocks are moving lower with the broader S&P and Nasdaq indices below the midpoint of the days trading ranges. The indices still remain higher on the day, but in a week that has seen sharp moves lower, the leaking back to the downside is a disappointment. Looking at the Nasdaq, it is still up 144 points or 0.88%, but was up 272 points at the high with a low at +58 points. Technically,the price is trading back below the 38.2% at 17353. That level will be a barometer for buyers and sellers. The S&P was up as much as 89 points and as low as up 31.47 points. It is currently up 55 po ..read more

Next week will be a key earnings release week. 4 of 7 of the Magnificent 7 will be released with Microsoft, Meta Platforms, Apple and Amazon all scheduled to report. As if that wasn't enough, McDonald's, Pfizer, Merck, AMD, Starbucks, Boeing, Qualcomm, Intel, Exxon Mobil and Chevron will also report. Monday Before Open: McDonald's Phillips After Close: Tilray Tuesday Before Open: SoFi Pfizer PayPal BP P&G Corning Merck After Close: AMD Microsoft Starbucks Pinterest Wednesday Before Open: Boeing Kraft Heinz Altria After Close: Meta (Facebook) Qualcomm Carvana Lam Research Western ..read more

The Baker Hughes rig count for the current week is showing: Oil rigs +5 to 482 Gas -2 to 101 Total rigs, +3 to 589 The price of crude oil is down $1.28 on the week or -1.63%. Looking at the daily chart, the price of crude oil remains below the 200-day MA (green line) at $78.66. The high price today reached $78.60 just below that level. Getting above the 200-day moving average would give the buyers some added confidence. Staying below the level keeps the sellers in play and more in control. This article was written by Greg Michalowski at www.forexlive.com ..read more

The USDCHF moved lower this week helped by flight to safety flows after strong selling in the equity markets. That move lower, took the price back below its 200 day moving average near 0.8883, and the 38.2% retracement of the move-up from the December low also at that level. More momentum took the price below a swing area near 0.8819, and when that was broken, down to the 50% midpoint of the same move higher from the December 2023 low at the 0.8777 level. Technically, buyers leaned against that level - helped by rebounding stocks today - and the price of the USDCHF has moved back above the afo ..read more

ECBs Schnabel is speaking and she says: services inflation is showing that the last mile inflation fight is especially difficult Some data was not quite in line with projections. The ECB is not on a predetermined path. A first cut does not imply a series of cuts. Freight costs, protectionism could drive inflation. Pace and extent of ECB rate cuts will depend on the data Closely watching sticky services prices This article was written by Greg Michalowski at www.forexlive.com ..read more

The major European indices have bounced back in trading today with all the indices higher. A snapshot of the closing levels shows: German DAX, +0.68% France CAC +1.22% UK FTSE 100 +1.21% Spain's Ibex +0.18% Italy's FTSE MIB +0.12% For the trading week, most of the indices were higher with the exception of Italy's FTSE MIB German DAX +1.38% France CAC, -0.22% UK FTSE 100, +1.59% Spain's Ibex, +0.71% Italy's FTSE MIB, -1.09% In the European debt market yields move lower today, Looking at the benchmark 10 year yields: Germany, -3.0 basis points at 2.403%. For the trading week, yields fell -6 ..read more

The Atlanta Fed GDPNow growth tracker for Q3 is out with its initial estimate. It sees Q3 growth at 2.8%. In their own words: The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.8 percent on July 26. The initial estimate of second-quarter real GDP growth released by the US Bureau of Economic Analysis on July 25 was 2.8 percent, 0.2 percentage points above the final GDPNow model nowcast released on July 24. The next GDPNow update is Thursday, August 1. Please see the "Release Dates" tab below for a list of upcoming releases ..read more