At ForexLive, we work in the news business and I make it our mission to deliver news and analysis that can help people make money in financial markets, or at least understand what's going on. I've always gravitated towards financial news because it's the one industry where there's a scorecard. You can still get away with lies for a time (probably for too long) but if the profits or jobs don't materialize, then there's a price to pay. Ultimately though, you get paid to be right and by having a worldview that reflects reality. Unfortunately, long-term thinking (and investing) are in decline. All ..read more

The US major stock indices surged higher today led by the NASDAQ index which rose over 2.0%. The catalyst was lower than anticipated core PCE data released by the Federal Reserve. That inflation measure is the favor measure of inflation by the Fed. Given the GDP day yesterday with the quarterly core PCE data higher than expectations, the fear was a surprise to the upside today. The MoM came in as expected 0.3%. There was rumblings of a +0.4 – +0.5% level after the data yesterday. The final numbers today are showing: Dow Industrial Average average of 153.84 points or +0.40% at 38239.67. S& ..read more

The EURJPY has reached a high of 168.8942. That is down the price within the 100 pips of the high price going back to July 2008 at 168.941. Trading above that level would take the pair to the highest level since September 1992. Traders may look to lean against the high ceiling area from 2008 with stops on a break above (see red number circles in yellow area on the chart above). However, if it is like the USDJPY, be careful. The USDJPY moved above the 155.00 level this week (on Wednesday) and apart from a flush out immediately after the rate decision today, has been trending higher. The USDJPY ..read more

The price of the WTI crude oil settled on Friday at $83.85. The price settled up $0.28 or 0.34%. The high-price today reached $84.46. The low price was at $83.35. For the trading week, the price is trading higher by $1.54 or 1.87%. The Baker Hughes weekly rig count showed a decrease in total rigs to 613 from 619, with oil rigs down by five to 506, and natural gas rigs moved down by one to 105. Concerns about a "Rafah operation," remains a potential geopolitical risk. Meanwhile, the tensions between Iran and Isreal have abated. This article was written by Greg Michalowski at www.forexlive.com ..read more

Next week, the Federal Reserve rate decision will take place on Wednesday, May 1 at 2 PM ET followed by the press conference scheduled for 2:30 PM ET. That rate decision will highlight the economic releases and events for the trading week starting April 29. Also on the economic calendar: Monday, April 29 German CPI. Estimate 0.6% Tuesday, April 30 China PMI. Expectations 50.3 versus 50.8 last month Canada GDP MoM (8:30 AM ET). Estimate 0.3% versus 0.6% last month. US employment cost index for the first quarter (10 AM ET). 1.0% versus 0.9% last quarter US consumer confidence (10 AM ET). Esti ..read more

An earthquake is being reported in Taiwan's capital Taipei. Details are limited at the moment. UPDATE: The magnitude is reported at 5.6 and 6.1 There are no reports of damage This article was written by Greg Michalowski at www.forexlive.com ..read more

The NZDUSD this week moved higher on Thursday and moved up to test the 50% midpoint of the April trading range at 0.59668, before backing off on the stronger US GDP and price data. The price retraced the entire move to the downside with momentum in the Asian session today. That follow-through upside move took the prize back up to the 50% midpoint level where traders banged against the level on a number of different hourly bars in both the Asian and European morning session. However, the price could not push through that midpoint level with much momentum, and the price has since rotated to the ..read more

The USDJPY has and continues to make new highs going back to 1990. Today, the GBPJPY joined the USDJPY in making a new multi-year high. For the GBPJPY, it traded to its highest level since September 2008 (highest level in 2008 or nearly 16 years). Looking at the monthly chart above, the price moved above the June 2015 high at 195.87. The high-price today has reached 197.0355. Looking at the monthly chart above, the 61.8% retracement of the range since the 2007 high comes in at 199.808 (close to the natural resistance at 200.00). This week, the GBPJPY rose 3.05% or 582 pips. Both of those repre ..read more

The Baker Hughes rig count for the current week shows: Oil rigs: 506 vs 511 Natural gas rigs:105 vs 106. Total rigs: 613 vs 619 last week Crude oil is trading up $0.22 at $83.80. For the trade week, price of crude oil is up $1.72 or 2.09%. This article was written by Greg Michalowski at www.forexlive.com ..read more

Major European indices closed today with gains led by the Spanish Ibex which rose 1.56% and the German DAX which rose 1.36%. The major European indices were also higher for the trading week. A review of the gains today showed: German DAX, +243.73 points or 1.36% at 18161.02. France CAC +71.59 points or 0.89% at 8088.25. UK FTSE 100 rose 60.99 points or 0.75% at 8139.84. The index closed at record levels this week. Spain's Ibex rose 170.90 points or 1.56% at 11154.61 the index closed at its highest level August 2015 Italy's FTSE MIB rose 310.02 points or 0.91% at 34249.76. For the trading wee ..read more