The preliminary set of July’s German CPI figures headlines the economic calendar in European hours. The headline year-on-year inflation rate is expected to tick down to 1.5 percent, revisiting the six-month low set in May. A weaker outcome echoing a sting of disappointing data in recent weeks may hurt the case for ECB stimulus reduction. That may weigh on the Euro, though it has been remarkably resilient lately. The spotlight then turns to the second-quarter US GDP report. Consensus forecasts see the annualized growth rate accelerating to 2.7 percent from 1.4 percent in the three months through March. Unlike the Eurozone, recent US e...
In 2016, the world’s worst-performing stock market (in dollars) was Nigeria. 2017 is a very different picture for the African nation… Having politely refused OPEC’s demands to cut crude production, Nigerian stocks have rallied for 16 successive days, a feat last accomplished in 2001… As Bloomberg notes, the benchmark index is up almost 50 percent since early March, the best globally. Traders are reportedly betting the economy will soon emerge from a recession and a foreign-exchange shortage will end thanks to a new currency-trading window for investors. Or maybe the ‘dash for trash’ has gone global...
It’s Friday in the Wall Street Daily nation. For the new kids on the block hanging tough, that means it’s time to go to the charts. Each week, I cull together a collection of graphics to convey some important and timely investing insights. And this go-round, I’m covering the most hated bull market in history, the not-so-almighty dollar and the new age of electrification. Without out further ado… No Bull? After years of rallying stock prices, it’s natural to wonder — how long can this last and how high can this go? Turns out that the answer is a lot longer — and a lot higher. That is, if history is any guide: Although the curre...
EUR/USD 4 hour The EUR/USD turned near the quarter resistance level of 1.1750 and top of the bullish channel (red/blue), which could complete the wave 5 (orange). If price manages to break above the previous top, then a larger trend continuation within wave 5 (orange) is still possible towards 1.18, 1.1850, and 1.20. 1 hour The EUR/USD could be building a larger correction via an ABC (purple) or price could have made a retracement back to support via a wave 1-2 (grey). USD/JPY 4 hour The USD/JPY bounced at the Fibonacci levels of wave 4 (orange) but price failed to break below the bottom (green line). A bearish breakout could price move towar...
Earnings season is upon us, which means that countless publicly traded companies continue to release quarterly earnings reports, updating investors on the company’s financial results and providing insight on how the economy has performed throughout the past quarter. However, the insane amount of press releases during earnings season make it easy to for investors to become lost in the ocean of reports. Fortunately, the Zacks Earnings Calendar lists each company that is expected to report earnings on any given calendar date, making it a useful organizational tool for any investor. With that said, let’s break down a few of the most importa...
Summary: Eurozone flash PMI slips for the second consecutive month, at a 6-month low Eurozone flash composite output index in July was at 55.8, compared to 56.3 in July Eurozone flash services PMI at 55.4, unchanged Eurozone flash manufacturing PMI at a 6-month low at 56.9 Germany and France private sector activity weaker in July In what could be a sign that the growth momentum in the eurozone could be slowing, Markit’s flash Purchase managers index (PMI) surveys signaled a slowdown for the second month in a row for July. Still, despite the slowdown, activity remains at one of the strongest paces of expansions in over six years. Data from I...
Poor Mark Cudmore. A few hours ahead of Wednesday’s decidedly dovish Fed statement, the former trader made a rather bold call. Specifically, he said this: The Fed’s poised to ignite a violent dollar rally. And in case that wasn’t clear enough, he elaborated as follows: Dollar risks are starting to seem skewed all one way: toward an immediate rally. Several hours later, this is what happened: That was of course the result of a Fed that not only came across as cautious on the outlook for inflation, but also a committee that appeared to give themselves an “out” on September balance sheet normalization. The greenback managed to re...
Our last Stock Exchange looked at consumer discretionary spending. If you missed it, a glance at your news will show that the key points remain relevant. This Week – Amazon Apocalypse in Retail? Amazon (AMZN) made waves again last week with its announcement that it would partner with Sears (SHLD) to sell Kenmore branded appliances. The announcement sent shares of competing appliance sellers like Best Buy, Home Depot, Lowe’s, and Whirlpool tumbling (BBY, HD, LOW, WHR) while bolstering Sears. Best Buy and Home Depot have acquired a reputation with some as being relatively ‘Amazon-Proof’, and for investors with such opinions these moves ...
Gold prices ended Thursday’s session down $1.57, pressured by the dollar’s bounce on better-than-expected U.S. economic data. XAU/USD tested the support at $1255 after a report from the Commerce Department showed demand for durable goods jumped 6.5% in July. Investors will be looking ahead to the U.S. Q2 advance gross domestic product report due out later today. XAU/USD is trading above the Ichimoku clouds on the weekly and the 4-hourly charts. We have positively aligned Tenkan-Sen (nine-period moving average, red line) and Kijun-Sen (twenty six-period moving average, green line) lines on both the daily and 4-hourly charts, along with Chi...