Author: Greg Michalowski

Up $.57 or 1.25%

US crude oil futures are settling the day at $46.34 per barrel that is up $.57 or 1.25%.

The high price today extended to $46.48.
The low price fell to $45.40.


Technically, The price is closing above its 100 hour moving average at $46.28 (see blue line in the chart below), but below its 200 hour moving average (green line in the chart below) at $46.53.  Look for a momentum break of either MA level to provide the next bias for traders.  

Saudi Arabia announced today that they would look to lower exports by about 1 million barrels versus last year's levels. That news help support the price in trading today.


 

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Author: Greg Michalowski
5

CSNB Jordan: CHF still significantly overvalued

Jordan's comment in Le Temp He adds: The comments are in line with what is standard. Technically, the EURCHF trades around 1.1000. The high for the year has reached 1.1087. The highs from 2016 reached 111.28 and 1.1198.  The low in 2016 reached 1.06321. The low in 2016 reached 1.0618.  

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Author: Greg Michalowski

Kushner to give statement at WH after meeting with Senate leaders

Meeting with Senate Intelligence Committee The meeting was not under oath.  In his pre-release comments he said: "I had no improper contacts. I did not collude, nor know of anyone else in the campaign who colluded, with any foreign government."

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Author: Greg Michalowski
1

USDCAD overstretched. So says SocGen

Tentative pause ahead Societe Generale FX technical strategy research, sees the 1.2460-1.2500 area as a crucial level and as such think that a tentative pause can't be ruled out once this is achieved.  Weekly stochastics has now reached a pivotal floor.

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Author: Greg Michalowski

European stocks end the session mixed

10 year European yields little changed The European major stock indices are ending the day mixed: The 10 year note yields are a little changed:

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Author: Greg Michalowski
5

Forex technical analysis: USDJPY breaks below support target but recovers

Failed twice below 1.1096-1.1100 Last week, the USDJPY fell below the 200 day MA (green line), the 100 day MA (blue line), and the 50% of the move up from the June low in the 111.65-95 area today (see green and blue lines in the chart below).  That was a bearish play, and the sellers on Friday took the price down to test the 61.8% retracement at 110.967, as well as the 111.00 natural support level (the low reached 111.00).  

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Author: Greg Michalowski
5

USDCAD takes a look below 1.2500. Snaps back.

Reaches a low of 1.2483 The USDCAD took a look below the 1.2500 on its way to a low of 1.2483, but we are seeing a snap back higher. On the break, the pair did move below a lower trend line right around the 1.2500 level (1.25016 is the level now), but we are now trading back above.  

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Author: Greg Michalowski
2

Forex technical analysis: GBPUSD stalls at May highs

Resistance holds on the 1st test The GBPUSD stalled at the May 2017 high in the London morning session. That high in May came in at 1.30471. The high today reached 1.3048.  Close enough.  

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Author: Greg Michalowski
3

US stocks opening mixed but little changed

Trading around the unchanged levels In early trading, the major indices are trading little changed. US yields area up about 1-1.5 bps

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Author: Greg Michalowski

Forex technical analysis: EURUSD down on day, but a modest decline

It is staying below the Friday close on rebounds The EURUSD closed on Friday at 1.16606.  Looking at the price action today off the 5-minute chart, the pair fell below that unchanged line in the London session and has stayed below that line.  The 200 bar MA on the 5-minute chart comes in at 1.16614 - just above that level.  For intraday traders, that area divides more bullish (above) to more bearish (below).

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Author: Greg Michalowski

A look at the major earnings this week

Some 150 S&P companies are reporting Here are the highlighted earnings releases this week Monday: Alphabet (after the close.  Halliburton, Arconinc, Hasbro have already announced.

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Author: Adam Button
4

Jared Kushner will meet with the Senate today behind closed doors

The meeting won't be public Jared Kushner earlier today where he denied any ties to Russia or collusion. released a statement "I did not collude, nor know of anyone else in the campaign who colluded, with any foreign government. I had no improper contacts," Kushner said in advance of meetings with the Senate and House.

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Author: Adam Button

May Canada wholesale trade sales +0.9% vs +0.5% expected

Wholesale sales and inventory data for May - Prior was +1.0% (revised to +0.8%) - Slaes +10.1% y/y - Sales ex-vehicles and parts +0.8% - Inventories +0.6% - Prior inventories +0.8% (revised to +1.0%) The revision takes a bit of shine off the headline but it's a good report overall and continues to streak of great Canadian numbers that started early in 2017.

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Author: Greg Michalowski

The strongest and weakest currencies as NA traders enter for the day

The AUD is the strongest. The NZD is the weakest.   The AUDNZD is at it again today.  After falling sharply on Friday, the AUDNZD is rising sharply today.  With the AUD the strongest currency today and the NZD the weakest, the AUDNZD is the biggest mover (+0.65%). The greenback is mixed (but more down) with the dollar down against the GBP (-0.31%), the JPY (-0.28%), AUD (-0.39%) and CAD (-0.08%), and higher against the NZD (+0.21%), EUR (+0.14%) and CHF (+0.05%).

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Author: Adam Button
2

What's coming up in North American trading

US and Canadian data ahead Canadian wholesale sales are due at the bottom of the hour but it's US manufacturing and housing data later that's the only real point of interest for markets.

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Author: Mike Paterson
1

Tarullo says risk of runaway inflation seems quite modest

Former US Fed board member Daniel Tarullo talking to Bloomberg 24 July - Fed may want to start balance sheet regardless of chair - concerned about weakening of CFPB, capital levels Tarullo resigned in April this year having served since 2009 appointed to the Board by President Obama for an unexpired term ending January 31, 2022. During his time on the Board, he served as Chairman of the Board's Committee on Supervision and Regulation. He was also Chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation.

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