Forex news for trading in NY on April 24, 2018.
- Gold looks toward the 100 day MA nd . Key technical level.
- Trading education: Fear is up as the stocks tumble. How can you deal with fear in trading?
- Canada's Freeland: We are in intensive stage of NAFTA talks
- US stocks continue to slide. Dow down near 500 points
- Audio recap: Tuesday's key takeaway
- Trump/Macron press conference: Want full de-nuclearization of N. Korea
- Trump/Macron press conference: Want de-nuclearization of N. Korea
- US treasury sells 2 year note at 2.498% vs. 2.493% before auction
- Highlights from Trump/Macron opening remarks from press conference
- USDJPY moves back below the 100 day MA
- EURCHF moves back toward 1.2000 after bouncing off 200 hour MA
- European stocks end the session mixed. A snapshot of the markets as Europe exits.
- Trump: Trade with France is complicated as EU has trade barriers that are unacceptable
- Trump: Iran will have bigger problems if it restarts nuclear program
- Mexico's Guajardo: No guarantees NAFTA deal can be reached
- Bitcoin trades above the 100 day MA for the first time since late January
- US March new home sales 694K vs 630K expected
- US April consumer confidence 128.7 vs 126.0 expected
- Richmond Fed manufacturing index for April -3 vs 16 expected.
- Citi/YouGov poll: UK inflation expectations for next 5-10 years rises a touch
- Mexico's Kalach says NAFTA nearing last leg of negotiations
- EU trade chief Malstrom: US metal tariffs breach WTO rules
- Belgian April business confidence +1.0 vs +0.1 prior
- US February Case-Shiller 20-city house price index +0.83% vs +0.68% m/m expected
- Philly Fed April non-manufacturing index 27.6 vs 30.1 prior
- The CAD is the strongest and the NZD is the weakest as the NA session begins
A snapshot of other markets is showing:
- Spot gold is up $6.75 or 0.51% at $1331.65. The price of the precious metal tested the 100 day MA but found buyers against the level once again (see post).
- WTI crude oill fell -$0.87 or -1.27% at $67.77. The high price reached another high water mark at $69.38 before reversing lower
- Bitcoin continues its run higher (see post here). It is trading up $450 at $9378 and looks to close above the 100 day MA at $9176.39. The 200 day MA at $9843.77 is the next key target to get and stay above.
The data today showed:
- Home data in the US was stronger. The Case Schiller Home price index rose a greater than expected 0.83% vs 0.68% expected. Later new home sales were also much better at 694K vs 630K. The same story of low supply continues to drive the market.
- The Philly Fed Non-manufacturing index came in weaker than last month at 27.6 vs 30.1 last month and some of the sub-indexes showed big declines (CLICK HERE)
- The Richmond Fed Manufacturing index followed the Philly trend by falling to -3 vs expectations of 16 (last 15). The index fell below the 0 level for the first times since September 2016.
In other fundamental news in the North American session:
- Trump, Mexico;'s Guarjardo and Canada's Freeland spoke positively about NAFTA, but also warned (in many ways) that it ain't over until it is over.
- US Pres. Trump and France's Macron met in Washington and the duo talked about Iran nucllear deal, trade and how well they get along. Trump would rather deal with France in a bilateral way, but of course the EU might not be supportive of that idea. There was little impact.
Stocks were the big story for the day. The Dow fell more than 600 points at one point. The Nasdaq is down more than 2% on concerns about the privacy. Google had great earnings last night after the close, yet is down -5.30%. Amazon is down -4.38%. Facebook is down -4.52% and Netflix is down -4.51%. Not a good day for the FANGS which also have a lot of data about consumers.
In the forex market, the USDJPY was the big mover today (along with the JPY crosses). The JPY pairs were higher earlier but started to wilt with the stocks. EURJPY, GBPJPY, and CADJPY are all still higher on the day, but the USDJPY is now negative and all of them are well off the highs in the NA session.
The strongest currency today was the GBP. The weakest was the NZD.
