A look at the day ahead in U.S. and global markets by Samuel Indyk
The relentless recovery in the S&P 500 from early August’s post-payrolls trough finally took a pause on Tuesday after eight straight up days, and futures are not giving too much indication about the direction of travel on Wednesday.
USDJPY 4 HOUR CHART – KUDOS
Kudos to JP and Monege for catching the trade off of 145 as all the action has been in the JOY.
If you take a step back, the broad range is 141.69=149.39 and any stops within it do not land the punch of breaking this range.
Otherwise, the bounce from just below 145 confirms this as the pivotal level with a move above 147.34 needed to negate the current downside risk. A conspiracy theorist would say the BoJ is in covertly to prevent another run at the low.
If you narrow the range ti 145-148, then 146.50 would be a neutral midpoint.
Rode the short all day from early US and hit the bid at 155.00 even, prime t/p is 145.90 to be safe. The Asian session bias is at equilibrium at 145.25 and non-committal to breaching 145.60 or 144.90 decisively headed into the second half. Europe should be interesting.
Of interest to me is how democrats/FED are going to explain away the almost 1 million job losses they just confessed to that they hid from plain sight. Saxo Bank and Goldman just publicly voiced the same interest in an explanation on Bloomberg.
JP, If I told you that there was a large order in the market to buy EUR and sell GBP would you be looking to sell EURUSD and buy GBPUSD, do the opposite or step aside as the order gets executed?
How You Can Use Currency Crosses to Trade Spot Forex
HOW WRONG is Justin Lahart ?
Kamala Harris Wants to Ban Price Gouging. What Do Economists Say? The line between gouging and normal market forces can be pretty thin. And stopping it is no easy feat either. – By Justin Lahart in WSJ
Lets see…
Price gouging solves itself when 1) the first gouger runs out of supply and when “me too” opportunists arrive with new supply.
2) price gouging, in its pure certified form, gets solved when the gouger gets either shot by pissed gougee or by govt price-control enforcement forces.
TRADER ALERT
A downward revision of 1 million jobs would reduce employment creation to 1.6 million jobs for the year, from 2.6 million, said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
“That’s why I think that the market is still pricing in about a 25% chance of a 50-basis-point cut in September,” Chandler said. “People thought the Fed was behind the curve in raising rates, and now many people think the Fed is behind the curve in cutting rates.”
Greta … where tfk ARE you ?!
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