The Nasdaq remains stuck in a range as traders await the US CPI and US-Iran risk premium increases
FUNDAMENTAL OVERVIEW The Nasdaq has been mostly rangebound since the last FOMC decision due to the Fed tightening risk and overstretched positioning. We saw with the South Korean stock market (KOSPI) how overstretched positioning and a hawkish central bank are not a good mix for the market. The KOSPI officially went into bear market yesterday after falling more than 22% from the record high. This week, the market has been under pressure also because of heightened tensions in the Middle East. Yesterday, it looked like we were going back to pre-MoU situation as the US launched a series of strikes on Iran in response to Iranian attacks on three vessels in the Strait of Hormuz. Iran retaliated by bombing US bases in Bahrain and Kuwait, warning of further strikes if the US continued. Moreover, Trump said to reporters at the NATO summit in Turkey that the Memorandum of Understanding was over for him and he didn’t want to engage with Iran anymore. Oil prices extended the gains and inflation worries returned. We got a hawkish repricing in interest rate expectations across the board. The chances for a July hike jumped to 34% and the total tightening by year-end increased to 38 bps. Luckily, Trump delivered quickly the usual “TACO” moment when he said that he doesn’t think the war is going to restart. Later, he also claimed that the Iranians called him because they want to make a deal. The de-escalation led to some minor dovish repricing and triggered pullbacks across the board. If this was just a limited escalation, the focus should go back to the US CPI which is likely to be the main event of the month (barring US-Iran drama). In case the data surprises to the upside, we will likely see a selloff in the Nasdaq on a hawkish repricing and increase Fed tightening risk. On the other hand, lower than expected figures should trigger another dovish repricing and support the stock market. NASDAQ TECHNICAL ANALYSIS – DAILY TIMEFRAME On the daily chart, we can see the Nasdaq got stuck in a wide range between the 28,800 support and the 30,900 resistance. From a risk management perspective, the buyers will have a better risk to reward setup around the support to position for a rally into new record highs. The sellers, on the other hand, will want to see the price breaking lower to start targeting the next support around the 26,300 level. NASDAQ TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME On the 4 hour chart, we have a downward trendline defining the bearish structure. The sellers will likely continue to lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the resistance. NASDAQ TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME On the 1 hour chart, we have a minor upward trendline defining the pullback into the major downward trendline. We can expect the buyers to lean on the trendline with a defined risk below it to keep pushing into new highs, while the sellers will look for a break to increase the bearish bets into the support. The red lines define average daily range for today. UPCOMING CATALYSTSToday, we get the latest US Jobless Claims figures. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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FUNDAMENTAL OVERVIEW The Nasdaq has been mostly rangebound since the last FOMC decision due to the Fed tightening risk and overstretched positioning. We saw with the South Korean stock market (KOSPI) how overstretched positioning and a hawkish central bank are not a good mix for the market. The KOSPI officially went into bear market yesterday after falling more than 22% from the record high. This week, the market has been under pressure also because of heightened tensions in the Middle East. Yesterday, it looked like we were going back to pre-MoU situation as the US launched a series of strikes on Iran in response to Iranian attacks on three vessels in the Strait of Hormuz. Iran retaliated by bombing US bases in Bahrain and Kuwait, warning of further strikes if the US continued. Moreover, Trump said to reporters at the NATO summit in Turkey that the Memorandum of Understanding was over for him and he didn’t want to engage with Iran anymore. Oil prices extended the gains and inflation worries returned. We got a hawkish repricing in interest rate expectations across the board. The chances for a July hike jumped to 34% and the total tightening by year-end increased to 38 bps. Luckily, Trump delivered quickly the usual “TACO” moment when he said that he doesn’t think the war is going to restart. Later, he also claimed that the Iranians called him because they want to make a deal. The de-escalation led to some minor dovish repricing and triggered pullbacks across the board. If this was just a limited escalation, the focus should go back to the US CPI which is likely to be the main event of the month (barring US-Iran drama). In case the data surprises to the upside, we will likely see a selloff in the Nasdaq on a hawkish repricing and increase Fed tightening risk. On the other hand, lower than expected figures should trigger another dovish repricing and support the stock market. NASDAQ TECHNICAL ANALYSIS – DAILY TIMEFRAME On the daily chart, we can see the Nasdaq got stuck in a wide range between the 28,800 support and the 30,900 resistance. From a risk management perspective, the buyers will have a better risk to reward setup around the support to position for a rally into new record highs. The sellers, on the other hand, will want to see the price breaking lower to start targeting the next support around the 26,300 level. NASDAQ TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME On the 4 hour chart, we have a downward trendline defining the bearish structure. The sellers will likely continue to lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the resistance. NASDAQ TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME On the 1 hour chart, we have a minor upward trendline defining the pullback into the major downward trendline. We can expect the buyers to lean on the trendline with a defined risk below it to keep pushing into new highs, while the sellers will look for a break to increase the bearish bets into the support. The red lines define average daily range for today. UPCOMING CATALYSTSToday, we get the latest US Jobless Claims figures. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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ECB's Escriva: the ECB cannot adjust monetary policy in response to every geopolitical development
Full report hereECB's Escriva said he is closely monitoring the uncertain situation in the Middle East following renewed US strikes on Iran, describing the current peace agreement as fragile. However, he emphasized that the ECB cannot adjust monetary policy in response to every geopolitical development and should instead remain focused on the broader economic impact. He said policymakers will continue to watch oil prices, oil production, and whether higher energy costs feed into broader inflation through second-round effects, although he noted that such effects have not yet materialized. While much of the recent increase in oil futures prices has been reversed, he warned that markets may still be underestimating the impact of reduced oil supply. Escriva also highlighted the resilience of the Eurozone economy, pointing to stronger than expected demand and solid economic activity. He concluded that the ECB should continue to assess all incoming data at each meeting, carefully weighing both upside and downside risks to inflation before making policy decisions. Yesterday's US-Iran escalation and Trump's remarks triggered a hawkish repricing with traders increasing the chances for a rate hike in July to 40%. After the de-escalation, the probabilities fell slightly to 36% but the hightened risks and the jump in oil prices keeps the hawkish bets alive. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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Full report hereECB's Escriva said he is closely monitoring the uncertain situation in the Middle East following renewed US strikes on Iran, describing the current peace agreement as fragile. However, he emphasized that the ECB cannot adjust monetary policy in response to every geopolitical development and should instead remain focused on the broader economic impact. He said policymakers will continue to watch oil prices, oil production, and whether higher energy costs feed into broader inflation through second-round effects, although he noted that such effects have not yet materialized. While much of the recent increase in oil futures prices has been reversed, he warned that markets may still be underestimating the impact of reduced oil supply. Escriva also highlighted the resilience of the Eurozone economy, pointing to stronger than expected demand and solid economic activity. He concluded that the ECB should continue to assess all incoming data at each meeting, carefully weighing both upside and downside risks to inflation before making policy decisions. Yesterday's US-Iran escalation and Trump's remarks triggered a hawkish repricing with traders increasing the chances for a rate hike in July to 40%. After the de-escalation, the probabilities fell slightly to 36% but the hightened risks and the jump in oil prices keeps the hawkish bets alive. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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Gold poised for a recovery as many negatives already priced in - Credit Agricole
It's been a mixed week for gold after dropping in the past three days, with the US-Iran war threatening to restart. All that before a bit of recovery back to $4,100 today after US president Trump said that Iran is desperate to make a deal again. But after four months of declines and a push towards $4,000, Credit Agricole believes that there is scope for a rebound in gold prices moving forward. Their argument is based on the premise that the energy price shock fades into the background, although that risk appears to have reignited this week. But in the bigger picture, the firm outlines that central bank demand and a returning focus on de-dollarisation should keep gold underpinned. That especially with many of the negative factors already priced in for the precious metal."We believe that many negatives are already in the price of gold following its recent sell-off. Central banks still see XAU as a primary tool to reduce their exposure to the USD given the attempts by the US to weaponize the currency. They could thus resume gold purchases especially if global energy shock continues to fade. Concerns about fiscal dominance over the Fed could return as well, weigh on US real rates and help XAU recover." This doubles down on their late June view that gold has been "one of the biggest victims from the USD's resurgence in 2026". They made the same argument then that "a continuation of the recent decline of energy prices could help as well as it could allow global central banks to start rebuilding their gold reserves". And earlier in June, Credit Agricole was out noting that: "We recommend buying XAU/USD at $4,338, targeting a bounce to $5,420 in the coming quarters, with a stop-loss of $3,800." This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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It's been a mixed week for gold after dropping in the past three days, with the US-Iran war threatening to restart. All that before a bit of recovery back to $4,100 today after US president Trump said that Iran is desperate to make a deal again. But after four months of declines and a push towards $4,000, Credit Agricole believes that there is scope for a rebound in gold prices moving forward. Their argument is based on the premise that the energy price shock fades into the background, although that risk appears to have reignited this week. But in the bigger picture, the firm outlines that central bank demand and a returning focus on de-dollarisation should keep gold underpinned. That especially with many of the negative factors already priced in for the precious metal."We believe that many negatives are already in the price of gold following its recent sell-off. Central banks still see XAU as a primary tool to reduce their exposure to the USD given the attempts by the US to weaponize the currency. They could thus resume gold purchases especially if global energy shock continues to fade. Concerns about fiscal dominance over the Fed could return as well, weigh on US real rates and help XAU recover." This doubles down on their late June view that gold has been "one of the biggest victims from the USD's resurgence in 2026". They made the same argument then that "a continuation of the recent decline of energy prices could help as well as it could allow global central banks to start rebuilding their gold reserves". And earlier in June, Credit Agricole was out noting that: "We recommend buying XAU/USD at $4,338, targeting a bounce to $5,420 in the coming quarters, with a stop-loss of $3,800." This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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Oil prices continue to surge amid heightened US-Iran tensions and renewed supply fears
FUNDAMENTAL OVERVIEW Oil prices surged considerably this week as US-Iran risks resurfaced after both countries exchanged attacks. Yesterday, it looked like we were going back to pre-MoU situation as the US launched a series of strikes on Iran in response to Iranian attacks on three vessels in the Strait of Hormuz. Iran retaliated by bombing US bases in Bahrain and Kuwait, warning of further strikes if the US continued. Moreover, Trump said to reporters at the NATO summit in Turkey that the Memorandum of Understanding was over for him and he didn’t want to engage with Iran anymore. Luckily, Trump delivered quickly the usual “TACO” moment when he said that he doesn’t think the war is going to restart. Later, he also claimed that the Iranians called him because they want to make a deal. The de-escalation led to a pullback as the geopolitical risk premium eased a bit. Nevertheless, the risks are still present and the traffic in the Strait of Hormuz took a hit following the latest attacks. Looking ahead, more de-escalating news should keep a lid on oil prices as we approach the US CPI report. If the CPI comes out lower than expected, it might add support to crude oil on positive demand outlook and lower Fed tightening risk. On the other hand, an upside surprise in the data could weigh on the market on a hawkish repricing. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAME On the daily chart, we can see that crude oil eventually picked up from the 68.00 support following the US-Iran escalation. The natural target should be the resistance around the 78.00 handle. If the price gets there, we can expect the sellers to step in with a defined risk above the resistance to position for a drop back into the 68.00 support. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 88.00 handle next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME On the 4 hour chart, we can see the break above the downward trendline and the minor 72.50 resistance increased the momentum as more buyers piled in. The price pulled back to retest the minor resistance-turned-support. The buyers will likely step in around these levels with a defined risk below the support to keep pushing into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop back into the 68.00 level. CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME On the 1 hour chart, we have a minor downward trendline defining the current pullback. The sellers will likely lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 78.00 resistance. The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we get the latest US Jobless Claims figures but traders will continue to focus on the latest US-Iran escalation. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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FUNDAMENTAL OVERVIEW Oil prices surged considerably this week as US-Iran risks resurfaced after both countries exchanged attacks. Yesterday, it looked like we were going back to pre-MoU situation as the US launched a series of strikes on Iran in response to Iranian attacks on three vessels in the Strait of Hormuz. Iran retaliated by bombing US bases in Bahrain and Kuwait, warning of further strikes if the US continued. Moreover, Trump said to reporters at the NATO summit in Turkey that the Memorandum of Understanding was over for him and he didn’t want to engage with Iran anymore. Luckily, Trump delivered quickly the usual “TACO” moment when he said that he doesn’t think the war is going to restart. Later, he also claimed that the Iranians called him because they want to make a deal. The de-escalation led to a pullback as the geopolitical risk premium eased a bit. Nevertheless, the risks are still present and the traffic in the Strait of Hormuz took a hit following the latest attacks. Looking ahead, more de-escalating news should keep a lid on oil prices as we approach the US CPI report. If the CPI comes out lower than expected, it might add support to crude oil on positive demand outlook and lower Fed tightening risk. On the other hand, an upside surprise in the data could weigh on the market on a hawkish repricing. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAME On the daily chart, we can see that crude oil eventually picked up from the 68.00 support following the US-Iran escalation. The natural target should be the resistance around the 78.00 handle. If the price gets there, we can expect the sellers to step in with a defined risk above the resistance to position for a drop back into the 68.00 support. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 88.00 handle next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME On the 4 hour chart, we can see the break above the downward trendline and the minor 72.50 resistance increased the momentum as more buyers piled in. The price pulled back to retest the minor resistance-turned-support. The buyers will likely step in around these levels with a defined risk below the support to keep pushing into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop back into the 68.00 level. CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME On the 1 hour chart, we have a minor downward trendline defining the current pullback. The sellers will likely lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 78.00 resistance. The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we get the latest US Jobless Claims figures but traders will continue to focus on the latest US-Iran escalation. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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All members viewed risks to inflation outlook as being to the upside - ECB accounts
All members viewed the risks surrounding the inflation outlook as being to the upside relative to the staff baseline projectionsIt was suggested that the evolution of underlying inflation dynamics was indicative of persistent rather than temporary underlying price pressuresIt was suggested that it would be misleading to look at current headline inflation in isolationUnderlying inflation, while very relevant for monetary policy, was not the same concept as medium-term inflationCore inflation and non-energy inflation were expected to peak in 2027 and then declineTherefore, the rise in underlying inflation could be viewed as only reflecting a lagged adjustment to the original shock, which did not preclude inflation from returning to target in the medium-term, assuming sufficient monetary policy actionIt was suggested that recent indicators of wage growth had been less responsive to recent developments than previously expectedThis could imply that the risk of second-round effects via wages was lower than thoughtThe latest rate hike should not be seen as an insurance hike but rather as a decision that was robust across the baseline outlookMembers reiterated that future interest rate decisions would continue to be based on its assessment of the inflation outlook and the risks surrounding itTo continue to follow a data-dependent and meeting-by-meeting approachGiven the continuing high uncertainty, it was important to refrain from giving any guidance regarding the future interest rate pathFull accounts There isn't anything in here that we do not already know about the ECB and their current policy stance. With the latest inflation numbers for June being less worrisome, policymakers can be happy about being afforded some extra time in mulling over what to do once the summer break ends. For now, they will be sticking to a wait-and-see approach especially since US-Iran dynamics continue to be fluid and can change up at any time. The developments this week are a good testament to that. This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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All members viewed the risks surrounding the inflation outlook as being to the upside relative to the staff baseline projectionsIt was suggested that the evolution of underlying inflation dynamics was indicative of persistent rather than temporary underlying price pressuresIt was suggested that it would be misleading to look at current headline inflation in isolationUnderlying inflation, while very relevant for monetary policy, was not the same concept as medium-term inflationCore inflation and non-energy inflation were expected to peak in 2027 and then declineTherefore, the rise in underlying inflation could be viewed as only reflecting a lagged adjustment to the original shock, which did not preclude inflation from returning to target in the medium-term, assuming sufficient monetary policy actionIt was suggested that recent indicators of wage growth had been less responsive to recent developments than previously expectedThis could imply that the risk of second-round effects via wages was lower than thoughtThe latest rate hike should not be seen as an insurance hike but rather as a decision that was robust across the baseline outlookMembers reiterated that future interest rate decisions would continue to be based on its assessment of the inflation outlook and the risks surrounding itTo continue to follow a data-dependent and meeting-by-meeting approachGiven the continuing high uncertainty, it was important to refrain from giving any guidance regarding the future interest rate pathFull accounts There isn't anything in here that we do not already know about the ECB and their current policy stance. With the latest inflation numbers for June being less worrisome, policymakers can be happy about being afforded some extra time in mulling over what to do once the summer break ends. For now, they will be sticking to a wait-and-see approach especially since US-Iran dynamics continue to be fluid and can change up at any time. The developments this week are a good testament to that. This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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investingLive European session wrap: A more pensive mood as markets digest US-Iran headlines
Headlines:US president Trump reaffirms that Iran called a while ago and that they want to make a dealOil prices continue to surge amid heightened US-Iran tensions and renewed supply fearsDollar holds lower after Trump says that Iran wants to make a deal againECB's Escriva: the ECB cannot adjust monetary policy in response to every geopolitical developmentAll members viewed risks to inflation outlook as being to the upside - ECB accountsJapan chief cabinet secretary says government is watching markets with high sense of urgency Markets:WTI crude up 0.7% to $74.01NZD leads, USD and CAD lag on the dayEuropean indices slightly higher; S&P 500 futures up 0.2%US 10-year yields up 2 bps to 4.587%Gold up 0.7% to $4,105Bitcoin up 1% to $62,704 It was a pensive session as market players took the time to digest the latest US-Iran developments this week. While the US and Iran continue to exchange strikes against each other, US president Trump proclaimed that Iran had called him up earlier today in asking for a deal to be made. Sound familiar? It is because that is exactly the same kind of situation we found ourselves before the ceasefire deal was brokered. So, more than a month later and yet we are still back to dealing with the same narrative as before. Nonetheless, it at least still shows some appetite for TACO/de-escalation. That being said, markets remain cautious with oil prices continuing to stay more volatile on the session. WTI crude fell to around $72.40 before trading back up by 0.7% now to $74.01 on the day. That comes as more headlines crossed the wires in indicating further attacks between the US and Iran in the meantime. The US dollar also fell a bit early on but have now pared most of those losses. EUR/USD went up to a high of 1.1450 but is now trading back to 1.1425, just up 0.1% on the day. Meanwhile, GBP/USD also traded up to 1.3430 before falling back to flat at 1.3385 currently. Besides that, equities remain cautious as well but tech shares are hoping to try and catch a bounce after another sluggish showing yesterday. S&P 500 futures are up 0.2% while Nasdaq futures are up 0.7%. Chipmakers are looking to bounce back with both Micron and Sandisk up near 5% in pre-market. In other markets, 10-year Treasury yields are up 2 bps to 4.587% again after a drop to around 4.56% earlier in the day. And looking to precious metals, gold is up 0.7% to $4,105 with silver up 1.1% to $58.98 on the day. This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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Headlines:US president Trump reaffirms that Iran called a while ago and that they want to make a dealOil prices continue to surge amid heightened US-Iran tensions and renewed supply fearsDollar holds lower after Trump says that Iran wants to make a deal againECB's Escriva: the ECB cannot adjust monetary policy in response to every geopolitical developmentAll members viewed risks to inflation outlook as being to the upside - ECB accountsJapan chief cabinet secretary says government is watching markets with high sense of urgency Markets:WTI crude up 0.7% to $74.01NZD leads, USD and CAD lag on the dayEuropean indices slightly higher; S&P 500 futures up 0.2%US 10-year yields up 2 bps to 4.587%Gold up 0.7% to $4,105Bitcoin up 1% to $62,704 It was a pensive session as market players took the time to digest the latest US-Iran developments this week. While the US and Iran continue to exchange strikes against each other, US president Trump proclaimed that Iran had called him up earlier today in asking for a deal to be made. Sound familiar? It is because that is exactly the same kind of situation we found ourselves before the ceasefire deal was brokered. So, more than a month later and yet we are still back to dealing with the same narrative as before. Nonetheless, it at least still shows some appetite for TACO/de-escalation. That being said, markets remain cautious with oil prices continuing to stay more volatile on the session. WTI crude fell to around $72.40 before trading back up by 0.7% now to $74.01 on the day. That comes as more headlines crossed the wires in indicating further attacks between the US and Iran in the meantime. The US dollar also fell a bit early on but have now pared most of those losses. EUR/USD went up to a high of 1.1450 but is now trading back to 1.1425, just up 0.1% on the day. Meanwhile, GBP/USD also traded up to 1.3430 before falling back to flat at 1.3385 currently. Besides that, equities remain cautious as well but tech shares are hoping to try and catch a bounce after another sluggish showing yesterday. S&P 500 futures are up 0.2% while Nasdaq futures are up 0.7%. Chipmakers are looking to bounce back with both Micron and Sandisk up near 5% in pre-market. In other markets, 10-year Treasury yields are up 2 bps to 4.587% again after a drop to around 4.56% earlier in the day. And looking to precious metals, gold is up 0.7% to $4,105 with silver up 1.1% to $58.98 on the day. This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.
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Iran Revolutionary Guards Navy says US ‘adventurism and interference’ in the Strait of Hormuz will only result in crushing response
Foreigners have no stake in the Strait of HormuzUS ‘adventurism and interference’ in determining traffic routes in the strait will only result in Iran's 'crushing response’Tehran increased vessel transit in the last two weeks, US actions have seriously disrupted the reopening process of the straitIran's Revolutionary Guards Navy said in a statement that "foreigners have no stake" in determining navigation through the Strait of Hormuz, warning that any US attempts to dictate shipping routes would trigger a "crushing response." The IRGC navy said that responsibility for managing vessel transit through the strategic waterway rests solely with Iran under existing arrangements, rejecting what it described as US "adventurism and interference" in the strait. The Navy accused the US of undermining efforts to restore commercial shipping after months of disruption, saying that Iran had succeeded in increasing vessel traffic through the Strait of Hormuz over the past two weeks before renewed US military actions jeopardized the reopening process. According to the statement, recent US operations have "seriously disrupted" the gradual normalization of maritime transit. Latest reports say that commercial vessel traffic through the Strait of Hormuz fell 19% last week, with daily crossings dropping to 25 from 120 before the conflict. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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Foreigners have no stake in the Strait of HormuzUS ‘adventurism and interference’ in determining traffic routes in the strait will only result in Iran's 'crushing response’Tehran increased vessel transit in the last two weeks, US actions have seriously disrupted the reopening process of the straitIran's Revolutionary Guards Navy said in a statement that "foreigners have no stake" in determining navigation through the Strait of Hormuz, warning that any US attempts to dictate shipping routes would trigger a "crushing response." The IRGC navy said that responsibility for managing vessel transit through the strategic waterway rests solely with Iran under existing arrangements, rejecting what it described as US "adventurism and interference" in the strait. The Navy accused the US of undermining efforts to restore commercial shipping after months of disruption, saying that Iran had succeeded in increasing vessel traffic through the Strait of Hormuz over the past two weeks before renewed US military actions jeopardized the reopening process. According to the statement, recent US operations have "seriously disrupted" the gradual normalization of maritime transit. Latest reports say that commercial vessel traffic through the Strait of Hormuz fell 19% last week, with daily crossings dropping to 25 from 120 before the conflict. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.
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US initial jobless claims 215K versus 218K estimate
Prior week 217K revised from 215KInitial jobless claims 215K versus 218K estimate. Four week moving average 218.75K versus 222.5 K last weekPrior week continuing claims 1.806 million revised from 1.814 million previous.Continuing claims 1.814 million versus 1.815 million estimate.The 4-week moving average was 1,808,000, an increase of 7,000 from the previous week's revised average. The previous week's average was revised down by 2,000 from 1,803,000 to 1,801,000.The largest increases in initial claims for the week ending June 27 were in New Jersey (+7,262), Connecticut (+2,503), Massachusetts (+1,823), New York (+1,373), and Oklahoma (+1,264), The largest decreases were in California (-6,158), Pennsylvania (-2,995), Minnesota (-1,947), Wisconsin (-1,029), and Texas (-812). The data from the initial and continuing claims shows a steady bias with no higher/no fire bias overall the main trend. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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Prior week 217K revised from 215KInitial jobless claims 215K versus 218K estimate. Four week moving average 218.75K versus 222.5 K last weekPrior week continuing claims 1.806 million revised from 1.814 million previous.Continuing claims 1.814 million versus 1.815 million estimate.The 4-week moving average was 1,808,000, an increase of 7,000 from the previous week's revised average. The previous week's average was revised down by 2,000 from 1,803,000 to 1,801,000.The largest increases in initial claims for the week ending June 27 were in New Jersey (+7,262), Connecticut (+2,503), Massachusetts (+1,823), New York (+1,373), and Oklahoma (+1,264), The largest decreases were in California (-6,158), Pennsylvania (-2,995), Minnesota (-1,947), Wisconsin (-1,029), and Texas (-812). The data from the initial and continuing claims shows a steady bias with no higher/no fire bias overall the main trend. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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Fed's Williams: It's still early days on questions involving stablecoins
New York Fed President John Williams is out with some comments on stablecoins and crypto:Stablecoins are more about payments as opposed to stores of valueDoesn't see rising financial stability risks from stablecoinsDoesn't know yet how stablecoins will impact demand for reservesFed's ample reserves system is designed to be flexible, can respond to stablecoin impact Once again, Tether is one of the all-time great busienss models. You hold billions in US dollars, put them into Treasuries and collect the coupons while paying out zero per cent in interest. It's risk free and infinitely scaleable. Everyone is now after that same sort of thing in every currency around the world. Meanwhile, bitcoin is holding its ground around $60K despite Strategy's Michael Saylor selling and really gumming the whole thing up. Itw as last up $722 to $62.769. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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New York Fed President John Williams is out with some comments on stablecoins and crypto:Stablecoins are more about payments as opposed to stores of valueDoesn't see rising financial stability risks from stablecoinsDoesn't know yet how stablecoins will impact demand for reservesFed's ample reserves system is designed to be flexible, can respond to stablecoin impact Once again, Tether is one of the all-time great busienss models. You hold billions in US dollars, put them into Treasuries and collect the coupons while paying out zero per cent in interest. It's risk free and infinitely scaleable. Everyone is now after that same sort of thing in every currency around the world. Meanwhile, bitcoin is holding its ground around $60K despite Strategy's Michael Saylor selling and really gumming the whole thing up. Itw as last up $722 to $62.769. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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The volley in the USDCAD continues. The price remains in up and down range with buyers and sellers battling
The USDCAD technical picture remains largely unchanged. Since June 19, the pair has traded within a well-defined range between 1.41488 and 1.42473—roughly a 100-pip consolidation. That sideways price action followed a powerful trend move that carried the pair from a May 1 low of 1.35492 to the June 24 high of 1.42473. As is often the case, a strong trending market has transitioned into a non-trending, range-bound environment. The upper boundary of the range has been reinforced by three separate highs near 1.42473, creating a formidable triple-top resistance area. On the downside, buyers have repeatedly stepped in near 1.41488, producing four or so successful tests of support and establishing a solid floor. With those boundaries firmly in place, traders continue to wait for the next breakout with convincing momentum. Sitting near the middle of the range are the 100-hour moving average at 1.41950 and the 200-hour moving average at 1.41994. Over the past two trading days, the pair has spent most of its time below those moving averages, leaving the short-term technical bias tilted modestly in favor of the sellers. Today's low reached 1.4153, once again bringing the market within striking distance of the range floor at 1.41488. For now, the technical roadmap remains straightforward. As long as the pair remains below the converged 100- and 200-hour moving averages, sellers retain the slight technical edge, with 1.41488 remaining the key downside target. A break below that support would strengthen the bearish case and open the door for a deeper move lower. Conversely, a sustained move back above the moving averages would shift the bias toward the buyers and put the 1.42473 triple-top resistance back in focus. With Wimbledon tennis tournament in full swing and moving toward its weekend conclusion, the USDCAD has been trading like a long baseline rally—buyers return the ball from support, sellers answer from resistance, and neither side has been able to deliver the match-winning shot. Until price breaks decisively above 1.42473 or below 1.41488, expect the market to keep volleying back and forth. The player who finally wins the point should also seize control of the next meaningful move. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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The USDCAD technical picture remains largely unchanged. Since June 19, the pair has traded within a well-defined range between 1.41488 and 1.42473—roughly a 100-pip consolidation. That sideways price action followed a powerful trend move that carried the pair from a May 1 low of 1.35492 to the June 24 high of 1.42473. As is often the case, a strong trending market has transitioned into a non-trending, range-bound environment. The upper boundary of the range has been reinforced by three separate highs near 1.42473, creating a formidable triple-top resistance area. On the downside, buyers have repeatedly stepped in near 1.41488, producing four or so successful tests of support and establishing a solid floor. With those boundaries firmly in place, traders continue to wait for the next breakout with convincing momentum. Sitting near the middle of the range are the 100-hour moving average at 1.41950 and the 200-hour moving average at 1.41994. Over the past two trading days, the pair has spent most of its time below those moving averages, leaving the short-term technical bias tilted modestly in favor of the sellers. Today's low reached 1.4153, once again bringing the market within striking distance of the range floor at 1.41488. For now, the technical roadmap remains straightforward. As long as the pair remains below the converged 100- and 200-hour moving averages, sellers retain the slight technical edge, with 1.41488 remaining the key downside target. A break below that support would strengthen the bearish case and open the door for a deeper move lower. Conversely, a sustained move back above the moving averages would shift the bias toward the buyers and put the 1.42473 triple-top resistance back in focus. With Wimbledon tennis tournament in full swing and moving toward its weekend conclusion, the USDCAD has been trading like a long baseline rally—buyers return the ball from support, sellers answer from resistance, and neither side has been able to deliver the match-winning shot. Until price breaks decisively above 1.42473 or below 1.41488, expect the market to keep volleying back and forth. The player who finally wins the point should also seize control of the next meaningful move. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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More Fed Williams: Risk remains more on the inflation side
More from Fed's Williams:key to look at underlying inflation factors, not just a specific measure.Government technical changes could better reconcile PCE inflation and CPI differences.Fed policy needs to remain data dependent.We will have to see how monetary policy reacts to data.Labor market has been very stable.Risks remain more on the inflation side0.2% monthly PCE in second half of the year will be consistent with the goalStill uncertainty about the longer-term neutral rateTask forces a timely chance for Fed officials to think about policies US stocks are set to open with the major indices trading higher as reflected by the futures. At the opening bell Dow industrial average is trading above and below unchanged.S&P index is up five points or 0.06%NASDAQ index is up 40 points or 0.16% This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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More from Fed's Williams:key to look at underlying inflation factors, not just a specific measure.Government technical changes could better reconcile PCE inflation and CPI differences.Fed policy needs to remain data dependent.We will have to see how monetary policy reacts to data.Labor market has been very stable.Risks remain more on the inflation side0.2% monthly PCE in second half of the year will be consistent with the goalStill uncertainty about the longer-term neutral rateTask forces a timely chance for Fed officials to think about policies US stocks are set to open with the major indices trading higher as reflected by the futures. At the opening bell Dow industrial average is trading above and below unchanged.S&P index is up five points or 0.06%NASDAQ index is up 40 points or 0.16% This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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US June existing home sales 4.09m vs 4.20m expected
US June existing home sales highlights:Prior was 4.17mSales pace -2.4% vs +3.2% prior (revised to +3.7%) Existing-home sales are the largest component of the U.S. housing market and are closely watched as a read-through on household confidence, affordability, mortgage demand and housing-related consumption. The series captures closings of single-family homes, townhomes, condominiums and co-ops, making it broader and less revision-prone than new-home sales, which are based on contracts. Through May, the market showed a modest recovery from the rate-driven weakness that has weighed on turnover since 2022. Sales rose 3.2% from April and 3.2% from a year earlier to a seasonally adjusted annual rate of 4.17 million, the strongest pace since December. Single-family sales did most of the work, rising 3.5% month over month to a 3.8 million annualized pace, while condo and co-op sales were flat at 370,000. The improvement was helped by slightly better affordability, with NAR’s affordability index rising to 105.6 from 97.5 a year earlier, as income growth outpaced home-price growth in many regions. Still, affordability remains the main constraint. The average 30-year fixed mortgage rate was 6.44% in May, up from April but below 6.82% a year earlier. Inventory improved, but only gradually: unsold supply rose 3.3% on the month to 1.55 million homes, equal to 4.5 months of supply. The national median existing-home price reached $429,300, up 1.3% year over year and a May record, underscoring that higher listings have not yet translated into broad price relief. First-time buyers rose to 35% of sales, while cash buyers held at 25%. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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US June existing home sales highlights:Prior was 4.17mSales pace -2.4% vs +3.2% prior (revised to +3.7%) Existing-home sales are the largest component of the U.S. housing market and are closely watched as a read-through on household confidence, affordability, mortgage demand and housing-related consumption. The series captures closings of single-family homes, townhomes, condominiums and co-ops, making it broader and less revision-prone than new-home sales, which are based on contracts. Through May, the market showed a modest recovery from the rate-driven weakness that has weighed on turnover since 2022. Sales rose 3.2% from April and 3.2% from a year earlier to a seasonally adjusted annual rate of 4.17 million, the strongest pace since December. Single-family sales did most of the work, rising 3.5% month over month to a 3.8 million annualized pace, while condo and co-op sales were flat at 370,000. The improvement was helped by slightly better affordability, with NAR’s affordability index rising to 105.6 from 97.5 a year earlier, as income growth outpaced home-price growth in many regions. Still, affordability remains the main constraint. The average 30-year fixed mortgage rate was 6.44% in May, up from April but below 6.82% a year earlier. Inventory improved, but only gradually: unsold supply rose 3.3% on the month to 1.55 million homes, equal to 4.5 months of supply. The national median existing-home price reached $429,300, up 1.3% year over year and a May record, underscoring that higher listings have not yet translated into broad price relief. First-time buyers rose to 35% of sales, while cash buyers held at 25%. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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The USDCHF buyers took their shot and the sellers also took their shot and both missed
The USDCHF has been locked in a technical duel over the past 24 hours, with both buyers and sellers taking their best shot—and both coming up empty. Yesterday's light-volume rally carried the pair above a downward-sloping trend line and a key swing level near 0.8102, reaching a high of 0.81074. But the breakout quickly failed as sellers regained control and pushed the pair back lower. Today, it was the sellers' turn. The decline broke below the 0.8062–0.8070 swing area and the rising 100-hour moving average (currently at 0.8063), seemingly putting the bears back in control. However, just as the buyers failed to capitalize on yesterday's breakout, the sellers failed to sustain today's breakdown. In this technical duel, both sides fired—and both missed the decisive blow. So what comes next? The pair is currently trading just above the 200-hour moving average and the 0.8070 swing area, leaving the market at an important crossroads. As long as price holds above this support zone, the buyers retain a slight edge. Their first objective is a move back above the downward-sloping trend line, now near 0.8097, followed by yesterday's high at 0.81074. A break above those resistance levels would shift the focus toward the June high at 0.81389. On the other hand, if sellers can force the price back below the 100-hour moving average and the 0.8062 swing low, they would regain the technical advantage. That would target today's low at 0.8054, with a break below opening the door toward the next key support zone between 0.8007 and 0.8017, where a swing area converges with the 38.2% retracement of the recent rally. For now, the duel remains unresolved. Both sides have missed opportunities to seize control, leaving the next break of these key technical levels likely to determine who finally wins the battle. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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The USDCHF has been locked in a technical duel over the past 24 hours, with both buyers and sellers taking their best shot—and both coming up empty. Yesterday's light-volume rally carried the pair above a downward-sloping trend line and a key swing level near 0.8102, reaching a high of 0.81074. But the breakout quickly failed as sellers regained control and pushed the pair back lower. Today, it was the sellers' turn. The decline broke below the 0.8062–0.8070 swing area and the rising 100-hour moving average (currently at 0.8063), seemingly putting the bears back in control. However, just as the buyers failed to capitalize on yesterday's breakout, the sellers failed to sustain today's breakdown. In this technical duel, both sides fired—and both missed the decisive blow. So what comes next? The pair is currently trading just above the 200-hour moving average and the 0.8070 swing area, leaving the market at an important crossroads. As long as price holds above this support zone, the buyers retain a slight edge. Their first objective is a move back above the downward-sloping trend line, now near 0.8097, followed by yesterday's high at 0.81074. A break above those resistance levels would shift the focus toward the June high at 0.81389. On the other hand, if sellers can force the price back below the 100-hour moving average and the 0.8062 swing low, they would regain the technical advantage. That would target today's low at 0.8054, with a break below opening the door toward the next key support zone between 0.8007 and 0.8017, where a swing area converges with the 38.2% retracement of the recent rally. For now, the duel remains unresolved. Both sides have missed opportunities to seize control, leaving the next break of these key technical levels likely to determine who finally wins the battle. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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Neither side sounds eager to escalate in the latest US-Iran spat
There is an ISNA report out that cites Pakistani souces and says that Pakistan remains optimistic about preserving the MOU, despite Trump yesterday saying it was "dead". "Islamabad and Doha are consulting on the return of Iran and the US to negotiations," the report says. There was also a short time ago an important communique from Iran's Revolutionary Guard, which said "If the US terrorist army repeats its aggression, other US bases in the region will not be safe from our heavy fire." The key detail there is that they cited "US bases" not Gulf infrastructure. The US reportedly struck a bridge in Iran yesterday and that's skirting a supposed red line for Iran as they said they will hit the infrastructure of US allies in the region if the US strikes its infrastructure. For now though, that looks to be off the table. Still, there are real effects to this round of actions as Qatar said it will slow its ramp of LNG production. Today, there market is unwinding some of the war worries with WTI crude down 79-cents to $72.72. Gold also rebounded and is up $43 to $4120. The bigger question for the oil market is the hundreds of millions of barrels that have been lost in this conflict and the timeline to rebuild those inventories. The ability of the oil market to deal with it so far has been remarkable but much of that relied on China dropping imports by nearly 5 million barrels per day. This week, China announced that it would allow product exports from its refineries once again and that could lead to a major bid. We are also continuing to see a blowout in crack spreads and that's going to mean that refinieries will ramp up production, and crude buying. Given that, I like the opportunity to buy oil near $70. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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There is an ISNA report out that cites Pakistani souces and says that Pakistan remains optimistic about preserving the MOU, despite Trump yesterday saying it was "dead". "Islamabad and Doha are consulting on the return of Iran and the US to negotiations," the report says. There was also a short time ago an important communique from Iran's Revolutionary Guard, which said "If the US terrorist army repeats its aggression, other US bases in the region will not be safe from our heavy fire." The key detail there is that they cited "US bases" not Gulf infrastructure. The US reportedly struck a bridge in Iran yesterday and that's skirting a supposed red line for Iran as they said they will hit the infrastructure of US allies in the region if the US strikes its infrastructure. For now though, that looks to be off the table. Still, there are real effects to this round of actions as Qatar said it will slow its ramp of LNG production. Today, there market is unwinding some of the war worries with WTI crude down 79-cents to $72.72. Gold also rebounded and is up $43 to $4120. The bigger question for the oil market is the hundreds of millions of barrels that have been lost in this conflict and the timeline to rebuild those inventories. The ability of the oil market to deal with it so far has been remarkable but much of that relied on China dropping imports by nearly 5 million barrels per day. This week, China announced that it would allow product exports from its refineries once again and that could lead to a major bid. We are also continuing to see a blowout in crack spreads and that's going to mean that refinieries will ramp up production, and crude buying. Given that, I like the opportunity to buy oil near $70. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.
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The Nasdaq technicals are back in neutral territory. S&P is more bullish again
Both the Nasdaq and S&P 500 are pushing higher today, with the Nasdaq leading the advance, up 0.65%, while the S&P 500 is higher by 0.51%. From a technical perspective, however, the two indices are sending slightly different signals. The Nasdaq has rallied back into the area between its 100-hour moving average at 25,894.06 and the higher 200-hour moving average at 26,136.05. With the index currently trading near 26,042, it sits squarely between those two key bias-defining levels, leaving the short-term outlook more neutral. The 200-hour moving average has repeatedly attracted sellers in recent sessions, making it an important hurdle. A sustained move above that level would strengthen the bullish case and shift the focus toward the 26,559–26,788 swing resistance zone. On the downside, a move back below the 100-hour moving average would disappoint buyers and likely encourage another round of selling pressure. The S&P 500, meanwhile, has a more constructive technical backdrop. The index has moved above both its relatively flat 100-hour moving average at 7,454 and 200-hour moving average at 7,473, reinforcing the buyers' control. As long as the price remains above those support levels, the path of least resistance remains higher. The next upside target comes at a downward-sloping trend line near 7,542, followed by the June 15 swing high at 7,577, and ultimately the all-time high at 7,620.90 from June 2. So while both indices are advancing today, their technical pictures are not identical. The S&P 500 has already reestablished a bullish bias by reclaiming its key moving averages, while the Nasdaq still has one important hurdle left to clear. A decisive break above its 200-hour moving average would bring its technical outlook more in line with the S&P 500. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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Both the Nasdaq and S&P 500 are pushing higher today, with the Nasdaq leading the advance, up 0.65%, while the S&P 500 is higher by 0.51%. From a technical perspective, however, the two indices are sending slightly different signals. The Nasdaq has rallied back into the area between its 100-hour moving average at 25,894.06 and the higher 200-hour moving average at 26,136.05. With the index currently trading near 26,042, it sits squarely between those two key bias-defining levels, leaving the short-term outlook more neutral. The 200-hour moving average has repeatedly attracted sellers in recent sessions, making it an important hurdle. A sustained move above that level would strengthen the bullish case and shift the focus toward the 26,559–26,788 swing resistance zone. On the downside, a move back below the 100-hour moving average would disappoint buyers and likely encourage another round of selling pressure. The S&P 500, meanwhile, has a more constructive technical backdrop. The index has moved above both its relatively flat 100-hour moving average at 7,454 and 200-hour moving average at 7,473, reinforcing the buyers' control. As long as the price remains above those support levels, the path of least resistance remains higher. The next upside target comes at a downward-sloping trend line near 7,542, followed by the June 15 swing high at 7,577, and ultimately the all-time high at 7,620.90 from June 2. So while both indices are advancing today, their technical pictures are not identical. The S&P 500 has already reestablished a bullish bias by reclaiming its key moving averages, while the Nasdaq still has one important hurdle left to clear. A decisive break above its 200-hour moving average would bring its technical outlook more in line with the S&P 500. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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NZDUSD is up over 1% in trading today. What is the next key target for traders?
The NZDUSD initially surged after the RBNZ delivered a 25-basis-point rate hike, but the bullish reaction proved short-lived. As broad-based U.S. dollar buying accelerated alongside a selloff in equities, the pair reversed lower. That decline, however, found willing buyers near the 200-hour moving average, setting the stage for a sharp rebound.Today's rally has gained momentum, helped by improving risk sentiment, stronger equity markets, and an increasingly bullish technical backdrop.On the hourly chart, the pair has broken above an important swing area between 0.5719 and 0.5726. That zone has acted as resistance on multiple occasions dating back to April, and again during June and July, making today's breakout technically significant. The move higher extended to 0.5762, leaving the pair just 3 pips below the 38.2% retracement of the decline from the June high at 0.57658.That retracement level is reinforced by the June 11 swing low at 0.5768, creating a key resistance zone that both buyers and sellers will be watching closely. A sustained break above that area would strengthen the bullish case, with a move through 0.5777 giving buyers even greater technical control.At the same time, after today's outsized advance, it would not be surprising to see sellers defend the 38.2% retracement and attempt to slow the rally. Should that happen, the first downside target becomes the former resistance zone near 0.5723, which now serves as an important support level. The buyers are firmly in control for now, but they are approaching a major technical hurdle. Whether they can punch through it—or pause to catch their breath—will likely determine the next directional move. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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The NZDUSD initially surged after the RBNZ delivered a 25-basis-point rate hike, but the bullish reaction proved short-lived. As broad-based U.S. dollar buying accelerated alongside a selloff in equities, the pair reversed lower. That decline, however, found willing buyers near the 200-hour moving average, setting the stage for a sharp rebound.Today's rally has gained momentum, helped by improving risk sentiment, stronger equity markets, and an increasingly bullish technical backdrop.On the hourly chart, the pair has broken above an important swing area between 0.5719 and 0.5726. That zone has acted as resistance on multiple occasions dating back to April, and again during June and July, making today's breakout technically significant. The move higher extended to 0.5762, leaving the pair just 3 pips below the 38.2% retracement of the decline from the June high at 0.57658.That retracement level is reinforced by the June 11 swing low at 0.5768, creating a key resistance zone that both buyers and sellers will be watching closely. A sustained break above that area would strengthen the bullish case, with a move through 0.5777 giving buyers even greater technical control.At the same time, after today's outsized advance, it would not be surprising to see sellers defend the 38.2% retracement and attempt to slow the rally. Should that happen, the first downside target becomes the former resistance zone near 0.5723, which now serves as an important support level. The buyers are firmly in control for now, but they are approaching a major technical hurdle. Whether they can punch through it—or pause to catch their breath—will likely determine the next directional move. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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U.S. Treasury auctions off $22 billion of 30 year bonds at a high yield of 5.058%
The U.S. Treasury auctioned off $22 billion of 30 year bonds to complete the coupon auctions for the week. Below are the details from the auction results.High yield 5.058%WI level at the time of the auction 5.061%Tail -0.3 basis points vs average of -0.2 basis pointsBid to cover 2.44X versus average of 2.43XDirects (domestic buyers) 12.24% versus average of 24.0%Indirects (international buyers) 77.74% versus average of 65.1%Dealers 10.05% versus average of 10.9%AUCTION GRADE: B-Once again, the international buyers led the demand by taking nearly 78% of the auction – well above the six auction average. The domestic buyers were lite, only taking half of what they normally take. Rick Santelli on CNBC gave it an A-. I only give it a B- as the numbers for the components were largely near the averages sans the Direct and Indirect mix which offset each other. Bid to cover was near the average, The Tail was near the average. The Dealers take was near the average. B- or C+ is my grade. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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The U.S. Treasury auctioned off $22 billion of 30 year bonds to complete the coupon auctions for the week. Below are the details from the auction results.High yield 5.058%WI level at the time of the auction 5.061%Tail -0.3 basis points vs average of -0.2 basis pointsBid to cover 2.44X versus average of 2.43XDirects (domestic buyers) 12.24% versus average of 24.0%Indirects (international buyers) 77.74% versus average of 65.1%Dealers 10.05% versus average of 10.9%AUCTION GRADE: B-Once again, the international buyers led the demand by taking nearly 78% of the auction – well above the six auction average. The domestic buyers were lite, only taking half of what they normally take. Rick Santelli on CNBC gave it an A-. I only give it a B- as the numbers for the components were largely near the averages sans the Direct and Indirect mix which offset each other. Bid to cover was near the average, The Tail was near the average. The Dealers take was near the average. B- or C+ is my grade. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.
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