The pair is entering into a swing area between 0.9342 and 0.9382. That swing area is defined by swing highs going back to September 2021 November 2021 January, March and April 2022 before the race to the upside in April and early May of this year. Also within the swing area sits a upward sloping trendline which currently cuts across near 0.9357.
The swing area - and trendline - should provide some cause for pause for the sellers as risk can be defined and limited against the area. Traders should look to lean against the support area, with a stop on a break below the 0.93425 level.
Having said that, with the price below the 200 day MA (and 50% retracement at 0.94103), it would now take a move back above the 200 day moving average at 0.942862 to give the buyers some comfort that the selling is potentially over. Absent that, the sellers hold the technical edge.
- USD/JPY turns lower for the second straight day and drops to over a one-week low on Thursday. The post-US CPI USD selling bias, sliding US bond yields continue to exert pressure on the pair. The risk-on impulse could undermine the safe-haven JPY and help limit the fall, for the time being.
Aug 11 (Reuters) - U.S. producer prices unexpectedly fell in July amid a drop in the cost for energy products, and underlying producer inflation appears to be on a downward trend.
The producer price index for final demand declined 0.5% last month after climbing 1.0% in June, the Labor Department said on Thursday. In the 12 months through July, the PPI increased 9.8% after advancing 11.3% in June.
There was a drop of 1.8% in goods prices. They gained 2.3% in June.
The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended Aug. 6, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 4,000 from last week’s initial estimate of 260,000.
Key details: The four-week average of claims rose 4,500 to 252,000.
US policymakers are debating whether and how to increase levels of clearing in Treasury securities and repos, as part of a series of measures intended to strengthen the resilience of these markets during periods of stress. Given the central role that US Treasuries play in the financial system, any policy change would reverberate widely and would affect different market segments and participants in different ways. To inform the discussion, ISDA has published the results of a new survey on Treasury clearing, which provides views on possible benefits and costs, necessary changes to clearing infrastructure and the impact on related markets, including derivatives.
Publication of the ISDA survey follows a recent Group-of-30 (G-30) progress report on steps to enhance the resilience and liquidity of the US Treasury markets under stress, which reiterated earlier recommendations for increased clearing. Specifically, it called for all Treasury securities trades executed on...
Prices were at $3.99 figures released Thursday showed, continuing a downward trend for almost two months. Costs have fallen with cheaper oil and relatively weak demand. By one measure, fuel consumption has recently been
- International Energy Agency.
Gradual monthly declines will start as soon as this month as Russia cuts back refining, and will quicken as the embargo takes effect, the IEA said in a market report. The agency expects to see close to 2 million barrels a day shut in by the start of 2023, despite a healthy recovery in production in recent months.
Chile’s congress gave its final approval to a bill that makes it easier to amend the current constitution as polls show more voters inclined to reject the proposed new charter in next month’s referendum.
The lower house on Wednesday voted 130 to 15 in favor of legislation lowering the congressional majority needed for those amendments to four-sevenths, following senate approval of the bill
WASHINGTON, Aug 11(Reuters) - A former Virginia police sergeant who joined Donald Trump's supporters in storming the Capitol on Jan. 6, 2021, could be sentenced to up to eight years in prison on Thursday if a judge agrees with federal prosecutors' recommendation.
A jury in April convicted Thomas Robertson, a former police sergeant for the town of Rocky Mount, Virginia, of six criminal charges, including obstructing an official proceeding and obstruction of justice.
Eight years would be the longest sentence handed down so far in a Capitol riot case, if U.S. District Judge Christopher Cooper agrees with prosecutors, who say that Robertson abused his position of trust as a law enforcement officer.
BERLIN, Aug 11 (Reuters) - Daimler Truck (DTGGe.DE) will keep prices high even if certain costs begin to fall in order to compensate for lower margins since last year, the truckmaker said on Thursday, forecasting demand will remain strong into 2023 despite fears of recession.
Energy prices, bottlenecks in China and chip shortages will continue to weigh in the second half of this year, chief executive Martin Daum said, even though the company expects some supply chain issues to ease.
"Even if some costs are easing, we have to catch up for the fourth quarter of 2021 ... we will definitely keep our pricing to go back to normal margins," Daum said on a call with analysts.
A new lawsuit claims Mark Cuban played a pivotal role in shilling now-defunct Voyager Digital’s unregistered securities, duping investors in a ‘Ponzi scheme’ that lost them billions.
Voyager was “as close to risk free as you’re gonna get in the crypto universe,” according to Cuban, who campaigned hard to drive traffic to the crypto lender’s platform. The billionaire’s own basketball team, the Dallas Mavericks, even offered $100 in bitcoin to those who download the app and deposit $100 of their own cash.
Only, Voyager went bankrupt in June. Investors want answers.
In a proposed securities class action filed on Wednesday, a host of plaintiffs say Voyager Digital chief Stephen Ehrlich and Cuban facilitated and furthered the firm’s “false and misleading promises of reaping large profits in the cryptocurrency market.”
It claims Voyager’s Earn Program Accounts, or EPAs, were unregistered securities the company...
- statement. Rajapaksa had fled to the Southeast Asian country after months of anti-government protests.
The statement gave no other details on the ousted leader’s travel plans. However, Thailand’s government confirmed Wednesday that Rajapaksa is
Federal agents ransacked Trump’s Florida home, even going through his wife Melania’s wardrobes, in a bid to find classified records Trump allegedly took from the White House.
Trump supporters assert that the boxes recovered during the raid contain files that were already declassified by the time Trump left office.
The raid was carried out after an FBI informant had infiltrated Mar-a-Lago and discovered the precise location of where the files were being kept.
Despite widespread anger at the raid from both Trump supporters and Republicans in general, one former FBI agent tried to language police by insisting that the raid, timed for when the feds knew Trump wouldn’t be home, was not in fact a raid.
“Agents, by the way, don’t like the word raid, they don’t like it,” former FBI Assistant Director Frank Figliuzzi told MSNBC.
“It sounds like it’s some kind of, you know, extra judicial non legal thing. It’s the execution of a search warrant. It’s a court...
- We spoke to women across the U.S. about their experience receiving an abortion before the Supreme Court overturned the landmark 1973 Roe v. Wade ruling that recognized women's constitutional right to abortion, a decision condemned by President Joe Biden that will dramatically change life for millions of women in America and exacerbate growing tensions in a deeply polarized country.
Aug 11 (Reuters) - The number of Americans filing new claims for unemployment benefits rose for the second straight week, indicating further softening in the labor market despite still tight conditions as the Federal Reserve tries to slow demand to help tame inflation.
Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 262,000 for the week ended Aug. 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 263,000 applications for the latest week.
That's still below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market.
U.S. stocks opened higher Thursday, finding support after the July producer price index fell modestly, a day after investors cheered a moderation in consumer prices. The Dow Jones Industrial Average DJIA,
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