Dow trades to a new all time high price
the Dow industrial average has traded to a new all time high price of 31717.13. The index is currently up 179 points or 0.57% on the day.
BOEs Broadbent: Our debate is about whether negative bank rates would be effective
- other countries experience of negative rates shows that rates on retail deposits and loans have not gone negative
- there is no particular reason why the appropriate nominal neutral interest rate might not fall below 0%
Where is the US dollar heading?
The made a good start in 2021 after a sharp fall in 2020, but January's
bounce, driven by profit-taking and optimism of faster economic recovery, was
Feds Brainard: Shortfalls from maximum employment are key policy guide
- shortfalls from maximum employment are key policy guide
- US jobless rate is currently closer to 10%
- economy is far from job, price goals: will take time
Crude oil inventories showed a build of 1.285M vs - 6.5M estimate
- crude oil inventories +1.285M vs. -6.5M estimate
- gasoline inventories 0.012M vs -3.5M estimate
The price of crude oil for April delivery is trading at $63.04. The high price reached $63.09. That is a new cycle high. The high price yesterday reached $63
Fed's Powell: Bond buying will continue the current pace
- Bond buying will continue our current pace until see the actual data moving closer to inflation, employment goals
Live: Fed Powell testimony to the House Committee on Financial Services
EURUSD falls below its 200 hour moving average
The EURUSD cracked below its 38.2% retracement at 1.21195 and 200 hour moving average 1.21165 and 1.21086. The next target comes in at the 50% retracement at 1.2101.
Crude oil rises to new high for the day ahead of inventory data
Technically, the price low yesterday bounced off its 100 hour moving average. Today the 100 hour moving average also held support before the price started to rotate back to the upside (see blue line in the chart below).
US new home sales for January 923K vs. 856K estimate
- January new home sales increased to 923K vs. 856K estimate and 885K last month (revised from 842K). The forecast range was 750K to 940K
Strong numbers for new home sales in January 2021