US LATEST – Shares, dollar tumble after Trump adviser Cohn steps down
U.S. stock futures and the dollar slumped on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war. White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving. S&P 500 futures dropped more than one percent in early Wednesday trade. In the currency market, the dollar fell as much as 0.6 percent against the yen to 105.48 yen, near its 16-month low of 105.24 touched on Friday. Against the Swiss franc, the dollar also shed 0.4 percent to 0.9365 franc, while the euro ticked 0.15 percent to $1.2422. Read More @ https://www.reuters.com/article/us-global-markets/shares-dollar-tumble-after-trump-adviser-cohn-steps-down-idUSKCN1GI33E?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
Fed’s Brainard says economic tailwinds could push up the path of interest rates
Federal Reserve Gov. Lael Brainard, the sole remaining member of the board who was appointed by President Barack Obama, on Tuesday said that a higher path of interest rates could become warranted if a variety of economic “tailwinds” give the economy forward thrust. “In the earlier period, strong headwinds sapped the momentum of the recovery and weighed down the path of policy. Today, with headwinds shifting to tailwinds, the reverse could hold true,” Brainard said in a speech to the Money Marketeers of New York University. Continued gradual increases in the federal funds rate are likely to remain appropriate, Brainard said, but the Fed needs to be flexible. Brainard said there is growing confidence that the Fed will achieve its inflation target. Indeed, the U.S. could see a mild, temporary overshoot of the 2% target over the medium term, she said. Read More @ https://www.marketwatch.com/story/feds-brainard-says-economic-tailwinds-could-push-up-the-path-of-interest-rates-2018-03-06?siteid=rss&rss=1
WTI/RBOB prices chopped around today, but drifted lower into the API data which shocked both ways. A larger than expected crude build sparked WTI selling and the biggest gasoline draw since October sparked RBOB gains.
“People are waiting to see: Will storage volumes point toward a tighter fundamental outlook?” said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. “It does appear as if we need more evidence that the rebalance continues to really ignite a rally again.” Read More @ https://www.zerohedge.com/news/2018-03-06/wti-rbob-down-after-huge-gasoline-draw?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Gold, Silver Gain On Declining Dollar, Bargain-Basement Buying
Gold and silver prices ended the U.S. day session solidly higher Tuesday. A sell-off in the U.S. dollar index on this day prompted renewed buying interest in the precious metals. A feature in the gold and silver futures today was bargain hunting following recent selling pressure. Also, short covering, or the buying back of previously sold (short) positions, by shorter-term traders, was featured in the gold and silver futures markets today. Importantly, an uptick in investor risk appetite today did not negatively impact safe-haven gold and silver. April Comex gold futures were last up $15.40 an ounce at $1,335.40. May Comex silver was last up $0.368 at $16.78 an ounce. Read More @ http://www.kitco.com/news/2018-03-06/Gold-Silver-Gain-On-Declining-Dollar-Bargain-Basement-Buying.html
WHAT IS THE USD INDEX SAYING?
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES
- 5.35am – RBA was a little dovish and AUD took a plunge.
- 8.30am – Australia will release q/q GDP – we are expecting a good data; we move to BUY.
- 6.00pm – EUR GDP – we are expecting a good data – we maintain BUY for EURO.
- 9.15pm – ADP NFP – we are expecting a weak data – we maintain SELL for USD.
- 9.30pm – Canada will release Trade Balance and employment – we are expecting a good data.
- 9.30pm – US will release Trade Balance and we are expecting no change.
- 11.00pm – BOC rate decision and we expecting no change and we maintain to stay neutral for CAD till the Tariffs and NAFTA is settled.
- 11.30pm – Crude Oil Inventories – we expect low inventory – we maintain BUY for OIL.
Overall the market is fragile with Donald Trump on the Tariffs; however N.Korea relaxes its muscles and stabilises the ASIA MARKET.
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