FOREX NEWS & BLOG

Canada’s NDP says they will vote to defeat the Liberal government

Canada’s NDP says they will vote to defeat the Liberal government

December 21, 2024 2:09 am |

The NDP has been the propping up the minority Liberal government since the 2021 election. It was a formal alliance for most of that time but lately it’s be one-off partnership.

Now, with the Liberals in disarray, the NDP says it’s cutting bait.

NDP leader Jagmeet Singh says his party will vote to defeat the Liberal government.

That means that barring some miracle turn from other parties, we will be having an election before the one scheduled for October.

Now there are some moving parts here because parliament is on a six-week break and Justin Trudeau may quit and then the Liberals could try to delay by holding a leadership conference. All told, that could take until June.

We may know more very shortly what Trudeau’s plans are as a cabinet shuffle is expected at 11:30 am ET.

This article was written by Adam Button at www.forexlive.com.

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Democrat Jeffries says ‘lines of communication’ reopened with Johnson

Democrat Jeffries says ‘lines of communication’ reopened with Johnson

December 21, 2024 12:57 am |

Congressional Republicans are in a real jam.

They need to either make a deal with Democrats (or at least a few dozen of them) to pass a bi-partisan continuing resolution and defy Trump; or they need to follow Trump’s instructions, shut down the government and hope the Democrats (and some members of their own party) cave.

It looks like they’re going to try and make another bipartisan deal as House minority leader Jeffries says the lines of communication have been reopened. If there is another deal, we will have to see how Trump (and Elon) reacts.

This article was written by Adam Button at www.forexlive.com.

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EURUSD testing the 100 hour MA and near a key swing area

EURUSD testing the 100 hour MA and near a key swing area

December 21, 2024 12:13 am |

The EURUSD is stretching higher and it has now broken back above the November 26 swing low at 1.0442 and is testing its falling 100-hour moving average at 1.0443 (blue line on the chart above).

Just above that is a swing area between 1.0448 and 1.0461 and the falling 200-hour moving average at 1.04719 (green line on the chart above).

Recall that the 200 hour moving average was a strong resistance area going back to December 10. Just prior to moving lower on Decemeber 17, the price tried to extend above the 200 hour MA (see green number circle 7) but failed quickly. The price traded higher and lower on Tuesday and Wednesday before heading sharply lower on the FOMC day.

Now after bottoming near the November low, the price is stretching higher.

Also in play is the “Red Box” that confined most of the trading between 1.0448 to 1.06097.

The question is “WIll the sellers lean against old support RIGHT HERE?” or “WIll the buyers take back control after the failed break lower this week and testing the November low?” .

That is the decision right here. Be aware.

This article was written by Greg Michalowski at www.forexlive.com.

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European equity close: Down but well-above the lows

European equity close: Down but well-above the lows

December 20, 2024 11:47 pm |

It was looking like a brutal day for European stocks but there has been a major turn in markets following the better PCE report and dip-buying ahead of a potential US government deal/

Closing changes on the day:

  • Stoxx 600 -0.8%
  • German DAX -0.3%
  • France CAC -0.1%
  • UK FTSE 100 -0.2%
  • Spain IBEX +0.4%
  • Italy’s FTSE MIB -0.1%

On the week:

  • Stoxx 600 -2.7%
  • German DAX -2.4%
  • France CAC -1.7%
  • UK FTSE 100 -2.4%
  • Spain IBEX -2.4%
  • Italy’s FTSE MIB -3.25%

This article was written by Adam Button at www.forexlive.com.

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