USD/CAD reversal to new highs is a bullish sign

USD/CAD goes from four-week low to four-day high USD/CAD failed today to break the July lows for the second day. I wrote about the nearby support yesterday after the fourth day of declines. The outside reversal today underscores the nearby support and potential for further gains. The US dollar is showing signs of life right […]

US auctions 7 year note at 1.941%

Bid to cover at 2.46x vs 2.54x at the previous auctionThe US treasury sold $28B of 7 year notes at 1.941%. That was less than basis point below its 1PM WI yield (around 1.95%).   83.43% was awarded at the high yield Primary dealers take 14.61%. Direct 16.59% and indirect at 68.8% US awarded most […]

US to auction 7 year notes today.

Yesterday’s 5 year saw strong demandThe US will auction off 7 year notes at the top of the hour. Yesterday there was strong demand for the 5-year note. So much so that the dealers took the smallest amount on record.The current WI is trading at 1.950%.  The bid to cover at the last auction was 2.54X. […]

President Trump arrives in Corpus Christi

He is not scheduled to visit HoustonPresident Trump and his wife have arrived in Texas to give the moral support for those impacted in that area. The Corpus Christi area took more of the brunt of the winds wrath, but the flooding is not as great. He will not be going to Houston as conditions […]

Oil slide continues as refiner shutdowns mount

Three million barrels per day of refining is offline The biggest refinery in the United States is Exxon’s Beaumont facility and it’s now completely shut down. That brings total capacity that’s offline to 3 million barrels per day. The market continues to react to the storm by selling crude. WTI is down 65-cents on the […]