Everyone's favourite non-correlated asset (haha) has been spiking higher
And the NASDAQ too. You choice of diagonal. Remember diagonal lines are for context, horizontal lines are for order placements.
Gold and Silver looking perky too.
An engulfing shooting star suggests AUD / USD is not happy above 0.70c. Obviously background of relatively stronger USD from BOJ inaction on interest rate policy, would support this trade and with resistance at 0.7142 from pivot in August and and 0.7093 (50 % 0.80 to 0.6172 Fibonacci retracement) stops are easy to set, at least.
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In 2023 alone the following tech giants have announced layoffs
US banks are going to follow. JPM, BOA, Goldman and more announced increased loan loss provisions in their latest updates, following large scale retrenching in mortgage teams. This is the theme from last week's communication Short & Caught | US Consumer in Trouble . Adding to the story this week is are stories of a collapsing US second hand car market and poor retail sales numbers. This is counterpoint to the weekly jobless claims numbers which have been historically low and non-farm payrolls which have been moderate.
This is an ongoing tug-of-war between workers leaving the workforce during COVID and layoffs being easily absorbed into the jobs marketplace. Sooner or later there will be no more jobs shortage as the once retired and well-off are forced back.
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