US GDP lower but core PCE higher. That sends yields and the USD higher in early US trading
2023-04-27
The US GDP came in lower-than-expected but core PCE was higher. That has sent the US yields to the upside and the US dollar higher in early US trading. However, the moves post the data, has the pair trading back to 100/200 are moving average levels in the EURUSD, USDJPY and GBPUSD – and stalled. Those moving averages will be barometers in the new trading day. What is clear is the ups and downs have continued in those major currency pairs.
The USD continues to chop as the market gets pushed and pulled
2023-04-20
The USD continues to chop as the market gets pushed and pulled from higher inflation and lower growth, lower inflation and higher growth, good data, bad data, hawkish Fed members, less hawkish Fed members. Good earnings but lower earnings YoY. Lower margins, etc., etc. etc.
The USD has moved lower after the Philly Fed index was the lowest in 3 years (the Empire manufacturing surprised the upside on Tuesday so go figure). Yields are lower with the two-year down around 9 basis points.
Admittedly, the technicals are getting chopped up with the up and down volatility, but it is a reflection of all the above and nothing we can do.
So fall in like with your trades. Don’t fall in love with them.
The USD moves higher and retraces some of the week’s declines
2023-04-14
Fed’s Waller spoke to inflation remaining too high with more hikes needed ("hikes" as in more than 1 more hike). That has given the USD a boost in early NY trading. The 2 year is up 10 basis points. The 10 year is up 6 basis points.
In this technical report, I take a look at the EURUSD, USDJPY, GBPUSD and the USDCAD and outline the levels in play and show/explain why.
The EURUSD and the GBPUSD move back toward the 100/200 hour MAs
2023-04-11
The USDJPY is trading back below its 100 day MA. What next?
In the morning Forex technical report, I take a look at the EURUSD, USDJPY and the GBPUSD. Both the EURUSD and GBPUSD or higher, but have backtracked lower and tests the 100 and 200 are moving average areas. For the USDJPY, it had a shot above its 100 day moving average both yesterday and into today’s trading, but has failed and trades below the level. Can the sellers stay below that key technical barometer today?