EURUSD: The EURUSD tried to extend back above the 200- hour MA at the end of yesterday but could not muster much momentum above the MA before moving back to the downside in the new trading day. The low has nevertheless stalled ahead of the swing lows for the week near 1.1307 to 1.13096.
GBPUSD: The GBPUSD moved above its 100 hour MA at the end of day yesterday but fell back below in the early Asian session . The low overnight extended below the 200 hour moving average currently at 1.3293 buttonlike the break above the 100 hour moving average failed. This week the last three days have seen failures above and below the moving averages as market traders try to figure out the next move. The current price is between those moving averages.
US stocks are lower to start the new trading day as markets react and digest the Pres. Trumps April 22nd interview with TIME, President Trump. The article addressed several key international and economic issues.
He expressed no or little concern about the bond market turmoil earlier in April, stating confidence in his economic direction. On foreign policy, he asserted that Crimea would remain with Russia and maintained that peace is possible even with Vladimir Putin in power (those thoughts were expressed in numerous comments yesterday ahead of the release of the article). When asked about potential U.S. involvement if Israel goes to war with Iran, he clarified he didn’t commit to staying out. Trump and Netanyhu are close.He confirmed that China’s President Xi had contacted him (again that was a topic yesterday - in fact Adam posted on it HERE). He also emphasized that high tariffs—i.e. 20% to 50%—are part of a long-term strategy to bolster the U.S. economy, calling such a scenario a “total victory.” (Will the increase in tariffs lead to a cost push inflationary environment? Will supply shocks prevail?)Trump noted upcoming trade deal announcements and reiterated his openness to taxing millionaires. He also entertained the oft-mentioned expansionist ideas such as acquiring the Panama Canal, Greenland, and making Canada the 51st U.S. state.
Looking at the US stock market,
Dow industrial average is down -191 pointsS&P index is down -18.27 pointNASDAQ index is down -75 pointsIn the US debt market, yields are little changed:
2year yield 3.793%, +0.2 basis points5-year yield 3.913%, -1.4 basis points10 year yield 4.277%, -2.7 basis points30 year yield 4.732% -3.3 basementIn other markets:
Crude oil is trading down 76 cents or -1.21% at $63.03.Gold is trading down -$51 or -1.56% at $3296.60. Earlier this week, gold extended to a new record level of $3500 before rotating back to the downside to a low on Wednesday of $3260. The price has since consolidated between around $3250 and $3400.Bitcoin is trading up $661 and $94,670. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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