The US dollar fell today, only surpassed by the Japanese yen’s declines. Meanwhile, the euro was the strongest among the currencies.
The decline in dollar rates helped the dollar to fall. Looking at the US debt market, yields are down about 6-8 basis points today. More specifically:
- 2 year yield of 4.126%, -6.3 basis points
- 5-year yield 3.588% -7.7 basis points
- 10-year yield 3.501% -7.1 basis points
- 30-year yield of 3.718%, 16.0 basis points
The Dallas Fed Manufacturing Index for April was weaker than expected at -23.4 vs. -15.7 last month. The data was the only economic data released today, but it helped build lower sentiment for rates and the US dollar.
US stocks are trading on both sides unchanged. The NASDAQ closes to the downside. The S&P and Dow Jones Industrial Average closed in positive territory:
- The Dow Industrial Average rose 66.44 points, or 0.20%, to 33,875.41. The index scored -82.88 points at its lowest level before rebounding
- The Standard & Poor’s Index rose 3.52 points, or 0.09%, to 4,137.03. The Standard & Poor’s index fell by 15.74 points
- The Nasdaq fell -35.26 points, or -0.29%, to 12,037.19. The Nasdaq index reached a low of -112.15 points during the day
This week there will be a number of major earnings announcements including Alphabet, Meta, Amazon, Microsoft, Boeing, Intel and Caterpillar (among others). Major releases tomorrow include:
- Microsoft
- the alphabet
- 3M
- GM
- UPS
- McDonald’s
Looking at some major currency pairs:
- EURUSD started the US intraday trading near the swing low around 1.1000. This level ended up holding the support and made its way up towards the highest level at 1.10495 .. The price is currently trading at 1.1045. The swing relationships from last Thursday and Friday came in at 1.10669 and 1.10753 respectively. These are the following main objectives on the upside. The low price found support against the high of the 100 hourly moving average. Maintaining this level gives buyers the green light to push to the upside.
The euro rose against the US dollar
- The GBPUSD witnessed an upward trend during the American trading session, surpassing a major resistance area ranging from 1.2471 to 1.24763. The pair’s highest value reached 1.24853, with the current price hovering slightly lower at 1.2482. As the new trading day begins, immediate support can be found at the level of 1.2471. The next target for the currency pair is in the range from 1.2495 to 1.2499, which corresponds to the highs and lows observed between April 12th and 14th.
- The USDCAD currency pair witnessed limited fluctuations, as trading was limited to a narrow range between 1.35218 and 1.35688. During the late Asia-Pacific session, the price high crossed the upper swing zone at 1.35638, but quickly reversed course. The pair’s movement touched lower and briefly broke the 100-day moving average at 1.35267 twice, but could not maintain the position below this level. The current price at 1.3538 is between these support/resistance levels. As the new trading day begins, market participants will be watching for a decisive breakout either below the 100-day moving average at 1.35267 or above the swing upper zone at 1.35638. Until then, the pair was held between technical levels.
USDCAD is trading in a narrow trading range. Find a break.
in other markets,
- The decline in the dollar and rates helped support gold prices, which are trading at an increase of $6.33, or 0.32%, at $1988.93.
- Spot Silver Up $0.06, Or 0.23%, Pay $25.14
- Crude Oil rose by $0.80, or 1.03%, at $78.67
- Bitcoin moved lower and was trading at $27,443. The price reaches as low as $26,981 for the first time below the $27 level since March 28.