The USD has moved a bit lower after the University of Michigan sentiment index came in a little better than expectations with the inflation expectations dipping a bid for the one year and 5 year inflation expectations. The one year inflation expectations moved to 5.2% from 5.4%. The 5 year moved to 2.8% from 3.3%
EURUSD: The EURUSD remains above its 100 hour moving average 1.00371. The corrective low in the North American session reached 1.0040 just above that level. Moving back above 1.0074, and staying above, could see traders looking toward the 1.0100 level followed by the falling 200 hour moving average 1.0155.
GBPUSD: The GBPUSD held resistance against its 100 hour moving average earlier today and moved lower into the Michigan survey. Since then the price has moved up from 1.1825 to 1.1863. That is is still below the falling 100 hour moving average 1.18684. The current prices trading at 1.1849. If the buyers are to take more control, getting above the 100 hour moving averages needed.
USDCHF: The USDCHF bounce off it's 200 hour moving average at 0.9770 and moved up to retest its 100 hour moving average at 0.98169 in the early US session.
As I type, the initial dip after the Michigan survey is already starting to rebound back higher. It is Friday and week end flows could be starting to kick in with less than a hour to the Friday London fix.
US stocks are still holding onto decent gains with the Dow up 522 points or 1.7%. The S&P is up 52 points or 1.37%. The NASDAQ is up 124 points or 1.10%.
