The panel discussion in Portugal is now over. The US dollar moved higher. Stocks moved a bit higher. Yields were mixed.
- EURUSD: The EURUSD eventually cracked below its 200 and 100-hour moving averages, and moved toward the low of the value area support near 1.0891 (see red box on the chart below). The low price reached 1.0896. The current price has since bounced back and currently trades at 1.0912. The 100-hour moving average is at 1.09256 and the 200-hour moving average is at 1.09319. The price of the EURUSD needs to stay below those levels to keep the sellers more in control
- GBPUSD: The GBPUSD before the event fell below a key floor area between 1.2687 and 1.26988. The 38.2% retracement target at 1.26413, and that has now been broken with the price moving to a low of 1.26059. The next target was at 1.2599 (call at 1.2600). The current prices trading back up at 1.2625 in the "after event" bounce. Traders will now watch the 1.26413 level as resistance. That is the 38.2% retracement of the move up from the May 25 low.
- USDJPY: The USDJPY moved to a new 8 8-month high at 144.611. That was still short of a topside channel trendline at 144.766 current prices trading at 144.41. There is a broken trendline that cuts across at 144.31 that if broken on the downside could give sellers a reason to take some profit. If broken with momentum, traders would look toward 143.863. That was the high price from last Friday.
In the US stock market, the Dow industrial average is still down 160 points or -0.48%, but the S&P indexes only down marginally by -4 points or -0.09%. The NASDAQ index is up 50 points or 0.36%.
European indices are all higher as they head toward the close.
In the US at that market:
- 2 year yield 4.732% -3.1 basis points
- 5 year yield 4.005%, -3.0 basis points
- 10 year yield 3.746% -2.1 basis points
- 30 year yield 3.835% -0.5 basis points
