Comes off extremes though
It is easier to grab onto a headline when they all come out. With Washington closed due to winter storm, the Fed released the minutes without the press seeiing it ahead and therefore able to put together headlines at the same time. With no sequestering of the press ahead of the release, the headlines are coming out a lot slower. That may be slowing the market as well.
According to Spanish foreign minister
The GBPUSD is moving back higher on news that the Spanish foreign minister is saying "the Brexit deal will not be reopened but an Brexit accord is being "hammered out".
Ho hum start ahead of the FOMC minutes later today
The US stocks are opening with modest changes in the major indices. The Nasdaq is leading the way, but even so, is not running away. A snapshot a few minutes into the day shows:
Holds above trend lines today
The USDJPY moved higher and lower yesterday. At the lows, traders did an OK job of holding a lower trend line. The price did waffle above and below the 100 hour MA though as traders were just not all that sure what to do. Nevertheless, the trend line and the lower 200 hour MA remained as support.
What an up and down mess, but buyers trying to keep some control
The EURUSD has chopped it's way back lower today, after a run higher yesterday. That run higher yesterday, took the price above a sinple trendline connecting recent highs. The underside of that broken trend line stalled the fall, as did an earlier swing high from yesteray at 1.13239 area.
PM May to present plan to Brussels. 3 Tories resign from party
Three Tory MPs resigned from the party and anxiety about Brexit plans has the GBPUSD backtracking some of the hefty gains seen in yesterday's trading.
The USD is mixed
As North American trader enter for the day, the CAD is the strongest, while the NZD is the weakest. The USD is mixed after being the weakest in trading yesterday. The GBP which squeezed higher yesterday, has moved back lower today as PM May heads to Brussels to present the newest plan to EU officials. Three Tory lawmakers defected the party in favor of the The Independent Group.
The Canadian dollar is the strongest performing major currency on the day so far
USD/CAD is hovering around the lows for the day as price settles at levels last seen on 6 February with support around 1.3180 helping to keep the pair afloat for the time being. The near-term bias in the pair is favouring sellers at the moment and with price falling below the 100-day MA (red line) in trading yesterday, sellers are continuing the momentum to the downside in trading today.
More word is spreading on potential resignations from the Tory party
And with that, cable hits a low of 1.3036 on the session now. was the earlier news that hit yesterday. And now the BBC is also reporting that there are 'strong rumours' that three Tory lawmakers would defect to the Independent Group later this morning, with anticipation it could happen before PMQs later.
EUR/USD trades near flat levels on the day
The technical signs are pointing to a more bullish near-term run in EUR/USD as price holds above both key hourly moving averages and we're starting to see a crossover with the 100-hour MA (red line) moving back above the 200-hour MA (blue line).
USD/JPY sits at 110.80 levels but the 111.00 handle still proves to be elusive
The pair continues to find support from around 110.50 and buyers broke back above the 100-hour MA (red line) in earlier trading to establish a more near-term bullish bias. The break comes after yet more disappointing data from Japan as the .
NASDAQ index closes above its 200 day moving average for the 2nd consecutive day
After taking Monday off in observance of the Presidents' Day holiday, the US major indices finding with modest gains. Sellers near the close push the price is lower and off higher levels.
Nasdaq looks to close above its 200 day MA for the 2nd consecutive day
For the Nasdaq, the index closed above its 200 day MA on Friday, but just barely (7472 close vs 200 day MA at 7465. Today, the price dipped back below that MA (at 7467.64 today). The low reached 7450.27. However, the run higher has not taken the price to a new high at 7407.77 (trading at highs now). There is some room between the key MA and the price.
The 100 day MA held support all day yesterday
The USDCAD is not immune to the USD move lower today. Like others currency pair, the first move was higher for the USD, then lower in the North American session.
Above 100 day MA
The AUDUSD trades to the highest level since February 6th and in the process moved above the high from yesterday and the 100 day MA at 0.71608. Yesterday, the price stalled at the 100 day MA and bottomed today at the 200 hour MA (green line at 0.7104 area).
Other currencies following...
The USDCNH fell on the headline that the US was pressing for a stable Yuan in the trade talks. The penalty would be more tariffs. If the Yuan has to stay stable or even rise, the USD has to fall. Well, all the major currencies are falling in sympathy.
There was minor stall at the 1.3000 level, but the next stops are being triggered above the 200 day MA
The GBPUSD stalled at the first test of the 1.3000 level and just below the 200 day MA at 1.3004, but after about 30 minutes, that shallow dip (fell to 1.2984) reversed and shot higher. We now trade at 1.3016 and shorts are feeling more pain. The squeeze/trend continues.