ISM Non-manufacturing data
Despite the 263K job gains and 3.6% unemployment rate, the dollar weakened. Now the non-manufacturing data has come in weaker than expected which gives a weaker economic reason to sell the dollar. US yields are moving lower with the 2 year down -2.4 bps and 10 year yields down -2.2 bps now.
The White House from Hassett, to Kudlow to VP Pence are calling for rate cuts (Pence: Economy is "roaring" but Fed should cut rates). The Fed officials are now ahead. It will be curious what they have to say today.
The GBPUSD has completed the run higher and looks toward an old broken trend line at 1.3064. UPDATE trading there now....
The EURUSD is testing the 200 hour MA at 1.11825. The 100 hour MA is the next target ahead at 1.11949. A move above opens the door for more gains.
- The USDCAD is trading to new session lows at 1.3422.
- THe AUDUSD is trading to new session highs at 0.7017. The 100 hour MA is up at 0.70298 and the 200 hour MA is at 0.70355.
- The NZDUSD is above its 200 hour MA at 0.6639 and the 100 hour MA at 0.6644. We currently trade at 0.6650 and getting closer to those levels.
