Of course i don't know about you but I am focused on the TV
The US stock market has moved higher in early trading with the S&P up about 11 points or 0.45%). The Nasdaq is up 30 points or +0.55% and the Dow up about 94 points or 0.48% . The indices have been higher but still up nicely. In the US debt market, the 10 year yield is up about 1.7 bp and sits right near resistance at the 2.50% area (at 2.491%.
The USDJPY has been a bit supported in the last few minutes. Higher stocks? Higher bond yield? Both are helping a bit. Technically the pair today held support at the 200 hour MA in the Asian session. The high today in the London morning session stalled ahead of the high from yesterday BUT the recent low did hold the broken trend line (we have been above and below that line the last two days) AND the 38.2% at 114.867. That was good news for the longs.
Let's face it though, the eyes and ears are on the TV, or internet streams as the US transfer of power takes place.
The end and new beginning - no matter what you are referring - is a key moment in time (think of ends and new beginnings in your life).
This US presidential transfer of power is largely ceremonial at first, and that is intriguing. The speech Pres. Trump gives will set a tone. You kinda want to see a very "Presidential" one. If he does give that, at least we know he has that "in him" even if he does it "his way" going forward (and that is ok).
But whether it is Trump or Obama before him, or Bush before him, or Clinton before him and so on, the present is now and what happens today is under their control. The future is not as clear. Yes, there is a list of the 100 days and things he wants to do, but it is the landmines on the road in the future that makes the road bumpy.
So back to the market, today is a bumpy day. For the USDJPY, it seems to be thinking a bit more positive. We will see how it plays out.
