Markets are scratching at the 100-day itch

100-day moving averages to watch

Greg's latest video highlighted the proximity and importance of various 100-day moving averages.

Cable

Australian dollar

USD/CHF

The theme is generally US dollar weakness and that makes a lot of sense. The theme this year has been US dollar strength but that's been unwinding over the past 6 weeks.

The 100-day could signal a make or break level for the dollar. The moves have stalled for a couple days and we're in a consolidation period as the market struggles to understand what's coming next.

A separate one to watch is the Canadian 10-year note yield. New PM Trudeau has promised to run deficits for three years and that's why yields are up 8 basis points today. That will expand the supply of debt and push yields higher. The simulative spending could also give the economy a lift and encourage the BOC to hike.

The flipside is that it could be good for CAD in the short term.