Forex steady. Nasdaq trades to new session lows


Yields off highs. Gold down but off lows

As the Fed’s Beige Book details are being digested by the markets:

  • Forex remains steady within recent ranges
  • The NASDAQ stocks continue to get hit with the NASDAQ index now down -2.22% or -300 points. The S&P index is trading near lows at 3839.60 (low is 3837.71). That is down -0.8%
  • US yields remain higher but off the highest levels. The 10 year yield is at 1.463%, up 7.2 basis points. The high yield reached 1.4946%. The 30 year yield is at 2.242%, up 5 points 1 basis points. The high yield reached 2.2789%
  • spot gold is down around $21 or -1.2% 1717.57. It fell to a low of 1702.04 at the earlier session lows
  • spot silver is down $0.53 of -1.98% $26.23. The low price reached $25.84
  • Bitcoin is trading up $3622 or 7.65% of $51,052

For some of the major currency pairs:

  • EURUSD: The EURUSD remains below its falling 100 hour moving average at 1.20838. The current price is trading at 1.20684. The high in the New York session reached 1.2080. 
  • USDCAD: The USDCAD found support buyers in the North American session at the 50% retracement of the move up from the February 25 low at 1.26057. The 200 hour moving averages just above that at 1.26128. The pair currently trades at 1.26307. On the topside the 100 hour moving average at 1.26477 and a topside trend line at 1.2650 are upside resistance targets
  • GBPUSD: The GBPUSD as been trading the last 5 or so hours of the New York session above its 100 hour moving average 1.39517. The current price is at 1.39651. Stay above is more bullish
  • USDJPY: The USDJPY trade to the highest level since July 2022 day and in the process moved above the 61.8% retracement of the move down from the June 2020 high at 107.07. However momentum could not be maintained, and the price has since moved back below the 107.00 level (currently trading at 106.975).
USDJPY
  • USDCHF. The USDCHF is one pair making a new extreme. It is now trading at 0.9191 and to a new high for the day. The price is testing the 38.2% of the move down from the March 2020 high at 0.91933. A move above – and staying above – is more bullish for the pair.  

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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