As the NA session begins, the video above kills three birds with one stone with a technical look at the EURUSD, USDJPY, and GBPUSD from a technical perspective.
The EURUSD and the GBPUSD has had similar paths with declines followed by bounce-back rallies (but technically the roadmap was different). The USDJPY has rebounded higher as risk-off sentiment eases a bit after Nvidia’s earnings after the close (Nasdaq is up 180 points and the S&P is up 40 points).
US yields are higher to start the day. Crude oil is higher but still below $70 to start the day. Gold is lower by over 1% for the 2nd time in 3 days (the price fell -1.29% on Tuesday and is down -1.05% today. It was marginally higher yesterday). It trades at $2886 after stalling at $2956.57 at session highs on Monday (just short of $3000 milestone.
Bitcoin is up $2460 or 2.87%. The price of Bitcoin is at $2885 to start the day. That is the good news buyers. The not so good news for buyers is that since last Friday, the price moved from a high of $99.508 to a low yesterday at $82,133. Technically, yesterday’s low price stretched toward the 200-day MA (green line in the chart below) and found a willing buyer just ahead of the risk-defining level. The price has bounced back toward the broken 38.2% at $85,520.
Bitcoin technicals
The economic calendar is full today with a number of Fed speakrs scheduled along with claims, GDP, Durable goods orders and Pending home sales:
- 8:00am USD: FOMC Member Barkin Speaks
- 8:30am CAD: Current Account – Forecast: -3.2B, Previous: -3.2B
- 8:30am USD: Prelim GDP q/q – Forecast: 2.3%, Previous: 2.3%
- 8:30am USD: Unemployment Claims – Forecast: 222K, Previous: 219K
- 8:30am USD: Core Durable Goods Orders m/m – Forecast: 0.2%, Previous: 0.3%
- 8:30am USD: Durable Goods Orders m/m – Forecast: 2.0%, Previous: -2.2%
- 8:30am USD: Prelim GDP Price Index q/q – Forecast: 2.2%, Previous: 2.2%
- 9:15am USD: FOMC Member Schmid Speaks
- 10:00am USD: Pending Home Sales m/m – Forecast: -0.9%, Previous: -5.5%
- 10:00am USD: FOMC Member Barr Speaks
- 11:45am USD: FOMC Member Bowman Speaks
- 1:15pm USD: FOMC Member Hammack Speaks
- 3:15pm USD: FOMC Member Harker Speaks
A snapshot of the markets
The major stock indices are implying a higher open from the futures:
- Dow Industrial Average, +111 points
- S&P +37 points
- Nasdaq +163 points.
Yesterday, the major indices closed mixed with the Dow higher, the S&P near unchanged and the Nasdaq lower:
- Dow industrial average fell -186.87 points or -0.43% at 43434.29.
- S&P index closed near unchanged. The index rose 0.92 points or 0.02% at 5956.17.
- NASDAQ index rose modestly by 48.88 points or 0.26% at 19075.2
European indices are mostly lower :
- German DAX -0.65%
- France’s CAC -0.31%
- UK’s FTSE 100 +0.28%
- Spain’s Ibex -0.35%
- Italy’s FTSE MIB -1.10%
In the US debt market yields are higher in the morning snapshot:
- 2-year yield 4.092%, +2.0 basis points
- 5 year yield 4.113%, +3.6 basis points.
- 10 year yield 4.292%, +4.3 basis points.
- 30 year yield 4.549%, +4.2 basis points
In other markets:
- Crude oil is trading up $0.70 41% at $69.34.
- Gold is trading down $30.50 or -1.04% at $2886
- Silver is trading down two cents at $31.85.
- Bitcoin is trading up $2250 or 2.67% at $86,313