Stronger US data with ISM non-manufacturing PMI rising to 54.1 from 52.1. The price paid index increased to 64.4 from 58.2. Ouch.
JOLTS vacancies increase to 8.098 million vs. estimate of 7.700 million, yields move higher, stocks lower and the US dollar rises.
The two-year yield is up 2.9 basis points at 4.30%, and the 10-year yield is trading at 4.676%, up 6.1 basis points.
Looking at US stocks, a snapshot of the broader S&P and NASDAQ indexes shows:
- S&P Index -0.75%
- NASDAQ Index -1.50%
Nvidia shares are now down -5.6% at $141.35 after trading as high as $153.13.
- EURUSD: EURUSD is back below its broken 38.2% move at 1.0378, and the 200-hour sideways moving average (green line) at 1.03744. The low price reached 1.03581. On the downside, the momentum area between 1.0332 and 1.0343 is joined by the 100-hour moving average of 1.03387. That area is the next key target on the downside for further sales. Close resistance at 1.0378 to 1.0383 keeps sellers in tight control (yellow area on chart below).
- USDJPY. USDJPY moved higher to test the high from earlier today at 158,407. There has been some pullback from that level as sellers rely. It was expected that the sellers would turn away the buyers. The next target comes at 158.86. Earlier today, the price bottomed near the converged 100 and 200 hourly moving averages (at the 157.80 area). Buyers relied on that level and were helped by better-than-expected data.
- GBPUSD: GBPUSD moved lower with a decline of 38.2% to 1.25269 and the recent 200 hour moving average at 1.25074. The 200 hourly moving average is now near resistance. Stay below keeps sellers in more control. On the downside, there is a key momentum area defined by the November-December lows between 1.24739 and 1.2487. The 100 hourly moving average comes in at 1.2469 and is another key target that should be broken to increase the bearish bias. Last week, the price fell below that momentum area and did not bottom until 1.23515. The bounce that took the corrective high to 1.2574 today briefly moved above the descending 100-bar moving average on the 4-hour chart (currently at 1.2566), but quickly turned back down.
Bitcoin is falling back below the $100,000 level where it is currently trading at $97,362. That’s close to $5000 or -5% per day.