Dollar moves back higher after flash PMI jump | Forexlive

Just when you think the data might be to tipping lower, the S&P/Global flash PMI indices , come in higher than expectations.

The 2 year yield moved from down about 5 or so basis points to up 1.8 basis points currently at 4.183%. The 10 year yield is now up 2.1 basis points at 3.566%. Stocks have moved lower with the NASDAQ index down -0.5% and the S&P index down by -0.21%. The Dow industrial averages down -0.09%..

For the US dollar:

EURUSD moved to a new high just before the data at 1.0993 as it approached key swing area between 1.09996 and 1.1006. The price has now fallen below the 200 hour moving average 1.0970 and the 100 hour moving average 1.0957. Once again it tilts the short-term bias back to the downside with swing area support between 1.0925 and 1.09438.

With Fed officials still talking up inflation, stronger data is not the soft landing they are looking for to slow the inflation levels.

Today is the last day, the Fed officials can weigh-in as the quiet period begins ahead of the May 3 rate decision. A 25 basis point hike is expected.

Next week, the PCE data will be released on Friday. GDP for 1Q will be released on Thursday. There are a slew of earnings:

Monday, April 24