Forex Trading, News, Systems and More

Forexlive Americas FX news wrap 24 Apr: USD falls helped by lower rates | Forexlive

The USD moved lower today, only surpassed by the declines in the JPY. The EUR meanwhile was the strongest of the currencies.

The USDs decline was helped by falling rates. Looking at the US debt market, yields moved down about 6-8 basis points on the day. More specifically:

  • 2 year yield 4.126%, -6.3 basis points
  • 5 year yield 3.588% -7.7 basis points
  • 10 year yield 3.501% -7.1 basis points
  • 30 year yield 3.718% 16.0 basis points

The Dallas Fed manufacturing index for April was weaker than expectations That -23.4 versus -15.7 last month. The data was the only economic data out today, but helped to build the bias lower for rates and the US dollar.

Meanwhile in US equity markets, US stocks traded on both sides of unchanged an up-and-down session. The NASDAQ index is closing on the negative side. The S&P index and the Dow Jones industrial average closed in positive territory:

  • Dow Industrial Average rose 66.44 points or 0.20% at 33875.41. The index felt -82.88 points at its lows before rebounding
  • S&P index rose 3.52 points or 0.09% at 4137.03. The S&P index traded down -15.74 points
  • NASDAQ index fell -35.26 points or -0.29% at 12037.19. The NASDAQ index reached a low of -112.15 points intraday

This week there will be a number of key earnings announcements including Alphabet, Meta, Amazon, Microsoft, Boeing, Intel and Caterpillar (among others). Tomorrow’s key releases include:

  • Microsoft
  • Alphabet
  • 3M
  • GM
  • UPS
  • McDonald’s

As mentioned the US dollar moved lower in trading today held by the lower US interest rate. Looking at some of the major currency pairs from a technical perspective:

  • The EURUSD began the US trading session close to the lower boundary of a swing area near 1.1000. This level successfully held as support, and the pair subsequently climbed to a high of 1.10495. At present, the price is trading around 1.1045. The next key upside targets are the swing highs from last Thursday and Friday, which are 1.10669 and 1.10753, respectively. The pair found support at its rising 100-hour moving average, and maintaining this level would provide buyers with the confidence to continue pushing the price upward.
  • The EURUSD began the US trading session close to the lower boundary of a swing area near 1.1000. This level successfully held as support, and the pair subsequently climbed to a high of 1.10495. At present, the price is trading around 1.1045. The next key upside targets are the swing highs from last Thursday and Friday, which are 1.10669 and 1.10753, respectively. The pair found support at its rising 100-hour moving average, and maintaining this level would provide buyers with the confidence to continue pushing the price upward.

In other markets,

  • The fall in the USD and rates, helped to support gold prices which is trading up $6.33 or 0.32% at $1988.93
  • Spot silver is up $0.06 or 0.23% payout $25.14
  • Crude oil rose $0.80 or 1.03% at $78.67
  • Bitcoin moved lower and trades at $27,443. The low price reach $26,981 the 1st time below the $27 level since March 28.