Forexlive Americas FX news wrap 30 Aug: USD recovers after a move lower stalls. | Forexlive

The US trading session started with the USD mixed. There were 5 separate currencies within 0.13% of the greenback, with a modest overall bias to the upside.

The ADP employment report came in weaker than expectations at 177K vs 195K estimate. The recent misses for that data release was more to the upside. As a result, the markets reacted by sending yields lower, the USD lower and stocks started to move higher.

Soon thereafter, the 2nd cut of the 2nd quarter GDP came out weaker helping to push the dollar even lower.

In the US debt market, the

• 2-year yield moved to a low of 4.836%. The high yield for the day was about 4.932%
• 10-year yield moved to a low of 4.087% after trading as high as 4.159%
• 30-year yield moved to 4.215% after trading as high as 4.27%

Meanwhile, the USD followed yields lower. At one point, the USD moved to the weakest of the major currency pairs, with declines of 0.78% versus the GBP, -0.59% versus the EUR, and -0.51% vs both the AUD and the NZD.

However, forex markets started to find buyers in the USD, and yields started to move off lows. Remember the US jobs report is still ahead on Friday and tomorrow US CORE PCE data will also be released and is expected to move higher year on year to 4.2% from 4.1% last month. MoM is expected to be up 0.2%.

The day is heading into the close with the dollar near the middle of the pack of currencies will a downward bias but with 3 currencies near unchanged on the day, and the USDCAD with 0.15% of unchanged.

In the US debt market,:

• 2-year yield is near the middle of the trading range of 4.883%
• 5-year yield is also near its middle of the range of 4.27%
• 10-year yield is at 4.112% down one basis point
• 30-year yield is 4.223% down 1.3 basis points

Looking at other markets near the end of day:

• Crude oil is trading at $0.56 or 0.69% at $81.72
• Gold is trading up $6.10 or 0.31% at $1942.98
• Silver is down -$0.08 or -0.33% at $24.60
• Bitcoin is trading at $27,275. At the start of trading today, the price was trading at $27,366

Meanwhile, in the US stock market, the Dow, S&P, and NASDAQ indices all tacked on their 4th straight-up day. The final numbers are showing:

• Dow industrial average rose 37.57 points or 0.11% at 34890.25
• S&P index rose 17.24 points or 0.38% at 4514.88
• NASDAQ index rose 75.54 points or 0.54% at 14019.30

With one more trading day left in the month, the major indices are still on pace for declines, but things could have been worse. The NASDAQ index is up 3.15% this week, the S&P is up 2.48% and the Dow industrial average is up 1.58%. For the month:

• Dow industrial average is down -1.88%
• S&P index is down -1.61%
• NASDAQ index is down -2.28%

Looking at some of the major big-caps

• Apple shares are up for the 4th consecutive day in a row, and in doing so move back above its 50-day moving average at $186.55.
• Alphabet shares are closing at its highest level since April 2022 at $135.88.
• Shares of Microsoft closed marginally higher by 0.12% and remains above its 100-day moving average below at $322.50 and its 50-day moving average above at $333.04.