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The NASDAQ index is now down around -0.50% on the day. THe S&P index is also in negative territory -0.20% and the Dow Industrial Average has given up most of its gains.
The US retail sales came in stronger than expectations today which helped to push yields higher. The tenure yield is now up around 13 basis points.
Fear of more action in the Iran/Isreal skirmish is also a market concern.
In the forex:
- EURUSD: The EURUSD tested the glow from Friday’s trade near 1.0622 and found support buyers. The price is currently trading at 1.0635. Topside resistance comes in between 1.0655 and 1.0675.
- USDJPY: The USDJPY traded to a new high going back to 1990 today (reached 154.442). The price is trading at 154.24. There was a flush out to a US session low at 153.84, but that decline fell short of the 38.2% retracement of the last move higher target at 153.73. If the sellers can not get below the 38.2 to 50% of the last trend move higher, they are not winning. The buyers are still in firm control.
This article was written by Greg Michalowski at www.forexlive.com.
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