The European major indices are all closing with gains. The France's CAC led the way with a rise of 1.10%. The UK FTSE 100 eked out a small 0.06% rise.
A snapshot of the closing levels shows:
- German DAX +0.73%
- Frances CAC +1.10%
- UK's FTSE 100 +0.06%
- Spain's Ibex +0.81%
- Italy's FTSE MIB +0.66%
As the London/European traders look to exit, other markets are showing:
- Crude oil is moving to the upside with a gain of $1.53 or 2.08% at $74.50. That takes the price to the highest level since June 5 and above its 100-day moving average at $73.74. Recall from yesterday, the price moved above that 100-day moving average for the 1st time since April 28, but reversed and closed lower on the day. The next upside target comes against the June 5 high at $75.06.
- Spot gold is up $7.23 or 0.38% at $1932.32 as the pair reacts to the lower dollar
- Silver is down $0.03 or -0.13% at $23.08
- Bitcoin is trading higher at $30,600. At 5 PM yesterday the price was trading near $30,209.
In the US stock market, major indices are still higher:
- Dow Industrial Average is up 144 points or 0.43%
- S&P index is up 9.8 points or 0.23%
- NASDAQ index is up marginally by 5 points or 0.04%
in the US at that market:
- 2-year yield is at 4.900%, up 3.8 basis points
- 5-year yield is at 4.249%, +0.4 basis points
- 10-year yield is up 3.989%, -1.6 basis points
- 30-year yield is at 4.025%, -1.7 basis points
The U.S. Treasury will auction off 3 or note at 1 PM ET
In the Forex market, the JPY remains the strongest of the major currencies (it was the strongest at the start of the New York session), and the NZD remains the weakest of the major currencies.
The USD is modestly lower with gains versus the AUD and NZD. The EURUSD is near unchanged. The rest of the currencies show dollar weakness led by a -0.57% decline in the USDJPY.
Looking at the NZDUSD hourly chart below, the pair moved to a new high going back to June 19 - taking out the June 22 high at 0.62218. However, the new high could only get to 0.62235 before reversing back to the downside.
The move lower (see chart below) has now taken the price back below the:
- 100-day moving average at 0.61889,
- 100-hour moving average at 0.61883,
- 200-day moving average at 0.61792.
The rising 200-hour moving average comes in at 0.61622. That moving average has NOT been broken. The low price from yesterday near 0.6165 also was tested and held support.The NZDUSD is now seeing a modest bounce off of that low and the 200-hour MA level. It would take a move below those levels to open the door for further downside momentum.
On the topside, the cluster of MAs up to 0.61889 is now risk/bias defining level. It would take a move above those MAs to tilt the technical bias back to the upside in the NZDUSD pair.
