US yields move lower after JOLTs/factory orders. Dollar lower.

The weaker than expected factory orders (-0.7% vs -0.5% est, and prior month revision lowered to -2.1% from -1.6%) and JOLTs job openings at 9.931 million versus 10.4 million estimate, has sent the yields in the US lower. The two year yield is down -13 basis points to 3.85%. The 2 year yield reached a cycle low of 3.555% on March 24 before snapping back to the upside. The high yield on a Friday reached 4.172% before rotating back to the downside.

US stocks have rotated back to the downside with the Dow industrial average now down -0.23%. The NASDAQ index is down -0.18% and the S&P is down -0.14%.

In the Forex market,

• The EURUSD has pushed above the top side swing area high at 1.09438. The extreme from early February extended up to 1.10317. On the downside traders will be watching the highs from March between 1.09255 and 1.09297 (see yellow area in the chart below).

• The USDJPY has moved below the 200 hour MA at 131.887, and enters into a swing area between 131.550 and 131.844. That area will be a key barometer. Stay below the 200 hour moving average and move below 131.55 would increase the bearish bias.

• The USDCHF has tumbled below the swing low from March 14 at 0.90938 and is moving closer to the swing low from March 13 at 0.90706. The swing low from early February and the lowest level going back to August 2021, is at 0.90586. Move below that level and it opens the door for further downside. The low from August 2021 reached down 0.90178.