USD can't hold onto the earlier declines. Still lower but off the lows for the day

The declines in the USD are being whittled away as yields move back higher.

The US 2 year auction was dismal with little in the way of domestic or international demand.

The Jackson Hole Symposium may be weighing on the minds of investors. Sale of 2 year notes are generally not a problem, even though inflation is well above the nominal rate (but still better than European equivalents).

Looking at the yield curve:

• 2 year 3.31%, down 0.6 bps. The low yield was at 3.232%
• 5 year 3.184%, +2.5 bps. The low yield was at 3.097%
• 10 year 3.054%, +3.6 bps. The low yield was at 2.983%.
• 30 year 3.253%, +2.6 bps. The low yield was at 3.202%

In the US stock market, the Dow is the weakest performer but there is some modest buying in the Nasdaq index. The Dow is down -150 points or -0.49%. The Nasdaq is up 0.23%. in between is the S&P which is down -0.11%.

Looking at the forex, the USD has given up the weakest of the majors to the CHF (it is neck and neck).

• The greenback is also back near the 50% midpoint of the range for the day vs the EUR.

• The USDJPY is back above the 100 hour MA at 136.432 and looks back toward resistance in the 136.91 to 137.15 area

• The GBPUSD moved close to the 100 hour MA but found early sellers. THe pair is moving back toward the 1.1802 to 1.1806 support area.

• The USDCHF has moved back toward the broken 100 day MA after bouncing off a swing area support target.