The USDJPY is moving to a new session low and in the process is moving away from the 50% midpoint of the move up from the April low to the May high reached earlier this week.
The midpoint level comes in at 134.177. The current price trades at 134.00 . The next target comes between 133.70 and 133.873 (see red numbered circles on the chart above). Below that the 61.8% retracement at 133.329 would be targeted (see chart below).
US rates are lower in the short end with the two-year down -14 basis points at 3.796%. The 10 year yield is now down -8.4 basis points to 3.316%.
The January 2024 Fed funds contract implies a rate of 3.25% now. That is a full 100 basis points below the top range of the current fed funds target.
KRE ETF is down -9.22%
Regional banks are looking in trouble:
Apple will report after the close and their shares are down by -$2.20 or -1.31%.
In other markets:
- Crude oil reached a low of $63.64 that took the price to the lowest level since December 2, 2021 when the price low reached $62.43. The low price from August 20, 2021 came in at $61.74. From the high reached on April 12 at $83.53 to the low price today, the price fell -23.86% (down $19.93). The price has rebounded and currently trades at $67.73. The high price they reached $69.46.
- Gold is starting to move to the upside and currently is trading up $14.28 or 0.7% at $2057
- Bitcoin is trading at $28,882
