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The USD is kickstarting the North American session with a move to the upside. The menu of instruments are showing the USD higher, stocks lower, oil prices higher, and yields higher. The futures are implying Dow -170 points, the S&P down -25 points and the Nasdaq down -145 points (it tumbled -521 points yesterday). Looking at the treasury curve, the 2 year yield is up 1.4 basis points to 3.998%, the 10 year is ticking toward 4.50% with the yield currently up 4.6 basis points at 4.461%. Oil prices are trading at up near 2.5% and above $96. The video above takes a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD – from a technical perspective. What are the bias (bullish or bearish), the risks (in the short term that would disappoint the bias direction) and the targets on where the next technical levels need to be broken. Traders need the roadmap to navigate the fundamental headlines.
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The USD’s upward movement signals a shift in market sentiment, and here’s why that matters: With stocks set to open lower and oil prices climbing, traders should be cautious. The anticipated drop in major indices like the Dow and S&P indicates risk aversion, likely driven by rising yields. Higher yields typically strengthen the USD as investors seek safer assets, which could lead to further declines in equities. If the USD continues to gain, it could pressure commodities, particularly oil, which is already on the rise. Traders should monitor the USD index closely for any breakout above recent highs, as this could reinforce the trend. Additionally, keep an eye on the 10-year Treasury yield; a sustained increase could exacerbate stock market declines. On the flip side, if the USD’s strength leads to a pullback in oil prices, it might create buying opportunities for traders looking to capitalize on short-term fluctuations. Watch for key levels in the USD and indices over the next few days to gauge market direction.
📮 Takeaway
Keep an eye on the USD index for potential breakouts; a stronger dollar could pressure stocks and commodities in the coming days.
