Most of continental Europe was off on Holiday today. In the US, a slow economic calendar led to up and down price action in the currency markets. Stocks and bonds were also up and down volatile.
The USD is ending the day lower with the NZD and the AUD gaining the most on hopes for a China deal (NZD up 0.53% and the AUD is up 0.37%). The other pairs are within 0.20% of unchanged on the day (but with a lower USD vs each).
China and US trade representatives met for over 6 hours today in London and word out of the meetings described them as “fruitful”. The meetings will continue tomorrow.
Yields in the US started the US session mostly higher, but moved into negative territory, helping to keep a lld on the greenback.
- 2-year yield 4.005%, -3.8 basis points.
- 5 year yield 4.084%, -4.2 basis points
- 10-year yield 4.448%, -3.2 basis points
- 30-year yield 4.944%, -1.8 basis points.
U.S. stocks closed mostly flat on the day, with the Dow ending unchanged, while the S&P 500 edged up 0.09%. The Nasdaq gained 0.31%, despite a drag from Apple, which fell 1.21% following a disappointing Worldwide Developers Conference that lacked substantial AI-related announcements.
In the FX market, both EURUSD and GBPUSD saw two-way price action, briefly dipping below their 100-hour moving averages at 1.1413 and 1.3549, respectively. However, both pairs managed to close above those key technical levels, maintaining a near-term bullish tilt. Importantly, neither pair could extend losses below their 200-hour MAs, reinforcing the view that buyers remain in control on dips.
As for USDJPY, the pair fell to fresh intraday lows during the U.S. session but found support near the converging 100- and 200-hour MAs at 143.81. As long as the price holds above these key moving averages, buyers will retain the upper hand heading into the next trading day.
Crude oil is closing higher and above the midpoint since 2021 in a positive tilt technically. That midpoint level comes in at $64.71. The price settled at $65.29. It was the first close above that midpoint level since early April.
Bitcoin rose $2974 or 2.81% at $108,767. MicroStrategy raised $1B through a stock offering to fund future Bitcoin purchases. They solidify their position as being the worlds largest holder of Bitcoin by a corporation. Blackrocks Bitcoin ETF has hit $70B in assets setting a record for the fastest ETF to reach that level (it took 341 days).
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