The USD is higher vs 3 major pairs to start the new US day & back between 100/200 hour MAs

The USD is higher as the US trading session begins. The 3 major currency pairs have the USD up around 0.40% retracing some of the declines seen yesterday. US yields are marginally higher. The pairs also failed on technical breaks yesterday with the EURUSD and the USDJPY moving outside their 100/200 hour MAs (they are back between those key moving averages to start the new trading day). For the GBPUSD, that pair moved to the highest level since February 2022 yesterday, but could not sustain momentum on the break and is back below the 2024 high.

The video above will go through each pair – the EURUSD, USDJPY and GBPUSD from a technical perspective – and prepare your trading for the new session.

As mentioned, the US yields are higher with the snapshot of the yield curve showing:

• 2 year yield 3.707%, +2.2 basis points
• 5-year yield 3.836%, +2.3 basis points
• 10 year yield 4.231%, +1.5 basis points
• 30 year yield 4.705%, +1.2 basis points

in the premarket for US stocks, the major indices are mixed with the Dow industrial average higher, the S&P near unchanged in the NASDAQ index modestly lower:

• Dow industrial average +151 points. Yesterday the index rose 114 points or 0.28%
• S&P index is currently down -3 points. Yesterday the index rose 3.54 points or 0.08%
• NASDAQ index -34.29 points. Yesterday the index fell -16.81 points or -0.108%

Earnings release this morning showed a combination of beats and misses (mixed):

• PayPal (PYPL) Q1 2025: EPS $1.33 (BEAT; exp. $1.16), Revenue $7.79B (BEAT; exp. $7.86B)

• Altria (MO) Q1 2025: EPS $1.23 (BEAT; exp. $1.18), Revenue $5.25B (BEAT; exp. $4.61B)

• Coca-Cola (KO) Q1 2025: EPS $0.73 (MET; exp. $0.72), Revenue $11.1B (BEAT; exp. $11.18B)

• Pfizer (PFE) Q1 2025: EPS $0.92 (BEAT; exp. $0.66), Revenue $13.72B (MISS; exp. $13.97B)

• General Motors (GM) Q1 2025: EPS $2.78 (BEAT; exp. $2.73), Revenue $44.02B (MISS; exp. $42.98B)

• Royal Caribbean (RCL) Q1 2025: EPS $2.71 (BEAT; exp. $2.54), Revenue $4.0B (MISS; exp. $4.01B)

• UPS (UPS) Q1 2025: EPS $1.49 (BEAT; exp. $1.38), Revenue $21.5B (MET; exp. $21.14B)

The schedule after the close today:

• Visa (V)

• Starbucks (SBUX)

• Snap Inc. (SNAP)

• First Solar (FSLR)

• PPG Industries (PPG)

• Booking Holdings (BKNG)

European shares are currently trading mixed with the German DAX up 0.72%. Spain’s Ibex is down -0.71%

In tariff news overnight, late yesterday it was reported that Pres. Trump is expected to soften the impact of automotive tariffs preventing the stacking of tariffs on top of 100 tariffs.

On the economic calendar, the JOLT job openings will be released at 10 AM. That kickstarts the jobs numbers for the month which will culminate with the BLS jobs report on Non Farm Payroll and Unemployment rate on Friday. Commerce Sec. Lutnick is being let out of the penalty box (Navaro is still in it) with his scheduled appearance on CNBC at 2 PM ET. Interesting time for his appearance.

The schedule of events shows:

• 8:30 am ET
  
  • Goods Trade Balance (Forecast: -$142.8B, Previous: -$147.9B)
  
  • Preliminary Wholesale Inventories m/m (Forecast: 0.6%, Previous: 0.3%)

• 9:00 am ET
  
  • S&P/Case-Shiller Composite-20 HPI y/y (Forecast: 4.6%, Previous: 4.7%)
  
  • House Price Index (HPI) m/m (Forecast: 0.3%, Previous: 0.2%)

• 10:00 am ET
  
  • JOLTS Job Openings (Forecast: 7.49M, Previous: 7.57M)
  
  • CB Consumer Confidence (Forecast: 87.7, Previous: 92.9)

• 2:00 pm ET
  
  • U.S. Commerce Secretary Lutnick speaks on CNBC

in other markets:

• Crude oil is trading down -$0.88 or -1.42% at $61.16
• Gold is trading down $34.69 or -1.04% at $3309.07
• Bitcoin is trading up $100 at $95,133