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Today, the dollar is experiencing an increase, which is a continuation of yesterday’s upward trend. This is due to the rise in Treasury yields, as the market takes a momentary pause from the earlier fluctuations this week. However, as we near the end of the week, there is a recurring pattern of shifting risk taking.
The value of stocks has decreased as indicated by a drop of 0.5% in S&P 500 futures and a reduction in Treasury yields, specifically 10-year yields, now at 3.781%, which is a decrease of 1.8 bps. However, the dollar remains strong, with USD/JPY holding steady above 143.00.
From a technical standpoint, it appears that the pair is ready to make a move towards 145.00. This raises the issue of whether Japanese authorities will increase their intervention efforts, as previously discussed.
In other locations, the EUR/USD has decreased by 0.2% to reach a value of 1.0933 presently and has remained stable throughout the week. However, the USD has shown improvement as the GBP/USD has declined by 0.3% to reach 1.2705 presently, reducing losses from the previous week by almost 50%.
The Australian dollar is experiencing the most significant drop this week, as it fell by 0.8% today to nearly 0.6700. This caused the AUD/USD to lose all of the gains made last week and more. The drop is quite dramatic, and the price is now approaching its 200-day moving average at 0.6690. Furthermore, the decline today may also cause the pair to go below its 100-day moving average at 0.6712.
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