Dollar moves to the top. Strongest currency on the day.
Up against all the major currencies
Fed's Dudley was more hawkish when he spoke at the start of the NY session and that helped to turn the dollar higher.
- Yields on US debt which was unchanged to a little lower, turned higher by 2-3 basis points.
- US stocks moved higher with the Nasdaq up 1.2% and the S&P up 0.70% now.
- Gold fell and is now down -$5.50 from around unchanged levels earlier.
EURUSD: The EURUSD has moved to the 1.11609-71 area and is now trading below that area. For shorts who see more selling, close risk is a move back above 1.1171 now. For a look as the levels, click on recent post here...
USDJPY: The USDJPY is trading near high levels and looks to start to test upside resistance.
- 111.417 is the high from last week
- 111.51 is the 200 bar MA on the 4-hour chart
- 111.576 is the 50% of the move down from the May 11 high
USDCAD: The dollar has not done well against the trending USDCAD. That pair tried to move higher earlier in the day - moving above its 100 hour MA on a couple of occasions. The price did fall below support at 1.3208-11 which is a key area for the pair (see earlier post here). We are back above that that area. Is the USDCAD setting up for a correction higher (again)? It needs to get and stay above the 100 hour MA at 1.3268 now.
NZDUSD: The NZDUSD tests the lows for the day and the 100 hour MA at 0.7238. A move below is more bearish with the 0.72167-0.7221 the next key target area with the 200 hour MA and trend line at the area (see post).