The initial reaction to the Fed minutes seemed to be an unwind of the price action seen over the last couple of days . Overall the minutes were hawkis
The initial reaction to the Fed minutes seemed to be an unwind of the price action seen over the last couple of days . Overall the minutes were hawkish, but so was Brainard and other members of late.
Initial reactions saw:
USD dipped lower
Yields moved lower
Stocks moved higher
However, as I type some of the moves have already seen some reversal. So that suggests the market is just a bit of a “sell the fact” vs any change in expectations from what is expected.
EURUSD
EUR/USD
The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, behind only the US dollar. This currency pair is the most traded and liquid currency pair on the market.As the most popular trading pair, the EUR/USD is a staple of every brokerage offering and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economic blocs in the world and sees the most volume for this reason.The EUR/USD has a wide range of factors that influence its rates. From the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact rates. Even small member states can effectively weigh on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve commonly affect the EUR/USD. Many examples include the bailouts during the Financial crisis, tax cuts during the Trump Administration, and Covid-19 relief measures, among others.
The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, behind only the US dollar. This currency pair is the most traded and liquid currency pair on the market.As the most popular trading pair, the EUR/USD is a staple of every brokerage offering and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economic blocs in the world and sees the most volume for this reason.The EUR/USD has a wide range of factors that influence its rates. From the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact rates. Even small member states can effectively weigh on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve commonly affect the EUR/USD. Many examples include the bailouts during the Financial crisis, tax cuts during the Trump Administration, and Covid-19 relief measures, among others. Read this Term: The EURUSD moved up toward the 1.09253 swing level, but reversed back down below the 1.0899 swing level and currently trades at 1.0890. Back below the 1.0900 level.
EURUSD moves up and back down
USDJPY: The USDJPY ticked to a new low for the day below 123.508, but has bounced back and trades at 123.83. It is still below the high for the day at 124.046.
USDJPY tested the low for the day and bounced
Nasdaq: The Nasdaq moved up close to the intraday high at 14031 (reached 13988.94), but has since moved to a new session low in a quick reversal. The index is back below its 38.2% at 13847.93. The 200 hour moving average at 13698.86 is the next downside target. The index is currently trading down -2.81%.
Nasdaq trades to a new session low
The S&P index is also trading to a new low. It is currently down -68 points or -1.5% at 4457.52. It’s 38.2% retracement level of the last move higher comes in at 4437.65.
