With US traders returning from the Thanksgiving holiday for a shortened session and the World Cup underway, the day was set to be somewhat limited.
The USD moved higher in early NA trading. However, as debt market rates ticked higher partly in reaction to a move higher in European rates, it sent the greenback even higher. The German 10 year rose about 12 basis points on the day. Spain moved up 15 bps, and France up 13.7 bps.
The US rate hike was less, however, and then rates started to come back down. Here the EURUSD moved higher.
Technically, the return to the top was helped by a rebound from the near converging 100/200-hour MAs near 1.0359 (the low reached 1.0360). The move from the downside was able to extend back above the 200-day MA at 1.03877, and is looking to close above that key moving average, giving the pair a positive, bullish bias into the new trading week (Monday). The price is trading at 1.1402.
For other pairs, the greenback moved slightly lower in the NY session, but held onto most of NY’s early gains. Apart from the EURUSD, where the dollar rose by a small 0.06%, the gains were the other currencies were between 0.21% to 0.38%. The dollar rose the most against the NZD at 0.38%.
In other markets, US stocks closed mixed with the S&P breaking 2-day moves higher. The Dow rose, however, led by Boing (up 3.53%), Home Depot (up 1.66%) and UnitedHealth (up 1.51%).
- Spot gold is almost unchanged at $1753.50.
- Silver is down -$0.07 at $21.42
- Crude oil is back below $77.00 at $76.53
- Bitcoin is little changed from $16500 near the opening of US hours at $16472.
Thank you for your support. I hope you have a great weekend.