The US stocks have moved lower after the FOMC meeting minutes.
- The S&P is down -36.62 points or -0.57% at 6374.73
- NASDAQ index is down -244.63 points or -1.15% at 21070.
- Dow industrial average is down 88 points or -0.20% at 44834.
In the US debt market, yields are lower with a modestly steeper yield curve:
- 2 year yield 3.737%, -1.7 basis points
- 5-year yield 3.802%, -1.9 basis points
- 10 year yield 4.290%, -1.1 basis points
- 30 year yield 4.898%, -0.3 basis points
USDJPY:
Looking at the daily chart of the USDJPY, the pair remains between the 100-day moving average on the downside at 145.44, and the 200-day moving average above at 149.16. The price is also below its 38.2% retracement of the move up from the 2022 low to the 2024 high. That level comes in 148.678. The 50% midpoint is at 144.581. The current price is at 147.20.
The last few months has seen the price remains between those two extremes with the exception of the day before the US jobs report on July 31. On August 1, the price tumbled back between the moving average levels. Since that time the price is been up and down in very volatile price action as the market is “snookered”, and does not know which way to go.
This article was written by Greg Michalowski at investinglive.com.