July 10, 2024 at 04:52PM
The major European indices are closing higher on the day, bouncing back from the declines seen during yesterday’s trade.
A snapshot of the closing levels shows:
German DAX, +0.99%
France CAC, +0.86%
UK FTSE 100 +0.66%
Spain’s Ibex +1.59%
Italy’s FTSE MIB +1.31%
As European traders head for the exits, US stocks are trading back toward the highest for the day:
Dow Industrial Average average +94.21 points or 0.24% at 39386.50
S&P index up 21.9 points or 0.39% at 5599
NASDAQ and 100.02 points or 0.54% at 18529.5
The small-cap Russell 2000 is trading up 8.1 points or 0.40% at 2037.60.
US yields are little changed ahead of the 10 year note auction at 1 PM ET:
2-year yield 4.6 to 8%, unchanged
5-year yield 4.244%, -0.4 basis points
10 year yield 4.297%, -0.2 basis points
30-year yield 4.489%, -0.6 basis points
Crude oil moves higher after a large and unexpected inventory drawdown. The price is currently up one dollar or 1.23% at $82.42. The price of crude oil has moved down for three consecutive days before bouncing today.
Gold prices are higher by $16.45 or 0.70% at $2379.88.
Bitcoin is trading at $57,885. That is nearer the low for the day $57,357. The high price reached $59,459.
The EURUSD has traded in a narrow range in the North American session. The process continued to trade above and below it 100-day moving average currently at 1.0821. The current prices just above that level at 1.0823. The trading range is only 18 pips today. That compares to an average of 53 basis points over the last month.
The USDJPY is stretching to new highs and tests the next target at 161.73 ahead of the high price from 2024 at 161.943 (see red number circles on the chart below) the price today based within a swing area below at 1.6127 – 1.6139.
The GBPUSD moved up to test the high from earlier this week at 1.2845. Getting above that level would target the June high at 1.28599 followed by the high for 2024 at 1.2893.
This article was written by Greg Michalowski at www.forexlive.com.
