The US stock market is little changed. The US yields are higher by about 3-4 basis points after falling by 10 or so basis points yesterday (last week yields did move sharply higher). For the US the dollar is mixed vs the major currencies – the EUR, JPY and GBP.
For the EURUSD the price action this week is up and down in a narrow trading range (64 pip range vs 125 average over the last month of trading). The key support comes in the 1.1270-75 area.; Move below tilts the short-term bias lower with more work at the 38.2% of the move up from last weeks low at 1.12495 adn the rising 100- hour MA at 1.1233.
The USDJPY is also in a narrow up and down trading range (91 pips vs 189 pip average over the last month). The bias is lower with the 100 hour MA at 144.189 as resistance and 142.07 as the close support. Traders are looking for a break with momentum now.
The GBPUSD is higher and extended to a new high for 2025 above 1.32067. The simple rule is stay above and the buyers are in control with upside probing expected
