The Michigan preliminary consumer confidence report through a monkeywrench into the markets. Inflation expectations with higher. The index was also higher.
US stocks have rotated back to the downside.
The USD is moving higher and is now the strongest of the major currencies.
USD is the strongest of the major currencies
The GBPUSD is the biggerst mover. The USD is up 1.30% vs. the GBP and near 1% vs. the AUD. The USDJPY is up 0.77% as it reaches the highest levels going back to 1990. The USDJPY is trading at its highs at 148.36 as I type.
USDJPY is running to the upside
The GBPUSD (see chart below) has not reacted positively to the UK political moves. The GBPUSD is trading back below its 200 hour moving average at 1.1189. The 100 hour moving average comes in at 1.11191 and would be the next downside target. Yesterday, the price low bottom near the that moving average level (and the 38.2% of the move up from the September low). Traders will be watching the 1.12109 to 1.1244 area as resistance now. Stay below is more bearish..
GBPUSD moves below its 200 hour moving average
