Tue, Mar 21, 2023 @ 01:29 GMT
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Mid-US update: Dow rises 360 pts, EUR/USD back in range after brief spike

Yen and Swiss Franc are trading as the weakest ones as risk appetite return to the markets today. Dollar gets no support from the strong rebound in US equities, as treasury yields are essentially flat.

Meanwhile, New Zealand Dollar, Canadian Dollar and Sterling are the strongest ones.

Dollar was sold off in early US session as EUR/USD broke 1.1610 minor resistance. But the pair quickly lost steam and is now back in familiar range.

At the time of writing, DOW is trading up 1.38%, S&P 500 up 1.43% and NASDAQ up 1.84%. Five-year yield is up 0.004, 10-year yield down -0.002, 30-year yield down -0.003. While DOW’s rebound is strong, it should be reminded that it’s more likely a corrective move than not. And, it’s already close to first hurdle of 38.2% retracement of 26951 to 24845.10 at 25649.86, which is close to 55 H EMA at 25706. We’ll see whether DOW could extend the rebound through this hurdle, or get an instant rejection from it before today’s close.

In Europe, stock closed broadly higher on late buying.

  • FTSE rose 0.43% to 7059.40
  • DAX rose 1.40% to 11776.55
  • CAC rose 1.53% to 5173.05
  • German 10 year yield dropped -0.0102 to 0.495
  • Italian 10 year yield also dropped -0.0928 to 3.462

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