The USD rose on core PCE data from the US GDP report. However, these gains have almost been erased. Although yields are still higher, they are far from their highest levels. US stocks also erased some of their declines, with the NASDAQ index now down -1.10%, or -167 points.
- At the session’s low, the NASDAQ was down -368.83 points.
- The S&P index was down -81.04 points at the session low. It is currently down -38.39 points.
EURUSD: EURUSD declined to test its 100-hour moving average (blue line in chart below) after the higher PCE data. This support level held support. The price is now back near the day’s high at 1.0739. The current price is trading at 1.0737. The 50% midpoint of the April trading range is at 1.07425. Getting and staying above these levels would be more bullish.
EURUSD next looks to test the 50% midpoint
GBPUSD: GBPUSD declined to retest the broken 38.2% retracement after GDP data at 1.2455. Buyers pressed against the level and have now pushed the price towards its high of the day. In the process, the price is now moving back above its 100-bar moving average on the 4-hour chart at 1.25133. The day’s high hit 1.25244 just after the data was released. Move above this level and traders would target the 61.8% retracement at 1.25519 and the 200-day move to 1.25597.
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