November 29, 2022

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US dollar initially reaction is a move higher after ADP

1 min read

10 yield moves up to toward session high yields

the US dollar initial reaction was to move higher after the better-than-expected ADP report. The EURUSD move to a low of 1.2173. The USDJPY move to a new session high 109.878. The GBPUSD give up some of its gains but still remains well off the lows. It traded to 1.4169 was between the 200 hour moving average of 1.41663 and the 100 hour moving average at 1.41782. The USDCAD is trading at a new high at 1.2077, the AUDUSD and NZDUSD are also moving to new session lows. 

In the US debt market, the 10 yield moved up from 1.591% and currently trades at 1.600% up 1.2 basis point. The 30 year yield is trading up 0.8 basis points at 2.28%. That compares to 2.274% near the start of the North American trading. 

Spot gold is still lower by about $16 at $1892.46. Spot silver is down $0.45 at $27.72

In the premarket for US stocks, the futures are lower on the day. The Dow is down around -200 points. The S&P is down -30 points, and the NASDAQ index is down -142 points. The NASDAQ index is the weakest as concerns about rates leads to the Pavlovian reaction of selling the more speculative tech sector and investors move into cyclicals.
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