The surprise spike in the JOLTs job data has the markets moving. US yields are moving higher with the 10 year yield now up 5.6 basis points at 4.738%. The 30 year yield is up 6.8 basis points to 4.863%. The 2-year yield which was lower before the report is now higher by 1.5 basis points to 5.127%.
US stocks have moved to the downside with the NASDAQ now down over 1%:
- Dow industrial average -190 points or -0.57%
- S&P index -33.2-0.76%
- NASDAQ index -130 points or -0.98%
The US dollar has moved higher as well, but is coming off as there appears to be some intervention potential in the USDJPY:
- USDJPY: The USDJPY moved above the 150.00 level, but that move may have prompted BOJ intervention. The price moved sharply lower and intraday low of 147.33 before bouncing back higher. That low tested the low from September 21 at 147.314. The price is trading near the 200-hour moving average at 149.00 in volatile trading. The 100-hour moving averages at 149.519. Those levels will be parameters for short-term momentum. Moving below increases the bearish bias. The low price from Friday at 148.518 will be the next target to get to and through on the downside.
- EURUSD: The EURUSD moved to a new low of 1.04489. Looking at the daily chart, the 50% midpoint of the move up from the September 2022 low comes in at 1.04053. The price has bounced higher and currently trades at 1.0480. The low price from last week at 1.04872 will be eyed for short-term clues. In the New York session, the price has been able to stay below that level. A move above it and the natural resistance at 1.0500 and the high of the swing area 1.0533 would be needed to increase the bullish bias.
- GBPUSD: The GBPUSD moved lower to retest its low from earlier in the day at 1.20515 and stalled. The price is currently trading at 1.2087. The high for the day was at 1.2101. Last week’s low price came in at 1.21109. It would take a move above that level to give the buyers a little bit more confidence. Above that the 38.2% retracement of the move down from Friday’s high comes in at 1.21354, and the falling 100-hour moving average comes in at 1.21613 (that is also the 50% of the move down from Friday’s high)..
