The US dollar is little changed to start the North American session, with all of the major currency pairs trading within 0.15% of unchanged. Looking at the three most actively traded pairs—EURUSD, USDJPY, and GBPUSD—price action has been similarly subdued, with each pair moving less than 0.7% from yesterday’s close.
The USDJPY remains the standout after reaching a fresh 40-year high of 163.238 yesterday, extending above the previous July 1 high at 162.833. During Asian trading today, the pair briefly dipped to 162.80, but buyers quickly stepped back in, pushing the price back above the 163.00 level. It currently trades near 163.04, keeping the bullish trend firmly intact.
The EURUSD has been confined to a narrow 19-pip trading range today and continues to trade below its converged 100- and 200-hour moving averages at 1.14255. As long as the pair remains below those key technical levels, sellers retain the near-term technical advantage.
For the GBPUSD, the technical picture also favors the sellers. The pair recently fell below its 100- and 200-day moving averages, along with the 38.2% retracement of the rally from the June 24 low, all clustered near 1.3398. Today’s recovery stalled just shy of that resistance at 1.3395, reinforcing the bearish bias and keeping sellers in control.
US stock futures point to a weaker open following yesterday’s gains, with the Nasdaq leading the decline. GE Vernova reported mixed quarterly results, missing EPS expectations while beating on revenue and raising its full-year outlook. Despite the improved guidance, the stock is down 6.56% in premarket trading.
The weakness has spread across the semiconductor and AI sector, with investors taking profits after the recent rally. Intel, which reports earnings after tomorrow’s close, is down 3.19% in premarket trading. Other notable decliners include AMD (-1.94%), Broadcom (-1.62%), Marvell (-2.63%), and Micron (-3.35%), with Micron giving back part of its sharp three-day rally from $80.40 to $99.20.
A snapshot of the major US indices shows:
- Dow -139 points
- Nasdaq -334 points
- S&P -43 points a look at some of the earnings
A look at some of the earning releases this morning shows:
Earnings Roundup
- Moody’s (MCO) – BEAT
- Adjusted EPS: $4.68 vs. $4.24 est. ✅ Beat
- Revenue: $2.22B vs. $2.08B est. ✅ Beat
- CME Group (CME) – BEAT
- Adjusted EPS: $2.99 vs. $2.91 est. ✅ Beat
- Revenue: $1.70B vs. $1.68B est. ✅ Beat
- Philip Morris (PM) – BEAT
- Adjusted EPS: $2.20 vs. $2.04 est. ✅ Beat
- Revenue: $11.20B vs. $10.61B est. ✅ Beat
- FY Adjusted EPS Guidance: $8.26–$8.41 vs. $8.41 est. ⚠️ In line at the high end, below at the low end.
- PulteGroup (PHM) – BEAT
- EPS: $2.48 vs. $2.36 est. ✅ Beat
- Revenue: $3.98B vs. $3.94B est. ✅ Beat
- AT&T (T) – BEAT
- Adjusted EPS: $0.65 vs. $0.59 est. ✅ Beat
- Revenue: $31.6B vs. $31.8B est. ❌ Miss
- FY Adjusted EPS Guidance: $2.25–$2.35 vs. $2.32 est. ⚠️ In line (midpoint $2.30 slightly below consensus).
- GE Vernova (GEV) – MIXED
- EPS: $2.47 vs. $3.19 est. ❌ Miss
- Revenue: $11.10B vs. $10.73B est. ✅ Beat
- Raised 2026 revenue guidance to $45.5B–$46.5B (prior: $44.5B–$45.5B), above the $45.45B consensus at the midpoint. ✅ Positive guidance.
In the debt market, US yields, they are marginally higher. The US treasury will auction off $16 billion of 20 year bonds at 1 PM ET
- 2 year yield 4.261%, Unchanged
- 5year yield 4.374%, +0.5 basis points
- 10 year yield 41634%, +0.6 basis points
- 10 year yield 5.138%, +0.7 basis points
In other markets,
- Crude oil is trading of $2.98 at $87.32
- Gold is trading up $38 or 0.95% have $4118.
- Silver is trading of $0.53 or 0.92% and $59.30.
- Bitcoin is trading down $441 at $65,941
This article was written by Greg Michalowski at investinglive.com.
