The EURUSD is moving to the downside reversing the gains from earlier today after Pres. Trump said he would impose a 50% tariff on EU imports into the US starting June 1. He also said he would impose a 25% tariff on Apple iPhones not manufactured in the US.
The climb down the mountain restarts(and things seemed so bright in the Middle East last week). Yields are lower. Stocks are sharply lower.
In the video above, I take a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD – from a technical perspective.
Looking at the US yields:
- 2-year yield 3.932%, -6.5 basis points
- 5-year yield 4.027%, -8.5 basis points
- 10 year yield 4.473%, -8.0basis points
- 30 yar yield 4.997%, -6.3 basis points
Looking at the US stock indices, the earlier pre-market gains are being eroded fast with the Nasdaq moving from about +40 points to down -92 points over just the last hour of trading
- Dow dow -577 points
- S&P down -88 points
- Nasdaq -390 points.
This article was written by Greg Michalowski at www.forexlive.com.
