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2021-09-21 09:29:12 GBP/JPY sets daily close below 150

The noted drop back below 150 in the GBP/JPY yesterday did later deliver a US close underneath that level. The pair ended the US session at 149.45. It was also highlighted here; that the break underneath 150 could deliver a move closer to 148.50. Well, in the event that did not happen and the price based out around 149.20 ahead of that US close. The pound has rebounded a little more today, helped by an improved risk dynamic and rebound in the GBP/USD that is unfolding right now. The GBP/USD has just lifted to session highs around 1.3680. That move, along with a slightly elevated USD/JPY, compared to where it was late yesterday, has helped the GBP/JPY to edge closer to 150 again. The range seen so far today has been covered by 149.33 to 149.90. It is currently trading at 149.89, but the topside is still being capped by the important 150 level and it is yet to tackle that level

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2021-09-21 09:27:09 EUR/USD continues to hold 1.17

Perhaps the biggest surprise of the day yesterday was the test of the 1.17 handle on the EUR/USD not delivering any further downside. The drop below the previous interim low (August 20) at 1.1704 only went as far as 1.1700. As noted here at the time, it was clear that a big buyer had stepped up and supported that level. The subsequent rebound was enough to deliver some intraday buyers to cover their shorts as the price rose back above 1.1725. Earlier today it was also mentioned that the rise in the USD index (USDX) stalled short of reclaiming levels above 93.50 and the rebound in the EUR/USD was almost entirely responsible for that failure. The EUR/USD closed in the US last night at 1.1726. The range seen so far today has been covered by 1.1723 to 1.1740. Right now it is at the upper end of that range ahead of the European equity market reopening. So, with the European equity markets set to reopen higher in around 40 minutes, there is the prospect of some limited further upside for the Euro, but as to whether it can make a more dynamic recovery, back above 1.1750 is not clear at this stage. The EUR/USD is currently trading at 1.1735

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2021-09-21 09:13:04 TESLA CEO Elon Musk loses $7.2 billion as his net worth drops below $200 billion during market rout according to Investing.com

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2021-09-17 17:27:29 Silver takes another hit

The further rise in US yields, higher dollar, lower equities and lower gold price has all weighed on Spot silver. The price has just fallen to post a new low on the week. Earlier today silver (XAGUSD) did briefly lift above $23 but it did not hold that move for very long. It was already edging lower ahead of the US equity markets reopening and now it has fallen to as low as $22.38, where it is right now as this update is being written. The further drop back could even extend some more, but of course much will depend on all those other drivers, as just mentioned above. That especially includes gold too, which has now fallen below $1750 and is threatening the lows seen yesterday at around $1745.

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2021-09-17 17:04:50 US Consumer sentiment rises less than expected in September

The latest measure of US consumer confidence has just been released in the form of the preliminary reading of the September University of Michigan sentiment index. That stood at 70.3 in August and was expected to show a slight improvement this month. The consensus was for a slight rise to 72. The actual figure was 71. Ahead of this the US stock markets had been falling back after trying to rebound on the opening. The data was not really that bad but not exactly much of an improvement at the same time. The immediate reaction has seen the US markets try to recoup some of the losses, but the Nasdaq 100 in particular in the one that stands out as the worst performer of all so far. Of course this could all change as the session develops, but the immediate view is that this data is unlikely to have much of a positive impact

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2021-09-17 16:30:03 The USA session starts NOW!

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2021-09-17 16:27:17 EUR/USD slipping back towards 1.1750 again

A little earlier the EUR/USD was not really going anywhere of note. It was holding its ground above 1.1775 but without making any significant progress. Well, in the past few minutes the price has started to leak lower again and it has just now fallen back closer to the low point seen yesterday afternoon when it touched 1.1750. That was the bottom end of the range that has been outlined here for a good while now. The move lower has come as the Euro finally and rather belatedly reacts to the rise in US treasury yields this afternoon. It also comes as the US equity markets prepare to resume live trading for the final session of the week. Clearly, and right now there is a risk that the Euro will drop below that 1.1750 level and if it does the next price point of note is the most recent interim low at 1.1704 that was reached on August 20. The EUR/USD is currently trading at 1.1762

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2021-09-17 16:15:08 Bitcoin hovering above 47k

Following on from the previous update on Gold and its immediate reaction to a drop in the US bond market and corresponding yield rise, it is worth noting and repeating what was said here about Bitcoin. That is its potential vulnerability to higher US yields too. We saw yesterday how that impacted the price of BTC, but it did not last long. However, Bitcoin is lower this afternoon and the drop back towards 47k again has come ahead of the rise on the US treasury yields. Hence, it is worth keeping an eye on that dynamic again here today because if those yields do continue to push higher then it might show up in a converse reaction in Bitcoin. The 10 Year note yield is now at session highs, currently 1.368%. Bitcoin is just now poised to potentially fall below 47k again, currently trading at 47,350

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2021-09-17 16:00:58 Gold slips again as US yields rise

For much of the morning Gold was holding steady above $1760. The metal was clearly being helped by the US yields edging a little lower. However, gold could not make much progress earlier on and now it has just dipped back below $1755 in recent trade. The move lower there comes as those treasury yields start to rise again as the bonds are sold. The 10 Year note is now rising back above 1.35% and this has clearly had an impact on the metal as indeed it appears to have also done on the USD/JPY. As noted in the previous update, the USD/JPY has traded above 110 this afternoon. Gold is just now trading at 1753.80

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2021-09-17 15:34:40 Dollar and stocks mixed ahead of US reopening

The dollar is rather mixed as US participants return to their desks. The US currency has continued to rebound versus the Yen as that now reclaims 110, but it has not yet made any further progress versus the Pound and the Euro. It is a similar mixed picture for the stock markets too. The FTSE 100 has rebounded from a test of the 7000 handle, as has the DAX has rebounded after it fell back towards 15,550. However, nothing here in Europe is making any real progress, merely recovering some of the losses seen earlier on in the session. The US futures are now higher though and trying to push back into positive territory ahead of the opening there in around an hour from now. The slightly confused picture for the markets today is surely being delivered by the quadruple witching today. The Dow Jones future is currently indicating a reopening at around 34,730 where it closed yesterday at 34,751

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