Trade meetings. Stock opening. Uber. Fed speakers. Pres. Trump tweets
The EURUSD has moved to a new sesssion high after the softer CPI data and take the pair toward the high from yesterday at 1.12504. That is also the high for the week. Above that is the May 1 high at 1.12642.
ON the downside, the pair traded above and below the 200 bar MA on the 4-hour chart for most of the day. The 38.2% of the move up from yesterday’s low comes in at 1.1228 and the 50% is at 1.12116. The low off the run higher yesterday reached 1.12088. That area is a barometer for bulls and bears.
Ahead in the day are:
- More China meetings. There is no scheduled meeting between China’s Vice Premier Liu, but the markets will be on alert for that type of headline. Pres Trump is tweeting on CPI (don’t recall him doing that before). So he is sensitive to the markets reaction and would love to see the stocks go up in the face of the 25% hike…
- Stocks are softer in premarket trading but off the lows as well
- Uber first trade will get exhaustive chatter on the business news
- Fed speakers Bostic is speaking now. WIlliams speaks at 10 AM ET.
- Baker Hughes rig count will be released later today.
Overall, although higher, and more bullish tilt, there is a lot of chop. It is Friday and the markets will continue to be subject to headline risk today and also through the weekend when the markets are closed. So flows can be impacted by the increased risk.