What are the technical levels in play for the major currency pairs vs the USD?

EURUSD:

USDJPY:

GBPUSD:

USDCHF:

USDCAD:

AUDUSD:

NZDUSD:

This article was written by Greg Michalowski at www.forexlive.com.

• Major US indices close mixed. Dow lower for 7th day in a row. S&P unchanged. Nasdaq higher
• Pres.elect Trump is out to end the daylight saving time
• US prepares new AI chip restrictions to other countries to box out China – report
• S&P affirms Mexico’s credit ratings
• Looking at long-dated bonds…
• European equity close: A finish on the lows of the week
• MUFG trade of the week: We stay long USD/CAD
• US Treasury yields have risen every day this week
• Disappointment sets into the China trade once again
• France names a new Prime Minister who will look to mend fences
• China central bank surveys banks on bond buying – report
• US import prices for November MoM 0.1% vs -0.2% estimate. YoY 1.3%
• Cananda October manufacturing sales +2.1% vs +1.3% expected
• Canada October wholesale sales +1.0% vs +0.5% expected
• ForexLive European FX news wrap: Mixed markets in final stretch of the week
• ECB’s Centeno: The rate cut decision yesterday was fortunately absolutely consensual
• BOJ reportedly considers skipping rate hike at next week’s policy meeting
• ECB’s Makhlouf: The direction of travel on interest rates is clear
• ECB’s Vasle: Declining services inflation strengthened the confidence in return to target

Markets:

• Gold fell -$31.91 or -1.19% at $2648.66. Gold is ending the week up $16.27 or 0.619%
• WTI crude oil rose $1.07 or 1.3% at $71.10. Crude oil is up $3.88 or 5.77%

US yields rose every day this week as the market adjusted to a less accommodative Fed in 2025 as a result of a solid economy. The gains came despite the expectations that the Fed will cut rates by 25 basis points when they need next week.

• 2 year yield 4.2448% up 5.9 bps. For the week, yields are up 13.7 bps
• US 10-year yields 4.394%, up 7.1 bps For the week yields are up 25 bps

The US stock indices were mixed today with the Dow falling for the 7th day in a row. The S&P was unchanged and the Nasdaq marginally higher

• Dow industrial average fell -86.06 points or -0.20% at 43828.06. The NASDAQ closed lower for the 7th consecutive day (down 2.82%). For the trading week, the index fell -1.82%
• S&P index fell -0.16 points or -0.0% at 6051.09. For the trading week the index fell -0.64%.
• NASDAQ index rose 23.88 points or 0.12% at 19926.72. For the trading week the index squeaked out a small 0.34% gain.

In the forex, the USD is closing mixed vs. the major currencies. The USD:

• -0.32% vs the EUR
• +0.66% vs the JPY
• +0.41% vs the GBP
• +0.07% vs the CHF
• +0.10% vs the CAD
• +0.16% vs the AUD
• +0.16% vs the NZD

For the trading week, the USD rose vs all the major currencies as the expectations for the Fed to cut rates in 2025 eased and other central banks cut rates willingly. The SNB cut rates by 50 bps as did the CAD. The ECB cut rates by 25 bps but did talk about 50. The Bank of Japan may not raise rates at their next meeting which is bearish for that currency.

The % changes of USD vs the major currencies shows.

• +0.61% vs EUR
• +2.42% vs JPY
• +0.89% vs GBP
• +1.65% vs CHF
• +0.61% vs CAD
• +0.45% vs AUD
• +1.06% vs NZD

.For a review of the technical’s driving the major currency pairs CLICK HERE.

Key events next week will be highlighted by

• The Fed meeting and rate decision on Wednesday at 2 PM with the expectations of a 25 bp cut.
• The Bank of Japan on Thursday with no change expected
• The BOE will also meet on Thursday with no change expected.

IN other key data releases:

• PMI flash data will be released in Europe and the UK, and then the US on Monday.
• UK employment data will be released on Tuesday at 2 AM ET
• Canada CPI data will be released on Tuesday at 8:30 AM ET
• US retail sales will also be released at 8:30 AM ET (0.6% estimate).
• UK CPI will be released at 2 AM on Wednesday
• New Zealand GDP for the quarter will be released on Thursday
• US final GDP for the third quarter will be released on Thursday at 8:30 AM ET along with the weekly initial jobless claims data.
• UK retail sales will be released on Friday at 2 AM ET
• Canada retail sales will be released at 8:30 AM on Friday
• US PCE data will be released at 8:30 AM on Friday

This article was written by Greg Michalowski at www.forexlive.com.

The major US indices are ending the session with mixed results. The Dow industrial average is marginally lower. The S&P is near unchanged. The NASDAQ index is marginally higher.

A snapshot of the closing levels shows:

• Dow industrial average fell -86.06 points or -0.20% at 43828.06. The NASDAQ closed lower for the 7th consecutive day (down 2.82%). For the trading week, the index fell -1.82%
• S&P index fell -0.16 points or -0.0% at 6051.09. For the trading week the index fell -0.64%.
• NASDAQ index rose 23.88 points or 0.12% at 19926.72. For the trading week the index squeaked out a small 0.34% gain.

For the small-cap Russell 2000, the index fell -14.18 points or -0.60% at 2346.89. For the trading week the index fell -2.5778.

Today Broadcom soared 24.43% after reporting earnings and raising guidance. The gains came at the expense of Nvidia which fell -2.25%.

Other large-cap names to do well today:

• Microsoft, -0.51%
• Amazon -0.66%
• Meta -1.66%
• Alphabet, -1.11%

Tesla meanwhile rose 4.34% to a new record level

This article was written by Greg Michalowski at www.forexlive.com.