USDJPY falls. EURUSD rises
The US 2Q GDP came in at 4.1% with a revision to the 1Q (they are still revising that number). The GDP is the quarter change... annualized. Taking the 2 quarters (2.2% and 4.1%) and dividing by 2 gets 3.15%. The 4 quarter average is 2.85%. (2.8%, 2.3%, 2.2% and 4.1%)
The initial knee jerk reaction in the dollar is a little lower.
The USDJPY fell to a low of 110.95. That is still above the low for the day at 110.92.
The price is below the 100 hour MA at 111.113. The price today has been waffling above and below that MA line today. We trade at 111.08 currently. Move above the MA and perhaps the sellers turn around and buy. Stay below keeps the sellers more in charge.
The EURUSD moved up and back down. The high reached 1.1639. That was just below the 61.8% of the move up from last weeks trading range. Yesterday, the price moved below the 100 and 200 hour MA and has remained below those MAs since (blue and green lines).
The initial reaction was dollar lower (expecting 4.8% perhaps), but "the market" overall is stymied trying to figure what to do next.
Univ of Michigan final at 10 AM ET/1400 GMT (97.1 expected)
Baker Hughes data later (but not a big deal).
The President will make a statement on the White House lawn. Greater than 3% for the average for 2018 so far will be highlighted. The 4 quarter average is 2.85%- not quite to the 3% level.
On to the 3rd quarter estimates (and revisions to the 2nd quarter).
