US stocks continue their move to the upside in premarket trade as markets digest CB hikes

As the Lagarde press conference continues, the major US stock indices are continuing their run to the upside. The premarket levels are implying:Dow Industrial Average up 45 pointsS&P index up 40 pointsNASDAQ index up 250 points. Yesterday the NASDAQ index surged by 231.77 points or 2.0%.In the US debt market, yields are lower:two year 4.048%, -6.1 basis pointsfive year 3.433% -6.2 basis points10 year 3.352% -4.5 basis points30 year 3.526%, -2.5 basis pointsGold is not following the rates as it has fallen $4.30 at $1946. Crude oil is lower trading at $76.30 currentlyWhile the EURUSD dipped to the January high at 1.09288, it also found support buyers against that level. The pair currently trades at 1.0952. The GBPUSD which fell to a low of 1.2263 after the comments from BOE's officials, that level was just short of the January 24 low of 1.2262. The price has since moved back up to 1.2312 currently.So support levels are holding in both the EURUSD and the GBPUSD. This article was written by Greg Michalowski at www.forexlive.com.

Feb 2, 2023 - 18:00
US stocks continue their move to the upside in premarket trade as markets digest CB hikes

As the Lagarde press conference continues, the major US stock indices are continuing their run to the upside. The premarket levels are implying:

  • Dow Industrial Average up 45 points
  • S&P index up 40 points
  • NASDAQ index up 250 points. Yesterday the NASDAQ index surged by 231.77 points or 2.0%.

In the US debt market, yields are lower:

  • two year 4.048%, -6.1 basis points
  • five year 3.433% -6.2 basis points
  • 10 year 3.352% -4.5 basis points
  • 30 year 3.526%, -2.5 basis points

Gold is not following the rates as it has fallen $4.30 at $1946. Crude oil is lower trading at $76.30 currently

While the EURUSD dipped to the January high at 1.09288, it also found support buyers against that level. The pair currently trades at 1.0952.

The GBPUSD which fell to a low of 1.2263 after the comments from BOE's officials, that level was just short of the January 24 low of 1.2262. The price has since moved back up to 1.2312 currently.

So support levels are holding in both the EURUSD and the GBPUSD.

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