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Forexlive Americas forex news wrap: Dollar SNAPS higher again but most stocks not..

Forex news for NY traders on March 2, 2017.

US AG Sessions says will recuse himself from investigations

US stocks close near session lows

ECB’s Lautenschlaeger: Does not expect France to leave EU

New Zealand: ANZ Job Advertisements (Feb): +0.4% m/m (prior -0.2%)

White House spokesperson: Sessions was just doing his job

US stocks trade to new day lows

Bank of Mexico Governor Carstens says US tax reform to be key factor

US crude oil futures settle at $52.61/ bbl

President Trump: He has total confidence in Attorney General Sessions

Forex technical analysis: AUDJPY test 100 hour MA

IRS, FIDC, Commerce Dept search Caterpillar headquarters

Banxico Guzman: FX measures may help balance policy approach

Le Pen: Question is not if leave Euro, but when and how

Silver runs to the downside

European stocks end the day mixed

SNAP opens at $24

Feds Powell on CNBC: Stock rise likely due to fiscal expectations

Reuters poll of global strategists: See EURUSD weaken to 1.04 in 6-months

EUR/USD targets and setups from BAML

EIA Natural gas storage for the current week 7 BCF vs est. of -2 BCF drawdown

Bloomberg US consumer comfort w-e 26 Feb 49.8 vs 48.0 prev

ECB to leave policy unchanged for remainder of 2017 – Reuters poll

Oil dips to 2-week lows as USD demand continues

US initial jobless claims w-e 25 Feb 223k vs 245k expected

Canada Q4 GDP annualized +2.6% vs +2.0% expected

The strongest and weakest currencies as NA traders enter for the day

In other markets, the snapshot shows:

S&P index closed down -0.59%. Nasdaq closed down -0.73%. Dow down -0.53%

2 year 1.31%, +2.6 bp. 5 year 2.02%, +3.3 bp. 10 year 2.479%, +2.7 bp. 30 year 3.0737%, +1.2 bp

Spot gold down -$14.50 or -1.16%. Silver got hammered and is trading at $17.75, -$0.66 or 3.58%

WTI crude was down -$1.19 or -2.21%

Yesterday, the market snapped up stocks and the US dollar. Yields snapped higher on increasing confidence that the US Fed would tighten policy.  It was a euphoric and “snappy” day.

Today, investors snapped up SNAP (as in the SnapChat IPO). It was prices at $17 yesterday. The first trade was at $24 for a cool increase of 41% for those lucky enough to be allocated shares (not me).  The high price for the day was $26.05 (not me). It closed at $24.48.  That sure was a snappy day for those 26 year old founders, and their now millionaire employers (Wall Street investment bankers are also feeling good (I would imagine). 

I am not sure I am the demographics for a Snap investor.  I giggle at some of the “filtered” images – especially of kids.  How can you not think this is not cute (whatever it is supposed to be), but I am not a user. And unless Ryan snaps a picture of me and doctors it up with some filter, I don’t think I will ever have any pics of me with whiskers, big eyes, funny ears, porcupine hair, with an apple stuck on top.  He sure is cute though…

What the market did not snap up today was most other stocks. The major indices ended down from -0.53% to -0.73%.  

Gold,and especially silver, were also not snapped up. Silver ended up losing over -3.5% and gold was down -1.16%  

  Yields continued to be snapped up though with the 2 year yield hitting 7 year highs. The belief that the Fed will indeed hike in March is now in the 70-80% chance range.  Tomorrow we will hear from Fed Chair Yellen and also FOMC member Fischer too. Needless to say, what they say goes. So the market will be all fuzzy ears for the AOK to expect a mid-March hike.   

Last but not least the USD was snapped up today with the AUDUSD the biggest mover, but all the major pairs showed the dollar being the victor today.  

Let’s take a look at some of those pairs…

The EURUSD teased the market with a move below the 1.0500 level in NY afternoon trading, (the low reached 1.0594), but the selling momentum could not be sustained and there was a move back above the key level at the close.  In the new day, it is all about moving below that level or squeezing higher.  The 1.0498-1.0520 is an area I have been touting all day. We moved above the 1.0520 level in the NY session but only until the price hit the 200 bar MA on 5- minute chart at 1.0527 level   Can we stay below that level on rebounds and keep the sellers thinking lower into Yellen?  That is what shorts will be hoping for.  A move below the 1.0493 level, should open the downside for more selling with the March 2015 low and the Jan 11 lows at 1.0461 and 1.0453 the next obvious targets.

The USDJPY snapped higher and reached a trend line at the 114.56 level (the high reached 114.58 and backed off into the close – to 114.38). That trend line is a pretty strong line (you can see it in this post here).  As a result, if the USDJPY is to go higher, watch that line/that area..  PS read this post from Ryan about Japan repatriation.

The GBPUSD took the day off. There was lots of ups and downs and a late day fall below the next target at the 1.2252-59 (the low reached 1.2241) but we are trading back above 1.2260 at the close.  Can the pair get and stay below 1.2252 in the new day, or do you try to buy for a corrective Friday move? A move back above 1.2287 would give the dip buyers some relief. 

The AUDUSD was the pair that tumbled the most today. It fell below a ceiling floor area (see picture below) at 0.7607. Going forward, in this pair technically, look for sellers against that level on corrections.  On the downside there is lots of technical levels at the 0.7510-27 area. So good support below but the break today puts the sellers more in control.

That will do it for me.  I am going to snap my fingers and get myself outta here. For those in the Far East just starting your Friday, have a great weekend. For all others, see you tomorrow.

PS…Below is the snap shot of the % changes of the major pairs vs each other.

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