Forexlive Americas FX news wrap 24 Jan: The USD moves lower after weaker data.

• Earnings for the week starting Jan 27 led by Tesla, Meta, Microsoft and Apple
• Down day for US stocks to end the trading week. Major indices do close higher for the week
• US crude oil futures is settling $74.66
• Whoever figure out how to build things again will win the next decade in markets
• US dollar falls further after troubling services PMI report. Pound runs
• Trump repeats that he wants to see OPEC cut the price of oil
• US December existing home sales 4.24m vs 4.19m expected
• University of Michigan sentiment final for January 71.1 versus 73.2 estimate
• Tech giants oscillate while semiconductors surge: A closer look at today’s market shifts
• US January S&P Global flash services PMI 52.8 vs 56.5 expected
• Meta’s Zuckerberg says will invest $60-$65B in capex this year
• Tass: There is no objective signs that Ukraine and west are ready for peace talks
• Trump touted a big corporate tax cut yesterday, but how will it be paid for?
• Benchmark revision sees 28.8K fewer Canadian jobs in 2024, softer picture late in the year
• Canada December new housing price index -0.1% vs +0.1% prior
• Kickstart the FX trading day for Jan 23, w/ a technical look at the 3 major currency pairs
• ForexLive European FX news wrap: Dollar stays pressured, yen slips in post-BOJ trade

The US dollar is trading lower today as the S&P PMI data and the Michigan consumer sentiment data came in lower than expectations.

Looking at the major currencies vs the greenback each rose (with the USD falling). A snapshot of the dollar changes vs the currencies shows:

• EUR, -0.77%
• JPY -0.08%
• GBP, -1.08%
• CHF -0.14%
• CAD, -0.27%
• AUD -0.48%
• NZD -0.62%

The GBPUSD was the biggest mover as it reacted to stronger UK PMI data before the weaker US data. Some of the major currencies broke key technical levels.

• EURUSD moved above its 61.8% retracement of the move down form the December high at 1.0456.
• GBPUSD moved above its 38.2% retracement of the move down from the December high at 1.23689, and the 50% midpoint at 1.2453.
• NZDUSD moved above its 38.2% retracement of the move down from the end of November high at 0.5668
• AUDUSD moved above its 38.2% retracement of the move down from the end of November high at 0.62902

Staying above those levels next week will keep the buyersin the pairs (USD sellers) in play.

In the US stock market today, the major indices all closed lower a day after the S&P closed at a new record level. Today the S&P reached a new intraday high but could not sustain the momentum.

A snapshot of the closing levels shows:

• Dow industrial average -140.82 points or -0.32% at 44,424.25
• S&P index -17.47 points -0.29% at 6100 124.
• NASDAQ index -99.38 points -0.50% at 19,954.30.
• Russell 2000-6.85 points or -0.30% at 2307.73.

For the trading week, the major indices closed higher for the 2nd consecutive week:

• Dow industrial average rose 2.15%.
• S&P index rose 1.74%
• NASDAQ index rose 1.65%.
• Russell 2000 rose 1.399%

US yields moved modestly lower today:

• 2 year yield, 4.267%, -1.7 basis points
• 5-year yield 4.424%, -1.8 basis points
• 10-year yield 4.621%, -1.6 basis points
• 30 year yield 4.846%, -2.3 basis points

For the trading week, the yields are ending near unchanged:

• 2 year , -1.3 basis points
• 5 year, unchanged
• 10 year unchanged
• 30 year, -0.8 basis points

The 2-10 year spread is at 35.1 basis points which is up 1.1 basis points on the week. The 2-30 year spread is at 57.8 basis points up 0.6 basis points. The spread is the widest since the March 7, 2022 trading week.

Next week will be a big week for earnings with four of the seven Magnificent 7 scheduled to announce. Tesla, Meta, and Microsoft will announce below only Empson still finishing up work and then gonna go on my bike riding are stop by on my way back okay probably not for another hour okay currency then and on January 29 after the close. Apple will announce on January 30 also after the close.

AT&T, Boeing, GM, IBM, Visa, Exxon, and Chevron are also some of the large-cap names on the earnings calendar.

Thank you for your support this week. Wishing all a happy and healthy weekend.

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