The USD is mixed to kickstart the NA session. The USD is lower vs the EUR & GBP/higher JPY

The USD is mixed
with the greenback moving lower vs the EUR and the GBP (both are higher) but
still higher vs the JPY. The USD is moving lower to kickstart the North
American session as Fed’s Waller (dove) says he favors a cut in rates at the
December meeting. Recall Waller was an initial dissenter along with Bowman and
Miran early on.

In the video above, I take a look at the 3 major currency pairs from a technical perspective. What are the key levels in play and why?

President Trump
“Truth Social-ed” this morning arguing that U.S. tariffs are
generating massive revenues but that many companies avoided early tariff costs
by stockpiling goods—something he says is now ending. He warns that tariff
payments will soon “skyrocket,” leading to record U.S. income and strengthening
national security and wealth, while accusing opponents of serving foreign
interests. Trump says he looks forward to a Supreme Court decision that will
allow him to continue his tariff strategy to “Make America Great Again.”. What
he did not say is the importer pays the tariff and the prices may now be passed
onto the consumer as this batch of goods will be goods purchased with tariffs
attached. Meanwhile, DOGE has been officially disbanded.

U.S. stock are
pointing to a positive open this Monday, kicking off the Thanksgiving shortened
week (the stock market will be closed on Thursday but will be open on Friday. Dow, S&P 500,
and Nasdaq futures are all trading higher
(up between 0.3% and 0.8%), driven largely by increased bets that the Federal
Reserve will cut interest rates in December. This shift in sentiment follows
dovish comments from New York Fed President John Williams on Friday , which
have pushed the probability of a rate cut to near 70%.

A snapshot of the stock market is showing:

• Dow up 173 points
• S&P up 47 points
• Nasdaq up 242 points

Earnings this week include:

Monday, November 24

• Zoom Video Communications (ZM): (After Close) – A key update for the software sector to see if enterprise growth is stabilizing.

• Agilent Technologies (A): (After Close) – Important for the healthcare/life sciences sector.

Tuesday, November 25 (Busiest Day)

• Dell Technologies (DELL): (After Close) – A major focus for AI investors. Wall Street is looking for updates on their AI server backlog and margins.

• HP Inc. (HPQ): (After Close) – Often reports alongside Dell; investors will look for signs of PC market recovery.

• Best Buy (BBY): (Before Open) – A critical bellwether for holiday consumer spending health just days before Black Friday.

• CrowdStrike (CRWD): (After Close) – A major cybersecurity report.

Wednesday, November 26

In the US debt market, the yield are mixed.

• 2 year yield 3.530%, +1.7 basis points
• 5 year yield 3.631%, +1.3 basis points
• 10 year yield 4.061%, -0.2 basis points
• 30 year yield 4.697%, -1.8 basis points

Looking at other markets:

• Crude oil is trading up $0.03 at $58.09
• Gold is trading up $20 at $4085
• Silver is trading up $0.34 at $50.32
• Bitcoin is trading down $469 at $86,334. The low price last week reached $80,537 on Friday