<p>The EURUSD of higher after the weaker US data today and in the process tested the 30.2% retracement of the April trading range. That level comes in at 1.0709.

<p>The U.S. Treasury is to auction $69B of 2-year notes at the top of the hour. The markets will measure the success or failure of the auction versus the 6-month averages of the major components.

<p>Earlier today it looked like these notes could sell above 5% but some strong bids arrived in the fixed income market after today's weaker US PMIs from S&amp;P Global.</p><ul><li>Bid to cover at 2.66 vs 2.62 prior</li><li>Prior sale was 4.595%</li

<p>Deutsche Bank has been bullish on the US dollar since the start of the year and sees no reason to pivot in light of three driving factors of US outperformance.</p><p>1) US fiscal deficits</p><p>The US passed a budget deficit of 5-6% of GDP for the fifth year in a

<p>Imagine what will happen if/when we get a weak non-farm payrolls or CPI report?</p><p>Today's weaker US PMI from S&amp;P Global was a taste of what's to come when the data eventually softens, whenever that might be.

<p>The USDJPY has two key level in play. ON the topside the 155.00 level is being touted at a level that the BOJ does not want to see the USDJPY move above.

<p>Oil has passed its first test of $80.</p><p>WTI trade as low as $80.88 earlier but reversed to settle near the highs of the day at $83.34.

<p>The USDCAD has followed the USD lower and in the process is now stretching to a key cluster of support defined by:</p><ul><li>A swing area between 1.3654 and 1.3668</li><li>204 moving average on the four hour chart at 1.3665</li><li>50% midpoint

<p>The first Magnificent 7 stock will report their earnings after the close. Tesla which has been "not so magnificent" in 2024. IN fact it has been pretty horrible. Nevertheless, it is the first of the a number of big-cap "name" stocks to report this week.

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