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EUR/USD & Nasdaq Plunging as Powell Unleashes Yield Surge

EUR/USD & Nasdaq Plunging as Powell Unleashes Yield Surge

Rich Dvorak, Analyst

EUR/USD PLUMMETS, NASDAQ SPIKES LOWER AS FED CHAIR POWELL DISMISSES SURGING TREASURY YIELDS

  • EUR/USD sheds 40-pips in a matter of minutes as the US Dollar strengthens broadly
  • Nasdaq is selling off to fresh session lows on the back of surging Treasury yields
  • Fed Chair Powell sparked the move by shrugging off recent bond market volatility
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EUR/USD price action snapped sharply lower during afternoon trade on the heels of broad-based US Dollar strength. The move was sparked by an acceleration in the recent bond selloff, which catapulted the 10-year Treasury yield toward the 1.55% level. Markets were reacting to the lack of pushback from Fed Chair Powell during his speech about recent bond market volatility, toeing the line of other recent FOMC officials saying they are simply keeping an eye on the developments. Powell added that the central bank monitors a broad range of financial conditions and that the Fed is a long way from its goals.

EUR/USD PRICE CHART: 1-HOUR TIME FRAME (28 FEB TO 04 MAR 2021)

EURUSD price chart

EUR/USD now searches for technical support near the 1.2000-price level and could remain under pressure if the US Dollar continues to gain ground alongside Treasury yields.

EUR/USD Mixed
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -5% -3%
Weekly -9% 12% 3%
What does it mean for price action?
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NASDAQ PRICE CHART: DAILY TIME FRAME (24 AUG 2020 TO 04 MAR 2021)

Nasdaq Price Chart

Chart by @RichDvorakFX created using TradingView

Treasury yields also coincided with a drop in the Nasdaq to fresh session lows. The tech-heavy sector has been hit particularly hard as of late due to the impact of higher interest rates on equity valuations. Stock market bears might attempt to wrestle Nasdaq price action toward the 12,000-mark where potential technical support resides.

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-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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