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Large Equity Sell Programs Boost USD Index

CROSS ASSET
  • Another very large sell program (1634 names, largest since Apr 15) according to the NYSE TICK index sees ESM4 set new session lows of 5308.50.
  • As above, support is still a little way off at 5259.02 (20-day EMA) which leaves a window open for a further slide.
  • This latest decline extends the day's USD climb. The BBDXY index has touched fresh session highs to have almost clawed its way back to Friday’s close having declined through yesterday’s holiday-thinned session before continuing the move today until stronger than expected US consumer confidence.
  • USDJPY leads the day’s gains, with higher Treasury yields offsetting the JPY haven factor amidst lower equities. It has hit 157.15, off the pre-data low of 156.59, as it starts to eye resistance at 157.20 (May 23 high) after which lies 157.90 (May 1 high).
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  • Another very large sell program (1634 names, largest since Apr 15) according to the NYSE TICK index sees ESM4 set new session lows of 5308.50.
  • As above, support is still a little way off at 5259.02 (20-day EMA) which leaves a window open for a further slide.
  • This latest decline extends the day's USD climb. The BBDXY index has touched fresh session highs to have almost clawed its way back to Friday’s close having declined through yesterday’s holiday-thinned session before continuing the move today until stronger than expected US consumer confidence.
  • USDJPY leads the day’s gains, with higher Treasury yields offsetting the JPY haven factor amidst lower equities. It has hit 157.15, off the pre-data low of 156.59, as it starts to eye resistance at 157.20 (May 23 high) after which lies 157.90 (May 1 high).