The US dollar has seen an uptick against major currencies, including the Euro (EUR), British Pound (GBP), Swiss Franc (CHF), and Canadian Dollar (CAD) on Tuesday. This comes as US yields, including the 2-year at 5.18%, 5-year at 4.632%, and 10-year at 4.560%, have shown a rising trend.
Meanwhile, major stock indices are experiencing a downturn. The Dow Industrial Average has fallen by 386 points, bottoming out at 33,584.69. The S&P index followed suit with a decline of 60 points, reaching a low of 4,274.31. The NASDAQ index was not immune to this downward trend, dropping by 189.2 points.
In the currency market, the Euro to US dollar exchange rate (EURUSD) is trading at 1.0562. It's currently stalling below the 38.2% retracement level, with a swing area observed from 1.0533 to 1.04846.
This recent activity in the forex and stock markets reflects an ongoing shift in investor sentiment towards greater caution, as evidenced by the strengthening of the dollar and rising US yields. However, it's worth noting that these trends could be subject to further changes as global economic conditions continue to evolve.
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