The GBP soars on better GDP, while AUD tumbles after weaker CPI

The other major pairs muddles along. Durable goods and BOC on tap today. The GBP soared in the London morning session after better than expected GDP data and favorable technicals sent the pair screaming higher.  The AUD is the weakest after CPI data was weaker than expected.  The USD is mostly higher with losses only against the high flying GBP and a little lower vs the EUR.  

As for the rest of the major pairs vs the USD are doing little. The EURUSD has a 29 pip trading range. The USDJPY a 50 pip range. The USDCHF a 45 pip range. The USDCAD — which will work through a Bank of Canada decision at 10 AM ET/1400 GMT — has a 54 pip range.  All of the pairs are well below their 22 day averages (but compared to the Asian session they are better).

A snapshot of other markets shows:

  • Spot gold down -$3.39 to $1273.45
  • WTI crude oil is down -$0.16 to $52.31
  • US yields are higher. The 10 year moved above the key 2.4% yesterday and is up 2.55 bps more today to 2.444%. The 2 year is at 1.6029%, up 2.2 bp. The 5 year is 2.0608%, up 1.7 bp. The 30 year is at 2.9567%, up 2.44 bps
  • US pre-market stocks are lower so far. S&P futures are down 3.75 points. Nasdaq futures are down -11.25 points. Dow futures are down -12 points.

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