Snapshot of the strongest and weakest as NA traders enter for the dayAs the North American traders enter for the day, the JPY is the strongest currency of the majors, while the GBP is weakest. The USD is up against the GBP, but lower or unchanged vs. the other majors at the start of the US trading day.
The GBP pairs (see charts below) are trading near extreme levels for the day (GBP low levels). The GBPJPY is down -123 pips with the trading range now above its 22 day average range. That pair is down testing its lows from last week at 148.65 currently. The GBPCHF, GBPNZD and GBPAUD are also on the move with large declines (and trading near the day’s lows). The EURGBP is up 44 pips and near high levels.
The USDJPY is also on the move lower as NA traders enter — trading at its lows after falling below its 100 hour MA at 113.55. Stops are being triggered as I type.
The EURUSD is watching with only a 27 pip trading range — well below its 22 day average. The USDCHF is also trading in a narrow trading range. There is room to roam for low range pairs today.
In other markets, the snapshot is showing:
- Spot gold up $6.20 or 0.49% to $1281.41
- WTI crude oil futures are down $.17 or -0.30% to $57.03
- US yields are seeing another flattening of the curve. Two-year 1.633%, +0.4 basis points. Five-year 1.985%, unchanged. 10 year 2.3055%, -0.9 basis points. 30 year 2.7669%, -1.0 basis points
- US stock futures in premarket trading are trading lower. S&P futures -3.5 points. Dow futures -26 points. NASDAQ futures -4 points
- European stocks are mostly lower. German DAX unchanged. France’s CAC -0.2%. UK’s FTSE unchanged. Spain’s Ibex -0.3%. Italy’s FTSE MIB -0.7%
- European 10 year notes are mixed: Germany 0.309%, -1.7 basis points. France 0.68%, unchanged. UK 1.201% -3 basis points. Spain 1.458%, +0.5 basis points. Italy 1.720%, +1.9 basis points