The USD is starting with modest losses
To start the week, the CHF is the strongest while the GBP is the weakest. However, on a relative basis, the changes are somewhat modest. For the USD, the greenback is higher vs. the GBP, but has modest losses against the rest, with the decline vs. the CHF (-0.26%) and the JPY (-0.18%)
To go with the relatively modest changes is modest high to low ranges. All the major pairs and crosses are below their 22 day averages, with the USDJPY, USDCHF, USDCAD, AUDUSD and NZDUSD all with ranges below 50 pips (not big moves). The economic calendar is light today with the NAHB housing market index at 10 AM ET the only event of note (if you believe that). The survey shows that it will remain unchanged at 70 in June.
There are some central bank speakers:
- FOMCs Bostic at 1 PM/ET/1700 GMT
- ECB Pres. Draghi delivers the opening remarks at the ECB Forum on Central Banking, in Portugal at 1:30 PM ET/1730 GMT
- FOMC Williams who is now heading the NY Fed on Fed Dudley's retirement, will speak at 4 PM ET/2000 GMT
- World Cup Schedule (London time): Sweden vs So. Korea (1 PM). Belgium vs Panama (4 PM) and Tunisia vs England (7 PM).
In other markets, the snapshot is showing:
- Spot gold +$1 or 0.09% at $1280.66.
- WTI crude oil is near unchanged on the day at $64.99. The price is recovering from lower levels on chatter of less production cuts.
- Bitcoin is down $60 at $6436. A narrow trading range of about $120 so far today and not much activity over the weekend
US stocks are expected to open lower on trade war concerns and immigration issues:
- Dow futures imply -232 decline
- S&P future imply a 20 point decline
- Nasdaq imply a -64 point decline
US yields are lower:
- 2 year 2.548%, down 0.4 bps
- 5 year 2.782%, down -1.5 bps
- 10 year 2.905%, down -1.4 bps
- 30 year 3.034%, down -1.1 bps
