The USD is mostly higher
The JPY is the strongest of the major currencies today and the AUD is the weakest.The USD is mostly higher as we move toward the close for the week. The S&P and Dow indices are trading modestly lower in pre-market trading. The Nasdaq is higher. The US has announced they will block TikTok and WeChat downloads starting Sunday. Users can still use the apps but they won't be able to get software updates and will block mobile funds transfer on the apps. Remember it is Friday. That can lead to lead to end of week position squaring/choppy conditions as the clock ticks to the weekend.
The ranges so far today are relatively modest although the USDJPY has a near 22 day average range for the day. The pair has given up earlier gains and is now working on the 5 day in a row lower after last week's non-trending week (non trend transitions to trend). The JPY crosses are also lower and trading near session lows.
In other markets:
- Spot gold remains mired largely in an up and down range. The price is up $5.56 or 0.29% at $1949.78.
- Spot silver is trading down $0.04 or -0.16% at $26.99
- WTI crude oil futures are giving up some of the gains this week. It is currently down $0.57 or 1.39% at $40.42
In the premarket for US stocks, the major indices are mixed as implied by the futures:
- Dow futures imply a -14 point decline
- NASDAQ futures imply a 43 point gain
- S&P futures imply a 3 point gain
in the European equity markets, the major indices are mostly lower with the exception of the German DAX.
- German DAX, +0.22%
- France's CAC, -0.3%
- UK's FTSE 100, -0.3%
- Spain's Ibex, -1.4%
- Italy's FTSE MIB -0.4%
In the US debt market, yields are lower with the yield curve flattening:
In the European debt market, the benchmark 10 year yields are mostly lower as well (the exception is in Spain with a marginal 0.2 basis point gain).
