December 1, 2016: The GBP is the strongest. The NZD is the weakest

The GBP is the strongest currency has North American traders enter for the day. The NZD is the weakest. The USD is more negative falling against all major currencies with the exception of the NZD. However, most of the loss today is due to the GBP strength.

The GBP is seeing continuation buying against the JPY (+1.09%), USD (+1.14%), with solid but slower gains against the EUR (+0.77%) and CHF (+0.67%). Let's say, the gains a pretty good against all the major pairs.

The changes and ranges for the major currency pairs shows that EURUSD is lagging (been the pattern of late) Its trading range is only 53 pips vs an average over the last 22 days of about a hundred. The GBPUSD - and all the GBP pairs - are the largest spiking pairs. Although the NZD is the weakest pair, the NZDUSD has only a 32 pips trading range - way below it's average.

In other markets:

  • US premarket stock indexes are slightly weaker. The S&P futures are down -1.75 points. Dow futures are down -1 point and NASDAQ futures are down -6.75 points.
  • European major stock indices are also lower. German DAX -0.97%,, UK FTSE -1.08%, Euro Stoxx index -0.84%.
  • US 10 year bond is up about 2.9 basis points to 2.41%. European bond yields are also higher with Germany +3.4 basis points, France +4.3 basis points, Italy +3.8 basis points, and the UK 10 year yield up 4.5 basis points
  • Spot gold is trading at $1169,, $-3.50 or -0.29%
  • WTI crude futures are trading at $50.35, plus $.92 or 1.82%

On the economic calendar today

  • US initial jobless claims are expected to rise slightly to 253K versus 251K
  • Fed's Kaplan speaks in San Antonio at 9 AM. He spoke yesterday too.
  • RBC manufacturing PMI for Canad will be released at 9:30 AM ET. Last 51.1
  • Markit US manufacturing PMI for November (final) is expected to remain at 53.9 (9:45 AM ET)
  • US ISN manufacturing for November is expected to rise to 52.5 from 51.9 (10 AM ET). prices paid is expected to come in unchanged at 54.5. New orders last month were at 52.1
  • US construction spending for October is expected to come in and +0.6% versus -0.4% (10 AM ET)