February 8, 2017. The JPY is the strongest. The EURUSD is the weakest.

The JPY is the strongest currency as NA traders enter for the day. It is up against all the major currencies today. The EUR is the weakest. However, note that the changes are not that great from the closes from yesterday. So no one currency is taking a big lead.

The changes from yesterday's close and high/low ranges (in pips) for the day are likewise showing a lack of volatility. The major currency pairs (and crosses) are all trading well below their 22- day averages (about a month of trading). SO there is room to roam should there be a catalyst.

The economic schedule is not encouraging. Canada housing starts will be released at 8:15 AM ET (est 197.3K vs 207.0k last). US DOE crude oil inventories will also be released. The private crude oil inventory data released at the start of the new trading day saw a build that was much higher than expectation. Crude oil futures are trading down $-0.31 or -0.59% at $51.86 currently. At 3 PM, the RBNZ will release there statement on rates. No change is expected.

IN other markets:

  • US pre-stock openings are little changed. S&P is down -2.5 points. Nasdaq futures are +0.5 points and Dow futures are up 5 points
  • US bond yields are lower (and impacting the USDJPY). 2 year yield is -1 bp, 10 year is down 3 bp to 2.362%.
  • Spot gold is up $6.30 to 1240.30