The EUR is the strongest. The GBP is the weakest.
As the US traders enter for the day, the EUR is the strongest, while the GBP is the weakest BUT all the major currencies are bunched together. The ranking can go either way.
The USD is up the most vs the GBP, and CAD. It is down against the EUR, but only by -0.10% (or 11 pips).
The ranges and changes are showing ranges well below the 22-day average trading ranges (red line in the lower chart). The EURUSD range is only 22 pips (72 pip average), The USDCHF is only 15 pips (vs 59 pip average). The GBPUSD has a range of 53 pips, but it is still well below it 87 pip average.
At 8:30 AM ET, US CPI and Retail sales have the potential to ignite a fire and get the markets moving. The CPI is expected to rise by 0.2% with ex food and energy at 0.2%. YoY for headline and ex food and energy are forecast at 2.3% and 2.0% respectively. Watch for real avg hourly/weekly earnings as well.
Retail sales for April (that is the 1st month of the 2nd quarter) will also be out at 8:30 AM ET, are expected to come in at +0.6% and 0.4% ex auto and gas. Because it is 2Q it starts that piece of the GDP puzzle (which was horrible in the 1Q).
IN CanadaTeranet National Bank HPI came in at 13.5% last month. No estimate this month.
Feds Evans speaks at 9 AM ET.
The Univ of Michigan sentiment index for May is expected to come in at 97.0 vs 97.0 last month. This is the preliminary report (i.e., the first responders to their survey).
The US Business inventories will also be out with estimate of 0.1% vs 0.3% last.
In other market right now.
- Spot gold is up $3.42 to $1228.35
- WTI crude is unchanged at $47.84
- US stock futures are lower with Nasdaq down -3.5 points. S&P futures are down -4.0 points, and the Dow futures are down -23.00 points
- US yields are a little lower. The 2 year is at 1.331% -0.3 bp. The 10 year is 2.378%, -0.8 bp, the 30 year is at 3.0223%, down -0.4 bp.
