The JPY is the strongest. The AUD is the weakest.

As North American traders enter for the day, the JPY is the strongest while the AUD is the weakest. US yields are lower. The stock markets are lower in Europe. The US pre-market indices are also lower with the S&P down -10.25 points, the Nasdaq down -21 points and the Dow futures down -85 points. There are concerns out of Washington with the newest Comey email the latest fire to put out. Less unity, makes the Trump agenda more difficult to enact. The fallout is impacting the JPY pairs on a flow into the "safe haven" (and less growth). The USD is lower on the concerns although it is marginally higher vs. the "riskier" AUD and CAD.

The ranges and changes are showing most of the focus on the JPY pairs. The EURUSD range is light vs. the 22 day average (about a month of trading) at 41 pips vs an average of 77 pips. The GBPUSD has a 72 pip range after better than expected employment data today, but is shy of its 89 pip average range. The triple tops for that pair is at 1.2985-88. The high today has reached 1.2977 so far.

  • WTI crude oil is up $0.30 to $48.96
  • Spot gold is +$12.41 to $1249.57
  • US yields are lower with the 2 year at 1.270%, down -2.8 bp, 10 year at 2.283%, down -4.2 bp, 30 year 2.982%, down -3.3 bp
  • European stocks are lower with the UK FTSE -0.11%, German Dax down -0.44%, France's Cac down -0.48%, Spain's Ibex down -0.32%, Italy's FTSE MIB down -0.32%

Canada Manufacturing Sales are expected to rise by 1.3% vs -0.2% prior (at 8:30 AM ET).

US DOE inventory data will be released at 10:30 AM.