October 17, 2016. The NZD is the strongest. The GBP is the weakest in a quiet opening to the trading week.
The trading day/ week is off to a relatively slow open as all of the major currency pairs are trading below their 22 day trading ranges and % changes are limited. The GBP is the weakest currency with the GBP recently moving to new session lows versus all the major currencies.. The GBPUSD traded to new session lows at 1.2134 but has quickly bounced back to 1.2150 area. The NZD is the weakest currency today (down against all the major currencies). versus the USD, the NZDUSD moved above the 200 hour MA for the first time since October 4th (at 0.71127 currently). Earlier in the trading day, the pair bottomed right at the 100 hour MA. So the currency pair is making a break.
Looking at the ranges and changes, as mentioned the trading is off to a slow start. The major currency pairs against the USD are all trading below their 22- day trading ranges and nearly all of the cross currency pairs are also below average trading ranges over that period (see red line in the lower chart below). The GBPNZD is stepping lower today and is the biggest mover today. The pair is trading near the lows for the day (down 143 pips from the close) and also at the lowest level since the GBP crash.
In premarket trading, S&P futues are down -1.0 point . Nasdaq futures are down -7 points. The European stock markets are trading down modestly (the UK FTSE is the weakest at -0.57%). The US debt markets show declines of about 1 basis point along the yield curve. European 10 year bond yields are mixed with the UK 10 year up 6 basis points while the Portugal 10 year is down about 3 BP. The German yield is up about 2 BPs. Crude oil futures are up $0.08 or 0.16%.
