Martin Luther King Day holiday in US. The JPY is the strongest. The CAD is the weakest.

Technical Analysis

Author: Greg Michalowski | forex

The ranges today are limited so far

The US is on holiday in observance of Martin Luther King Jr. Day.  

Martin Luther King Day was signed into law in 1983 by Pres. Reagan.  Banks are closed as are government offices and financial markets in observance of the holiday. 

Dr. King was an activist and leader for the civil rights movement from 1954 until 1968.  He encouraged advancing civil rights in a non violent way.  On April 4th 1968, King was assissinated in Memphis, Tennessee on the balcony of the Lorraine Motel.  The hotel is now the National Civil Rights Museum.  I have had the honor of visiting the museum. It is a moving, yet alarming reminder, of the deep devide that existed at the time of Dr. Kings death with regard to civil rights and equality.  We now live in a country that has recognized more civil rights as a result of people like Dr. Martin Luther King. However, there are still divides left that are a painful reminder of what he stood for.  Here is a link ot 50 quotes from Dr. King that I just found on the internet.  CLICK HERE. Spend a few minutes.  

Although the US markets are closed,  the European and forex markets are open (as is Canada).  PM May will present her Plan B to Parliament. There are no other releases expected.  

The snapshot of the strongest and weakest currencies shows the JPY is the strongest, while the CAD is the weakest. The USD is hanging behind the JPY as the second strongest. The major pairs are crunched relatively close together. 

Percentage changes of the major pairs
The USDCAD is trading at new session highs as I type, with the AUDUSD and the NZDUSD also making runs to the downside.   The IMFs warning shots about China may have had a dampening effect on risk pairs (and AUD, NZD are most directly impacted).  

Ranges and Changes
Other markets snapshot shows:
  • Spot gold $-4.26 or -0.33% at $1277.50

European stocks are showing:
  • German DAX, -0.5%
  • France's CAC, 0.25%
  • UK's FTSE, unchanged, 
  • Spain's Ibex, -0.16%
  • Italy's FTSE MIB, -0.6%
The 10 year benchmark yields are mixed in trading today:

Martin Luther King
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