The USD is mixed
The comment from Treasury Sec Mnuchin that the trade deal is 90% complete (we are back to from whence we came it seems), has led to the traditional "risk on" trade. THe NZD (despite a dovish statement from the RBNZ) and AUD are the strongest, while the JPY and CHF are underpressure as flights into safety of those currencies subside. The USD has taken its traditional mixed mode with gains vs the JPY and CHF, declines with the NZD, AUD and CAD The EURUSD, GBPUSD are little changed.
The changes and ranges show the EURUSD traders are taking the day off with only a 22 pip range so far (room to roam). The action is in the NZDUSD (helped by the volatility from the RBNZ and then snap back rally) and the USDJPY . The JPY pairs are also seeeing action and higher on the day.
In other markets,
- Spot gold has lost some of it's risk off luster. It is down -%19.40 at $1405. The high reached $1425. The low was able to stall ahead of the natural $1400 level at $1402.06.
- WTI crude oil is up $1.11 or 1.92% at 58.94
- Bitcoin on Coinbase surged and keeps running higher. The price is up $1207 at $12570.
US stocks are moving higher as implied by futures. The fair values are showing:
- Dow, +112 points
- S&P, +12.5 points
- Nasdaq. +62 points
In the US debt market, yields are higher.
European benchmark 10 year yields are mixed with gains vs the Germany, France, and UK and near unchanged or lower in Spain, Italy and Portugal.
