The USD is mixed as the 2-day FOMC meeting kicks off today
The AUD is the strongest of the major currencies and the EUR is the weakest as North American traders enter for the day. The USD is mixed - with a tilt to the downside - as the 2-day FOMC meeting begins (a 25 BP cut is expected). The GBP is also mixed with a slight tilt to the upside, as it looks like there may be a general election in December.
The ranges remain contained with the GBP pairs leading the way but the ranges for the major currencies vs the USD are moderate..
The GBPUSD is trading near the session high at the morning snapshot, erasing the early session losses. ALL the major currency pairs vs the USD and major crosses are below the 22 day averages (about a month of trading). The EURUSD, USDJPY, USDCHF, USDCAD and AUDUSD are trading with ranges of only 21 pips to 29 pips. That is not a lot of action.
In the other markets:
- Spot gold is down $5.99 or -0.40% at $1486.44
- WTI crude oil futures are trading down $0.65 or -1.16% at $55.16
- Bitcoin on Coinbase are trading down at $10 at $9446.81. It trades below its 100 day moving average at $9616 and its 200 day moving average at $8971
In the US stock market the major indices are trading marginally lower
- Dow , -37 points
- NASDAQ -25 points
- S&P -4.8 points
Iin the European debt market the major in indices are softer as well:
- German DAX, -0.1%
- France's CAC, unchanged
- UK's FTSE 100, -0.6%
- Spain's Ibex, -0.5%
- Italy's FTSE MIB, -0.1%
In the US debt market, the yields are down between -1 and -2 basis points in early New York trading
In the European debt market, the benchmark 10 year yields are also trading between -1 to -2 basis points across the board.
