The USD is mixed/mostly lower
As NA traders enter for the day, the AUD (and NZD) is the strongest) and the JPY is the weakest. The risk on trade is on as traders are encouraged by the reopening of the economy and hopes for a vaccine by the end of the year. Stocks are soaring after Moderna announced positive phase I results for its Coronavirus vaccine.
The USD is mixed/mostly lower with the AUDUSD and NZDUSD trading at session highs with most of the trading direction in above the Friday unchanged levels. The USDCAD is also trending (lower - higher CAD) and near its low extreme on the day. The EURUSD, on the other hand has been in a 28 pip trading range and trades near unchanged. on the day.
In other markets:
- Spot gold is trading trading up $11.81 or 0.67% at $1755.60
- WTI crude oil futures for June delivery are trading up $2.61 or 8.87% of $32.04. The July contract is also up strongly with a $2.35 gain or 8% at $31.88
In the premarket for US stocks the futures are implying a lower opening
- Dow industrial average is up 580 points
- S&P index is up 63 points
- NASDAQ index is up 136 points
In the US debt market, yields are higher with the yield curve steepening. The 2 year yield is up 0.6 basis points while the 30 year is up 3.2 basis points. The 2-10 the year spread is not as per mounts with a 1 basis point gain to 50.79 basis points from 49.77 basis points on Friday.
In the European debt market the benchmark 10 year yields are all trading lower with investors plowing into the Italian debt (-7.4 basis points).
