The USD is tilting to the downside

As the North American session gets underway, the AUD and NZD are the strongest currencies, while the JPY is the weakest. The USD is leaning in the downward direction with gains only reverse the JPY. The GBPUSD is near unchanged as is the USDCHF. Risk on flows into the commodity currencies, but trading is limited. The snapshot at 7:50 AM ET of the strongest to weakest shows

The USD is tilting to the downside

Looking at the changes and ranges chart below, the AUDUSD has been stepping higher (+30 pips) after an early Asian dip. The ranges for the major pairs vs. the US dollar are very modest with the GBPUSD at 45 pips the largest. The USDCHF (13 pips), USDJPY (21 pips) and EURUSD (22 pips) are indicative of the modest price action in trading today. They are well below their 22 day averages (about a month of trading). That may imply that there is room to roam in the NY session.

The ranges and changes for the major currency pairs

In other markets:

  • Bitcoin is trading back higher today after yesterdays decline. The digital currency is up $1717 or 3.83% at $46,760. The high for the day reached $46,793.41. The low was down at $44,011
  • Spot gold is trading up $1.31 or 0.07% at $1844.14
  • Spot silver is trading up $0.12 or 0.47% $27.15
  • WTI crude oil futures are trading down $0.35 or -0.60% at $58.33

In the premarket for US stocks, the futures are implying a modestly higher opening after the declines in all the major indices except the Dow industrial average yesterday

  • S&P index +12 points. Yesterday the index dipped by -1.35 points
  • Dow industrial average +61 points after its 62 point gain yesterday
  • NASDAQ index up 66 points

In the European equity markets the major indices are trading mixed after yesterdays declines

  • German DAX, +0.68%
  • France's CAC, unchanged
  • UK's FTSE 100, unchanged
  • Spain's Ibex, and -0.4%
  • Italy's FTSE MIB, +0.1

In the US debt market, yields are modestly higher. The treasury auctions off 30 year bonds at 1 PM today.

US yields are modestly higher

In the European debt market, the benchmark 10 year yields are moving lower across the board

European yields are down