Lots of up and down action

It's beginning to trade a lot like Christmas.

There is a lot of up and down in trading today that is reminding of price action where either traders are not sure or are simply not that interested in trading. After all the dust is settled, the AUD is the strongest and the NZD is the weakest. The GBP is a little higher after keeping rates unchanged. The USD is a little lower after Pres. Trump became the 3rd President to be impeached last night.

Lots of ups and downs in the forex market today

Looking at the ranges and changes charts below, the GBP pairs have outperformed (see lower chart). The USDJPY, USDCHF, USDCAD and NZDUSD have low to high trading ranges of 20 pips or less. The EURUSD moved higher but has given up all but 4 pips of it's gains. The USDCAD is trading near its high as it tries to get off its lowest level since October 30th.

The ranges and changes

In other markets:

  • Spot gold is down $1.05 or -0.07% at $1474.36. It was a little changed in trading yesterday as well
  • WTI crude oil futures are trading up $0.05 or 0.08% at $60.98. The range for the day is only $0.16 with a low of $60.84 and a high price of $61

In the US stock market, the premarket futures are implying a modest higher opening:

  • Dow, +35.72 points
  • S&P index +1.5 points
  • NASDAQ index +6 points

In the European equity market, the major indices are mostly lower

  • German DAX, -0.5%
  • France's CAC, -0.2%
  • UK's FTSE 100, unchanged
  • Spain's Ibex, -0.5%
  • Italy's FTSE MIB unchanged

In the US debt market yields are higher with the yield curve steepening. The 2 – 10 year yield spread is up to 30.15 basis points from 28.82 in trading at the close yesterday.

US yields are trading higher with the yield curve steepening

In the European debt market, yields are also higher with the French 10 year moving all the way up to 0.087% from 0.053%, the German yield is up to -0.211% as it tries to work back toward the 0.0% level.

European yields are also higher with the French 10 year moving up toward 0.1%