North American traders enter for the week with the AUD as the strongest and USD and EUR as the weakest
The trading week for North American traders is starting with the AUD leading the way after the incumbant government were victorious in the weekend elections. The USD and EUR are neck in neck for the weakest currency position. The European elections are later in the week with the main stream political parties expected to lose seats to the mainly populist parties.
The AUDUSD has the biggest trading range at 48 pips but that does not include the gap. With the gap, the range if 68 pips vs 48 pips. So the range is a bit misleading. Apart from the USDJPY and USDCHF, the major pairs are trading near the middle of their trading ranges. The NZDUSD and AUDUSD are off highs despite the anxiety in the stock markets from US/China anxiety.
In oher markets the snapshot is showing:
- Spot gold, down -$0.60 or -0.04% at $1277
- WTI crude oil is up $0.11 or 0.18% at $62.87
- Bitcoin on Coinbase is down -$112 at $7915 but the digital currency did reach back up toward the highs from last week to $8315. On Friday, the pair plummetted over 20% but clawed back the gains over the weekend.
US stock futures in premarket trading are implying a lpwer opening:
- Dow, -147 points
- D&P -21 points
- Nasdaq -101 points
In the European markets, major indices are also lower:
- German Dax, -1.64%
- France's CAC -1.73%
- Britain's FTSE -1.06%
- Spain's Ibex -1.08%
- Italy's FTSE MIB, -1.08%
In the US debt market, yields are lower in a flight to safety bid.
In the 10 year benchmark note market in Europe, the yields are marginally higher.
