The USD is marginally higher after yesterday's surge

The CAD is the strongest and the GBP is the weakest as the NA session gets underway. The USD is marginally higher (only lower vs the CAD) after the sharp runup yesterday. The major currencies are relatively close together in the morning rank (there is no runaway currencies like yesterday when the JPY, USD were running to the upside and the NZD and AUD were getting hammered). The EURUSD tried to rally off the German PMI data, but has pushed back lower. Yellen and Powell will have round 2 today on Capitol Hill (in front of the Senate today). US stocks are higher.

Looking at the ranges and changes, the major indices vs the USD are more in the mid area of the low to high trading range. The USDJPY, AUDUSD and NZDUSD are all within 9 pips of unchanged at the moment. The GBPUSD continued its fall with the pair moving to the lowest level since February 5th. The pair has been lower in 4 of the last 5 trading days. The EURUSD fell below its 200 day MA into the close yesterday, and has been able to stay below so far today (at 1.1852). Stay below is more bearish today.

The ranges and changes for the major currency pairs

In the premarket for US stocks, the futures are implying a higher opening after yesterday's decline which saw the NASDAQ fall like -1.12%, the S&P followed by -0.76% and the Dow fall -0.94%.

  • S&P up 13.48 points. Yesterday the S&P fell by -30 points
  • Dow up 108 points.. Yesterday the Dow fell by -308 points.
  • NASDAQ up 93 points. Yesterday the NASDAQ lost 149.84 points

in the European equity markets, the major indices are negative:

  • German Dax -0.5%
  • France's CAC, -0.22%
  • UK's FTSE 100, -0.17%
  • Spain's Ibex, -0.4%
  • Italy's FTSE MIB, unchanged

In the US debt market, the yields are near unchanged across the curve after yesterday's sharp fall saw the 10 year decline by about -7.4 basis points.

US yields are unchanged

In the European debt market, the yields are lower across the board with the France 10 year benchmark yield leading the way to a -2.2%.

European yields are lower