The CAD is the strongest while the NZD is the weakest as NA traders enter

Technical Analysis

Author: Greg Michalowski | forex

The USD is mixed

As North American trader enter for the day, the CAD is the strongest, while the NZD is the weakest.  The USD is mixed after being the weakest in trading yesterday. The GBP which squeezed higher yesterday, has moved back lower today as PM May heads to Brussels to present the newest plan to EU officials. Three Tory lawmakers defected the party in favor of the The Independent Group.

The CAD is the strongest while the NZD is the weakest as NA traders enter for the day.
The ranges and changes are showing that the USDCAD is trading near the lows for the day (-30 pips).  The NZDUSD has been negative for most of the day, but is off it's lows.   Looking at its chart (not shown), the pair bounced off its 100 hour MA at 0.6951 (the low reached 0.68495 just a few pips below that MA line - currently trade at 0.6870).  The reanges are pretty weak with the major pairs vs the USD - sans the GBPUSD - have ranges 40 pips or less.  THe USDCHF has only traded 18 pips in up and down choppy trading today.  

The ranges and changes of the major currency pairs A snapshot of other markets are showgin:
  • spot gold is trading up $2.83 or 0.21% at $1343.80
  • WTI crude oil futures are trading down $.43 or 0.77% at $55.66 after a run higher yesterday. The high today reached $56.39. We are currently trading just off the lows at $55.64.
  • Bitcoin on Coinbase is trading at $59 at $3946.52. The digital currency remains above it's 100 day moving average currently at $3819.53. The low today could only extend down to $3867.13. The bulls remain in control above that key MA level. 
In the pre-US stock market, futures are implying modest changes:
  • S&P index -2 points
  • Dow Jones industrial average -24 points 
  • NASDAQ index +0.64 points
In European stock markets, the major indices are higher so far:
  • German DAX, +0.32%
  • France's CAC, +0.20%
  • UK's FTSE, +0.12%
  • Spain's Ibex, +0.42%
  • Italy's FTSE MIB, +0.07%
In the US debt markets, yields a little changed but to the downside:

The US yields are down marginally in early NY tradingEuropean 10 year benchmark yields are mixed, with investors shunning the more risky Italy and Portugal debt (up 4.4 bps and 2.0 bps respesctively). 

  • Fed's Kaplan to speak in Houston, Texas at 1:10 PM/1810 GMT
  • The FOMC meeting minutes will be released with eyes on balance sheet runoff clues.  
  • The weekly API inventory data wiill be released at 11:30 AM ET/1630 GMT
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