The CHF is the strongest and the EUR is the weakest as NA traders enter for the day

Technical Analysis

Author: Greg Michalowski | forex

The USD is lower

As North American traders enter for the last day of the week, the CHF is the strongest and the EUR is the weakest. The USD is lower and is neck in neck with the EUR for the weakest currency today.   The Powell testimony and other Fed speak this week, will keep the July cut in play (well it is all but done). Traders did trim the chance of 50 bp cut yesterday, but chances are still high for a September cut (79%).  Other countries are looking to cut rates, and therefore global risks and trade concerns are all they need.  
 
The USD is lower

The USDCAD and USDCHF are leading the way as far as trading ranges and are trending lower. THe EURUSD lags with only a 26 pip trading range and at unchanged for the day (although it is lower from earlier highs).  The GBPUSD moved higher and back lower.  It trades above and below its 200 hour MA at 1.25381 (currently below that level at 1.2530).

the Ranges and changes for the major currencies
In other markets:
  • Spot gold is up $3.71 or 0.26% at 1407.37
  • WTI crude oil futures are up $.09 or 0.15% at $60.29
  • Bitcoin on Coinbase is up $507 at $11661. The low reached $11,053, while the high extended to $11,799
IN the pre-market for US stocks, the futures are implying a higher opening:

  • Dow, +86.92 points
  • NASDAQ, +21 points
  • S&P, +6.75 points
In European markets, major indices are up marginally:
  • German DAX,unchanged
  • France's CAC, +0.4%
  • UK's FTSE, +0.16%
  • Spain's Ibex, +0.2%
  • Italy's FTSE MIB, +0.25%
In the US debt market, yields are lower by 1-2 basis points

US yields are down by 1 to 2 basis points
In the European, the 10 year benchmark yields are mostly higher. France's yields have remained above the 0.0% for the whole day so far.

European 10 yields are mostly higher
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