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

Technical Analysis

Author: Greg Michalowski | forex

The USD is mixed with a stronger bias

As North American traders enter for the day, the CHF is the strongest and the NZD is the weakest. The RBNZ kept rates unchanged but did increase their Large Scale Asset Purchases program and are locking down again after 4 people were infected with the coronavirus after over 100 days of 0 new cases.   The EURGBP is moving higher today. UK GDP contracted by -20.4%. The USD is mixed with a positive bias. The greenback is  higher vs the GBP, JPY, AUD and NZD, but lower vs the EUR, CHF and near unchanged vs the CAD.  Gold and silver continued their fall lower in early trading but have since rebounded and is trading higher. Yields are higher. Stocks have rebounded after the S&P and Dow snapped 8 day win streaks yesterday and the Nasdaq increased its losing streak to 3 days.

The USD is mixed with a stronger bias
The ranges and changes are showing decent ranges and the mixed greenback.  The EURUSD is higher. The GBPUSD is lower. The USDJPY is higher and is trending higher (US yields continuing move higher is helping). It is trading at session highs as NA traders enter for the day.  The USDCHF is lower.  USDCAD moved higher early (ran into 200 hour MA) and retraced all the gains and is lower now.   The NZDUSD has moved the most pips lower at -38 pips.  

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold is trading up $19 or 1.0% at $1931.20
  • Spot silver is up $0.45 or 1.9% at $25.25
  • WTI crude oil futures are up $0.71 or 1.68% at $42.57. The private data released near the close yesterday, saw the crude inventories decline by -4.4m barrels vs est of -3.2M.  The gasoline inventories fell -1.31M vs -1.5M est.
In the US stock market, the futures are implying a higher opening after the declines across the board yesterday. The S&P is getting close to the record close of 3386.15 and the all time high intraday level at 3393.52:
  • Dow is up 274 points
  • S&P is up 25.81 points
  • Nasdaq is up 96 points
In the European market, the major indices are adding to the gains seen yesterday:
  • German Dax, +0.1%
  • France's CAC +0.4%
  • UK FTSE 100, +1.1%
  • Spain's Ibex, +0.3%
  • Italy's FTSE MIB, +0.6%
In the US debt market, US yields have continued the move higher. The US treasury will continue the auction with the sale of $38B of 10 year notes. 10 year yields are up 3.3 basis points.

US yields are higher
In Europe, the benchmark yields are also higher on the day:

US yields are lower
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