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

Technical Analysis

Author: Greg Michalowski | forex

The ranges are narrow. The action is up and down.

The EUR is the strongest and the USD is the weakest as NA traders enter for the day.  However, all the major currencies are bunched together as up and down trading activity has been the order of the day as traders debate which way to go next.  The biggest mover is the EURUSD and the GBPUSD which have moved 0.17% higher (lower USD).   

The USD is the weakest
The ranges and changes reflect the up and down characteristic. The low to high trading ranges are well below their 22 day averages. The GBPUSD has the largest range at 59 pips. The USDCHF only has a 27 pip trading range. All the currency pairs has had time below and above the 0.0 unchanged line. The most recent move has seen the dollar go from being stronger to weaker.  The EURGBP which fell sharply yesterday until consolidating in the US afternoon, has continued that consolidation today and is unchanged on the day. The JPY crosses were lower but are pointing higher as US stocks are rebounding higher after the up and down (closed lower) session yesterday.

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold as it continue to move higher and has cracked above the $1800 level for the 1st time since 2011. Gold has moved up by around 19% in 2020 as fears of a 2nd wave of the coronavirus push investors into the precious metal.
  • WTI crude oil futures are up $0.10 or 0.27% at $40.73
In the premarket for US stocks the futures are implying higher levels
  • Dow futures are implying a 17 point gain
  • S&P futures are implying a 4.6 point gain
  • NASDAQ index futures are implying a 53 point gain
In the European stock markets the major indices are lower
  • German DAX, -0.7%
  • France's CAC, -0.7%
  • UK's FTSE 100, my 0.1%
  • Spain's Ibex, -1.1%
  • Italy's FTSE MIB, -0.2%
In the US debt market, yields are modestly higher. The yield curve is steeper by about 1 basis point

US yields are marginally higher
In the European debt market, the benchmark 10 year yields are lower with Germany 10 year -2.2 basis points and leading the way to the downside.

European yields are lower
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