Brexit weighs on the pound. The USD is mostly lower
As the week and the North American session begins, the EUR is the strongest currency, while the GBP is the weakest as uncertainty about the UK's fate, hurts the pound (with PM May announcement at 10:30 AM ET). The GBPUSD traded at 18 month lows today.
The USD is lower with the largest declines vs the EUR, NZD and CHF. The dollar is only stronger vs. the GBP.
Most of the trading action is in the GBP pairs. They are all trading near extremes vs the other major currencies. The NZDUSD and AUDUSD, after moving lower in the first few hours of the day, have moved higher. The USDJPY moved lower but bounced toward unchanged. The bounce point was against the pairs 100 day MA at 112.259. That was a key level on Thursday, and remains a key support level in trading today and this week.
In other markets:
- Spot gold is down -$2.37 or -0.19% at $1246.07
- WTI crude oil is down -$0.70 or -1.35% at $51.87
- Bitcoin on Coinbase is down $34 at $3491. The digital currency is just above the 100 and 200 hour MAs at $3450.81 and 3453.39 respectively. If the price can stay above, that could lead to more corrective upside potential. The bad news is the price is not moving much. The low is $3441 today. The high is $3590. The $150ish trading range is not large.
The US stock futures are implying modest gains.
- Dow, +41 points
- S&P, +5 points
- Nasdaq, +25 points
In European markets:
- German Dax, -0.38%
- France's CAC -0.36%
- UK FTSE, +0.49%
- Spain's Ibex -0.55%
- Italy's FTSE MIB, -0.50%
IN the US debt market, yields are mostly higher with the exception of the 30 year which is near unchanged.
The benchmark 10 year notes in Europe are mixed:
