The USD is also weaker
The haves and the have nots in the morning snapshot of the major currency pair shows the EUR and CHF are fighting for the strongest, while the CAD and GBP and USD are all fighting for the weakest. How to explain the EUR being strong is kinda hard. The CHF strength could be a safety bid. Both are trending higher. The CAD weakness can be explained by the oil weakness again today (-2.98%). The GBP weakness? Well, figuring out trade deals if countries are on lockdown may not be the best timing (in the extreme case of course but....). The USD weakness can be attributed to the exit out of US stocks and record low yields.
The ranges and changes are indeed showing the EURUSD, USDCHF, AUDUSD and NZDUSD are at extremes with a dollar being the slumping currency. The GBPUSD is off the lows but still lower. The USDCAD is back higher (on weak oil) and up on the day after an earlier decline in the day.
In other markets:
- Gold is moving higher on rotation into the precious metal. It is up $12 or 0.75% at $1653
- WTI crude oil is down -$1.41 or or 2.96% at $47.29 on global growth concerns.
In the pre-market for US stocks, the futures are implying a sharply lower open:
- Dow is down -400
- S&P is down -46 points
- Nasdaq is down -167 points
In the European markets, stocks are down sharply as well:
- German DAX, -2.88%
- France CAC, -3.18%
- UK's FTSE 100, -2.78%
- Spain's Ibex, -2.81%
- Italy's FTSE MIB, -2.53%
In the US debt market yields are moving lower once again on moves into the safety of US debt:
European debt market, yields are mixed with German France and UK yields lower but investors shunning Spain Italy and Portugal.