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

Technical Analysis

Author: Greg Michalowski | forex

The USD is mixed

As the North American session gets underway, the snapshot of the strongest and weakest currencies shows the GBP is the strongest while the CHF is the weakest.  The GBPUSD was able to crack above the 1.3000 to 1.3011 area and this time was not stopped. That has helped the currency lead the way. The GBPUSD is trading at session highs as I type up at 1.3091. For the CHF, a better stock tone has risk on trades after a report (once again) that US/China were making progress made phase 1 deal despite tensions.  The US dollar is trading mixed with gains versus the CHF and AUD and declines versus the GBP and CAD.  PS the Bank of Canada is expected to keep rates unchanged today. 

The USD is mixed
Looking at the ranges and changes, the GBP pairs are the big movers. The GBPUSD has over 8 100 pip trading range which is well above the 65 pip average.  The EURUSD remains the low volatility currency with only a 21 pip trading range.  The USDCAD is also mired in a 24 pip range ahead of its interest rate decision at 10 AM ET, but it is trading at session lows (stronger loonie). The central bank is expected to keep rates unchanged. The market will be focused on forward guidance for 2020 which is mixed.

The ranges and changesThe ranges and changes for the major currency pairs
In other markets:

  • Spot gold is trading unchanged at $1477.65
  • WTI crude oil futures are trading up $1 in $0.02 or 1.82% at $57.12. There is a report that Saudi Arabia wants to limit production from Iraq which is helping the tone.
In the premarket for US stocks, the futures are implying a higher opening:
  • Dow up 135 points
  • S&P index S&P index up 12 points
  • NASDAQ index up 43 points 
In the European, the major indices are also trading mostly higher after tumbling yesterday
  • German DAX, +1%
  • France's CAC, +1.2%
  • UK's FTSE 100, unchanged
  • Spain's Ibex, +1.3%
  • Italy's FTSE MIB, +1.1%
In the US debt market yields are rebounding with the better tone as well:

US yields are trading higher today
In the European debt market yields are also ticking mostly higher:

The European yields are trading mostly higher

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