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 the strongest

As the North American traders enter for the day, the GBP is the strongest and the CHF is the weakest. The USD is more positive on the day with declines only vs the GBP (it is near unchanged vs the CAD and NZD).  The US stock market remains anxious about the stock market and that will likely continue until the testimony from Powell which is to begin at 10 AM ET. The declines are led by the tech sector once again (it fell -2.46% yesterday). The Dow futures are modestly higher.  Interest rates in the US are mixed with the 30 year up 1.2 bp. The 10 year is near unchanged on the day. Bitcoin is lower after trading to the lowest level since February 11. 

The USD is the strongest
Looking at the changes and ranges the USDCHF is rising sharply in European trading after moving back above its 100 day MA at 0.89851 - reversing the decline seen in the session yesterday.  . The EURUSD moved higher earlier in the session but has since reversed. The GBPUSD is modestly higher vs the USD, but is making a run higher vs the CHF and JPY.
 The ranges and changes for the major currency pairs

In other markets:
  • Bitcoin is trading lower by $6100-$48,880. That is still up from the session low $44,888.08. Yesterday the price of bitcoin fell but rebounded from its intraday low of $46,616. However the rebound stalled right at its 100 hour moving average (currently at $54,864) and started to run back to the downside in trading today.
  • Spot gold is trading near unchanged at $1809.63
  • Spot silver is trading down $0.21 -0.79% at $27.92
  • WTI crude oil futures are trading up $0.27 or 0.44% at $61.68 him him him
In the premarket for US stocks, the futures are implying sharp declines for the NASDAQ index. The Dow industrial average is up modestly. The S&P is down but modestly compared to the NASDAQ. The S&P is down 5 straight days now. The Nasdaq is down -4% over the last 5 trading days. 
  • S&P index futures are implying a -17.75 point decline after yesterdays -30.21 fall
  • Dow industrial average futures are implying a 19.31 point rise after yesterdays 27.37 point rise
  • NASDAQ index futures are implying a -231 point decline after yesterdays tumble of 341.416 points
In the European equity markets the major indices are trading mixed
  • German DAX, -0.98%
  • France's CAC, unchanged
  • UK's FTSE 100, unchanged
  • Spain's Ibex, +1.1%
  • Italy's FTSE MIB, -0.46%
In the US debt market, yields are mixed with the 30 year up 1.1 basis points. The 10 year is down -0.7 basis points and the 2 year is unchanged.

US yields are mixed
In the European debt market, the benchmark 10 year yields are higher across the board with Italian yields up the most at 6.9 basis points. French 10 year yields are up 4.4 basis points and getting closer to the 0.0% level. Currently trades at -0.049%.

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