The USD is weaker
As the North American session begins, the GBP is the strongest and the EUR is the weakest. The USD is marginally lower vs all currencies with the EUR being the exception. The Senate plans a vote on a $500B coronavirus economic aid bill, which the Democrats have rejected in the House as they look for trillions. Stocks are mixed in pre-market trading in the US. The "No deal" seem most likely as the Brexit negotiations move toward the PM Johnson drop dead date on October 15, but a source did say the UK isn't ready to walk away from talks just yet which has helped earlier declines in the GBP reverse to gains.
The ranges and changes are showing the down and up price action in the GBP pairs. Currently, the GBP pairs are trading near high pound levels (EURGBP is at lows but that is a higher pound of course). The other pairs vs the USD are trading within 13 pips of the unchanged levels.
A snapshot of other markets currently shows:
- Spot gold is following the dollar. With the greenback lower, the price of gold is higher. The price of spot is up $9.73 or 0.52% at $1901.05
- The spot silver is up $0.15 or +0.63% at $24.28
- WTI crude oil futures are trading down -$0.13 or -0.30% at $40.09
In the premarket for US stocks, the futures markets are trading marginally higher with the NASDAQ index leading the way. Yesterday the major indices snapped a 4 day winning streak
- The Dow Jones up 41 points
- S&P index is trading unchanged
- NASDAQ is up up 48 points.
In the European equity markets, the major indices are trading lower across the board
- German DAX, -0.14%
- France's CAC, -0.22%
- UK's FTSE 100, -0.2%
- Spain's Ibex, +0.23%
- Italy's FTSE MIB, +0.26% %
In the US debt market, yields are lower with a flatter curve. The 2-10 unit spread is down to 57.66 basis points from 50.82 basis points at the close yesterday.
In the European debt market, the benchmark 10 year yields are also lower on the day
