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

Technical Analysis

Author: Greg Michalowski | forex

The USD is the weakest

As the North American traders enter for the day, the GBP is the strongest on the back of more positive news/hopes for an orderly Brexit agreement. The JPY and CHF are the weakest as Brexit good news and hope for a US/China deal.   Stocks are up.  Yields are up too.

The USD is the weakest
The ranges and changes charts below are showing the action in the GBP pairs. The GBPUSD has dual days with ranges over 250 pips.   The GBPUSD is up nearly 200 pips in the morning snapshot.  The GBPJPY is continuing it's run (up 278 pips). All the GBP pairs are off pound highs a bit but near those levels.  Other pairs like the EURUSD and USDJPY have ranges that are small compared to the GBP pairs, but are still near the 22 day averages with the NY session ahead. Both are near the high levels of the day.  Things are moving, but rememeber, the gains are on hope.

The ranges and the changes
In other markets:
  • spot gold is down $9 or -0.61% at $1485
  • WTI crude oil futures are up $0.74 or 1.38% at $54.29
In the US stock market, the futures are implying a higher opening:
  • Dow is up 291 points
  • S&P is up 32 points
  • Nasdaq is up 90 points
in the European stock markets, shares are up as well with the German DAX leading the way:
  • German DAX, +2%
  • France's CAC, +1.1%
  • UK's FTSE, +0.64%
  • Spain's Ibex, +1.1%
  • Italy's FTSE MIB, +1.1%
The US yields are up with gains of 2.9 to 4.1 basis points

The US yields are higher
In the European benchmark 10 year yields, the yields are mixed with the focus on the UK yields moving higher on hopes for a Brexit deal.

The European 10 year yields are mixed with the UK yields up 7.4 basis points.


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