The USD is weaker after better PMI data in Europe
Despite the saber rattling between the US and Iran (with Iraq also in the geopolitical picture), the markets are showing some safe haven flows but things are a little mixed up too. Gold is the biggest mover (up $24),along with crude oil (plus $0.63) and premarket for US stocks down (Dow -148 points) but crude oil (down $1 from the high), and stocks are well off their pre-open lows. US bond yields have also rebounded and our now up on the day. In the forex market, the USD, CHF and JPY are typically safe haven currencies but, the USD and the JPY on the weakest. The CHF is up marginally.
So markets are a bit mixed (or not as bad as they once were). Below are the percentage changes of the major currencies versus each other.
Looking at the rangess and changes of the major currency pairs, the USD is showing lower to unchanged reading vs the major currencies. The greenback is lower versus the EUR, GBP, CHF, CAD and NZD, but is near unchanged levels versus the JPY (up 5 pips) and up 1 pip vs the AUD). The GBP pairs have moved the most (in terms of pips). The PMI services data at of the UK was better than expected and moved back to the neutral level of 50.0. European revise PMI data was also better which helped push the EUR higher as well.
In other markets:
- Gold prices were up $24.95 or 1.61% to $1577. The low price was at $1560.64. The high price did extend all the way up to $1588.13. Although off the high price, gold is still up pretty healthy number in early trading
- WTI crude oil futures are up $0.63 or 1.02% at $63.68. That is off the low price of $63.46 for the day but while off the high price of $64.72
in the premarket for US stocks, the major indices are lower but off the lowest levels. In early premarket trading in the US, however, stocks have dipped lower:
- Dow, -184 points now
- S&P index -18.35 points
- NASDAQ index -65 points
In the US debt market, the yields are trading near unchanged levels after being lower earlier:
In the European debt market, yields for the benchmark 10 year notes are trading mixed amongst the various countries
