The USD is weaker
The GBP is the strongest and the JPY is the weakest as North American traders enter for the day. The GBP and EUR have both recovered as hopes for passage of a recovery fund started to turn. The USD is mostly weaker with the JPY, but declines are relatively modest for a summer Monday. US conronavirus cases continued rise over the weekend globally and in the US. There is no US data today. In Washington there will be stimulus discussions Earnings this week will start to heat up with Microsoft, Intel, IBM among some of the companies reporting this week. Astra Zeneca is supposed to speak about the results of their coronavirus vaccine.
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The ranges and changes show the GBP's down and up moves and oversized range for the day at 124 pips. The EURUSD had a similar move - only smaller in scope. The JPY pairs are higher on the day.
In other markets:
- Spot gold is trading up $3.50 or 0.20% at $1814
- WTI crude oil futures trading down $0.30 or -0.74% of $40.29
In the premarket for US stocks the futures are implying a mixed opening after mixed results on Friday where the S&P and NASDAQ each rose by 0.28% while the Dow industrial average declined by -0.23%
- S&P index is trading down -7 points
- NASDAQ index is trading up 18 points
- Dow industrial average down down 87 points
In the European markets, the major indices are higher on hopes for a recovery fund compromise
- German DAX, plus 0 point 4%
- France's CAC, +0.11%
- UK's FTSE 100, -014%
- Spain's Ibex, +0.28%
- Italy's FTSE MIB, +0.3%
In the US debt market, yields are modestly lower with the yield curve more narrow as well
In the European debt market, the benchmark 10 year yields are trading lower as well as investors are feeling more comfortable as well in the EU. .
