The USD is mixed
As the North American traders enter for the day the GBP is the strongest while the NZD is the weakest. The USD is mixed. The mix is not really reacting to the surge in stocks as the "riskier currencies" like NZD and AUD that tend to rise in surging stocks are mostly lower. However, countries like NZ are free of coronavirus and even played a rugby game in front of 43,000 fans. There is hope sports fans. The Bank of Japan kept policy unchanged and said stimulus from bond buying would likely increase.
A number of pairs vs the USD are trading within 17 pips of unchanged on the day with action above and below the unchanged line. The EURUSD is down -17 pips. The USDJPY is -1 pip and the NZDUSD is unchanged on the day. The JPY crosses are mixed in trading today. The EURGBP is trending lower as traders move into the GBP today.
In other markets:
- Spot gold is moving higher by $3.50 or 0.2% at $1728.58
- WTI crude oil futures are also moving higher on increased hope for global recovery. The WT high July crude contract is up $0.86 or 2.3% at $37.98
- Dow is up 587 points
- S&P is up 56 points
- Nasdaq is up 167 points
- German DAX, +3.5%
- France's CAC, +2.85%
- UK FTSE, +2.7%
- Spain's Ibex, +3.2%
- Italy's FTSE MIB, +3.7%
In the European debt market, the benchmark 10 year yields are mixed with investors pushing down the "riskier" country yields (Spain, Italy and Portugal), while pushing up Germany, UK and France yields.