The CAD is weaker as well ahead of OPEC+ meeting
The GBP is the strongest and the USD and CAD are the weakest as the North American trader start their days. The OPEC+ meeting is getting underway with some rumblings of Russia wanting increase output by 500K in monthly increments in the first quarter. They are currently keeping 7.68M barrels off the markets. The Covid downturn of late is a deterrent to that idea. The USD is trading at 31 month lows. There is no changes in the Brexit negotiations, with hurdles still ahead. France said that they would potentially veto a deal if you negotiators give in to UK demands.
The ranges and changes show dollar levels trading just off highs vs the EUR, GBP, JPY, CHF. The AUDUSD and NZDUSD have recovered from losses (down and up trading in those pairs). The USDCAD is trading unchanged. Low to high trading ranges are modest with the exception of the GBPUSD.
In other markets:
- Spot gold is trading up $9.50 or 0.52% at $1840.78.
- Spot silver is trading up $0.07 or 0.32% $24.18
- WTI crude oil futures are trading down $0.28 -0.62% of $45 even
- Bitcoin on Coinbase is trading up $200 at $19,363. The high price reached $19,466.58 the low price extended to $18,885.
In the premarket for US stocks, the the futures are implying near unchanged levels for the day for the S&P and Dow industrial average with the NASDAQ index up modestly. The S&P index close at a record level yesterday. The NASDAQ index close modestly lower:
- Dow industrial average up 5 points
- S&P index +0.5 points
- NASDAQ index up 33 points
In the European equity markets the major indices are lower to near unchanged:
- German DAX, -0.5%
- France's CAC, -0.4%
- UK's FTSE 100, +0.1%
- Spain's Ibex, -0.5%
- Italy's FTSE MIB, unchanged
In the US debt market, yields are little changed in early US trading. The 10 year yield is getting closer to the 1.0% level. The yield has not traded above 1% since March 20.
In the European debt market, the benchmark 10 year yields are lower by -0.6 basis points to -2.5 basis points.
