The JPY is the strongest and the AUD is the weakest as NA traders enter for the day
The USD is mixed
Fast break the other way. The winners and losers have reversed the moves yesterday. The AUD was the strongest yesterday on "risk on" trading. The JPY was the weakest followed by the CHF. Today the AUD is the weakest on "risk off" trading and the JPY and CHF are the strongest. The USD is mixed with gains vs the risky currencies (AUD, NZD and CAD). The dollar down vs the JPY, CHF, EUR and GBP.
The ranges and changes are showing the JPY pairs all trading at the bottom. That is the obvious trend and where the action is in the markets. The EURUSD is being ignored despite negative growth in Germany and EU industrial production at -1.6% (vs -1.5% estimate).
In other markets:
- Gold is back up by $14. or 0.93% at $1515.50
- WTI crude oil is down -$2.06 or -3.61% at $55.04
Both Gold and crude is following the risk on formula.
US stocks are sharply lower in pre-market trading:
- Dow. -327 points
- S&P, -35 points
- Nasdaq, -112 points
European stocks are lower:
- German Dax, -1.9%
- France's CAC, -1.8%
- UK FTSE, -1.29%
- Spain's Ibex, -1.8%
- Italy's FTSE MIB, -2.34%
In the US debt market, the 2-10 has inverted and the whole yield curve is lower.
In the European debt market, yields are lower as well as traders ignore stocks and just buy bonds (even with negative yields).