The USD is mostly higher but little changed
As the North American session begins (with Canada employment on tap at the bottom of the hour), the JPY is the strongest of the majors, the AUD is the weakest. The USD is mostly higher but little changed. The CAD ahead of their June employment reports (+700K of net change in employment estimate) is mostly lower but little changed. The JPY is marching lower, as are the JPY crosses, but coming off lows for the day. US stocks are lower. Yields are lower. Gold is marginally higher. Oil is lower. All are modest risk-off flows.
The ranges and changes are showing modest price action. The EURUSD, USDCAD, NZDUSD are all within 9 pips of being unchanged on the day.
In other markets:
In other markets:
- Spot gold is trading up $3.50 or 0.19% at $1807.07
- WTI crude oil futures are trading down $-0.57 or -1.44% at $39.06
In the premarket for US stocks the futures are implying a lower opening
- Dow futures are implying a decline of -182 points
- S&P futures are implying a a decline of -19 points
- NASDAQ index futures are implying a decline of -56 points
In the European stock markets the major indices are trading higher
- German DAX, +0.49%
- France's CAC, +0.33%
- UK's FTSE 100, +0.4
- Spain's Ibex, +0.18
- Italy's FTSE MIB, +0.6
In the US debt market, yields are continuing to move lower after the stellar 30 year bond auctions yesterday. The 30 year yield is leading the way with a decline of -5.9 basis points. The 2– 10 yield curve is flattening:
In the European debt market, the benchmark 10 year yields are lower as well. The German 10 year is down -2.4 basis points.
