Little changes in a quiet session
It is a quiet day in the forex with the major indices all bunched together. Nevertheless, there is a stronger currency - the JPY - and a weaker currency - the CAD. However, the order can changed in easily. The USD is a little weaker today, after running up the last few days.
The lack of volatility can be seen in the changes in ranges charts below. The lower chart is showing that all the major currency pairs versus the US dollar have trading range is less than 27 pips (from high to low). The ranges for the major crosses are all 50 pips or less. Those ranges are much lower than the 22 day average.
In other markets, a snapshot is showing:
- Spot gold is up $2.72 or 0.19% at $1386.27. Yesterday the precious metal tumbled about $25 on the day, so today's rebound is modest (so far at least). The lower dollar helps
- WTI crude oil futures are down $0.35 or -0.61% at $56.88
In the premarket for US stocks, the futures are implying a modest opening after the Dow and S&P both closed at record highs yesterday:
- Dow is up 22.37 points
- S&P is up 2 points
- NASDAQ is up 5.6 points
In the European stock market, the major indices are mostly higher:
- German DAX, +0.2
- France's CAC, +0.4
- UK's FTSE 100, unchanged
- Spain's Ibex, -0.1
- Italy's FTSE MIB, +0.1
In the US debt market yields are lower by about 2-3 basis points across the board. The yield curve is little changed is defined by the 2 – 10 year spread:
In the European debt market yields are mostly lower (the exception is in Italy). The high yield for the French 10 year note did reached 0.0%, but backed off.
