November 9, 2017. The USD is mostly lower on the day
As North American traders enter for the day, the JPY is the strongest while the NZD is the weakest. The USD is weaker. There is a pullback in the stocks it seems which is weakening the USD and giving the flight into JPY. The RBNZ did keep rates unchanged in the late NY sesssion. The "less dovisih" statement, took the price higher into the close, but there was a retracement today. The NZDJPY is the biggest mover, falling by -0.51%.
The changes and ranges are showing the JPY pairs in the red with some hanging at the lows - especially risk off pairs like the AUDJPY and NZDJPY. The GBPJPY is lower by -68 pips on the day. It was down about -90 pips at the lows. The EURJPY is still negative but off lows too. The USDJPY is near the lows too.
In other markets, the snapshot shows:
- Spot gold up $5.20 on the weaker dollar. It trades at $1286.68.
- US WTI crude oil futures are unchanged at $56.81
- US yields are a little higher. Two-year 1.6495%, +0.4 basis points. Five-year 2.0149%, +0.5 basis points 10 year 2.3328%, unchanged. 30 year 2.805%, +1.3 basis points
- The biggest concern for the market is that the stock market in premarket trading is lower in the US (off tax reform concerns most likely). The S&P futures are lower by -14.25 points. Dow futures are lower by -108 points. NASDAQ futures are down -47.75 points. All three major indices closed at record levels yesterday.
