The ranges and changes are relatively modest

The snapshot of the % changes of the major currencies vs each other is showing modest changes. The NZD is the strongest but most of the gains are vs the AUD (even so, it is only up 0.21% vs it's geographic neighbor). The AUD is the weakest. The USD is basically unchanged vs the EUR, GBP, JPY, CHF, CAD and NZD with each showing 0.05% changes vs the greenback.

The percentage changes for the major currency pairs

Looking at the trading ranges and changes for the major currency pairs, while the major pairs versus dollars average is less than 28 pips with the exception of the GBP which is at 59 pips (the GBPUSD is still way below the 22 day average of around 140 pips). The major cross currency pairs are also well below their month averages (red line in the bottom chart).

The ranges and changes are modest for the major currency pairs

In other markets,

  • spot gold is up $5 or 0.34% at $1492.70
  • WTI crude oil futures are down $0.52 or -0.94% at $53.97

The Department of Energy will release their weekly inventory data at 10:30 AM ET. The private data released late yesterday showed:

  • Crude +4.45MM vs estimates of around 3.00MM
  • Gasoline -702K vs estimates of-2.238M
  • Distillates -3.491MM vs estimates of -2.723MM

In the premarket for US stocks, the futures are implying a marginally lower opening. The numbers are showing:

  • Dow, -29.10 points
  • S&P, -6.8 points
  • NASDAQ index -33 points

Boeing missed on its earnings but the on revenues. Caterpillar missed on both earnings and revenue and lowered forward guidance. Microsoft, PayPal, Ford, and Tesla will release their earnings after the close. Morgan Stanley raise their price estimate for Apple to $289 from $247 previously.

In the European stock markets, the major indices are mostly lower:

  • German DAX, unchanged
  • France's CAC, -0.6%
  • UK FTSE, +0.1%
  • Spain's Ibex, -0.2%
  • Italy's FTSE MIB, -0.8%

In the US debt market, yields are lower with the 2 year down the most at near -4 bps. The 2-10 year spread widened to 17.87 bps from 16.63 at the close yesterday.The US will auction off 5 year notes at 1 PM ET.

US yields are lower across the board with to year yields down the most

In the European debt market, yields are also lower with the UK yields down -4.1 basis points as they muddle through the next hurdles toward a Brexit deal or no deal.

European yields are lower with UK yields leading the way at -4.1 basis points