The USD is mostly lower on the back of AUD and NZD declines
The NZD is the strongest of the majors after the RBNZ kept rates unchanged as expected. Nevertheless, the NZDUSD broke out of its confined 75 pip trading range over the last 8-9 days, and the pair rocketed higher. The AUD was also pulled higher. The weakest is the CHF and the CAD. Both are fighting for the weakest of the majors with the USD behind them (thanks to declines of he green back vs the AUD and NZD mostly. US stocks are higher as JPMorgan, Wells Fargo and Goldman kicked off the earning season with beats. JPMorgan is still lower in a sell the fact. Goldman is higher and Wells is unchanged. The S&P closed at record yesterday. The Nasdaq is getting closer to the Feb all time high (about 170 points shy at the close yesterday). Coinbase direct listing will launch today. In a direct listing the shareholders sell directly to the public. There is no IPO price. The reference price is $250 which would value the company at $65B. Powell speaks along with Williams, Clarida, Bostic, Kaplan at various times today Oil inventory will be released. The Fed's Beige book will be released.
Looking at the ranges and changes, apart from the AUDUSD and NZDUSD the ranges of the majors are a bit light. The EURUSD, GBPUSD, USDJPY, are all within 9 pips of unchanged in the morning snapshot. The AUDUSD and NZDUSD traded modestly lower on the day at the lows, but is currently trading near highs as the price trends higher.
- Spot gold is trading down -$1.17 or -0.06% at $1744.42
- Spot silver is trading up five cents or 0.20% at $25.40
- WTI crude oil futures are trading up $0.95 or 1.58% at $61.13
- Bitcoin ahead of the Coinbase direct listing is trading up $960 or 1.55% at $64,180
In the premarket for US stocks:
- Dow +21 points
- NASDAQ +39 points
- S&P +3.5 points
In the European markets:
- German Dax -0.14%
- Frances CAC, +0.46%
- UK's FTSE 100 +0.4%
- Spain's Ibex +0.4%
- Italy's footsie MIB, -0.1%
in the US debt market yields are marginally higher:
In the European debt market, the benchmark 10 year yields are trading mixed:
