The USD is mixed

As North American traders enter for the day, the NZD is the strongest and the EUR is the weakest as NA traders enter for the day. The USD is mixed with gains vs the EUR and CHF, declines vs the NZD and AUD. The GBP, JPY and CAD are all within 0.1% of the close from yesterday. Durable goods will be released at the bottom of the hour but traders are awaiting the Jackson Hole speech by Fed's Powell tomorrow.

The USD is mixed

The ranges and changes are showing the wait-and-see attitude by the markets. The largest range today is the EURUSD at only 44 pips. That is well below its 22 day average of around 97 pips. The AUDUSD range is only 23 pips as North American traders begin their session. The good news about those ranges is that there should be an extension in one direction or another. We will be on the lookout for non-trending turning to trending.

The ranges and changes for the major currency pairs

In other markets:

  • Spot gold is trading down $14 or -0.73% at $1914.18
  • Spot silver is trading down $0.23 or -0.86% at $26.30
  • WTI crude oil futures are trading down $0.20 or -0.46% of $43.15. Today at 10:30 AM the Department of Energy will released their inventory data for the current week. Late yesterday the private data showed a drawdown of -4.524M barrels vs. expectations for a -2.58M drawdown. Gasoline inventories fell by -6.392M vs. estimates today at -1.750M

In the US stock markets the major indices are mixed with the NASDAQ index leading the way. After the close yesterday Salesforce and Intuit both be handily which which is helping the "have's vs the have nots" once again. The futures are implying:

  • S&P index up 2.23 points
  • NASDAQ index up 40 points
  • Dow Jones industrial average down -73 points

In the European equity market, the major indices are mixed. The first two days this week have been down days for the indices:

  • German DAX, +0.3%
  • France's CAC, +0.15%
  • UK's FTSE 100, -0.23%
  • Spain's Ibex, -0.1%
  • Italy's FTSE MIB, -0.12%

In the US debt market, yields are continuing their move to the upside with the yield curve steepening. The 2-10 year spread is up to 55.52 basis points after flirting with low. The 50 level at the end of last week Today the US treasury will continue their record auction schedule with $51 billion of 5 year notes being auctioned at the 1 PM traditional time. Yesterday the 2 year auction went off without a hitch:

US yields are higher with the yield curve steepening

In the European debt market, the benchmark 10 year yields are mixed with Germany, France and UK yields higher while Spain, Italy and Portugal modestly lower:

European yields are mixed