The NZD is the strongest and the GBP is the weakest as NA trader enter for the day

Technical Analysis

Author: Greg Michalowski | forex

The EUR is catching up as the strongest as the ECB adds more stimulus

The NZD is the strongest and the GBP is the weakest as NA traders enter for the day. The EUR is also stronger after the ECB added more stimulus chips to counteract the negative impact from the coronavirus.  The USD is lower.  Overall today, however, the gains and losses are relatively modest. 

The EUR is catching up as the strongest as the ECB adds more stimulus
The ranges and changes show the modest price action in most of the pairs. The USDJPY, USDCHF, USDCAD, AUDUSD and NZDUSD all have ranges of 50 pips or less. The EURUSD and GBPUSD ranges are larger with both rebounding from lower levels.  The GBPUSD is still lower, but has been helped by the rally higher in the EURUSD (which is now positive). 

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold is trading up $7.80 or 0.46% at $1707.47
  • WTI crude oil futures are trading down $-0.40 or -1.07% at $36.89 as the upcoming OPEC meeting (whenever it is, continues to make the market anxious)
In the premarket for the US stocks the futures are rebounding from lower levels after the ECB decision. The Dow is down over 200 points at one point. It is currently only down 30 points

  • Dow is down just 30 points
  • S&P is down 9 points
  • Nasdaq is down 21 points
In the European equity markets the major indices are trading mostly higher. The German DAX is taking a breather today after 2 days of sharp gains
  • German DAX is trading unchanged
  • France's CAC is +0.6 sent
  • UK FTSE, is up 0.2%
  • Spain's Ibex, is up 0.3%
  • Italy's FTSE MIB, up 0.8%
In the US debt market the yields are marginally higher. The 30 year bond yield is up 2.0 basis points. The 2 year yield is trading unchanged.

US yields are trading higher
In the European debt market,the Italian BTP is trading down -15.3 basis points and leading the charge to lower rates.

European yields are moving lower
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