The USD is mixed. Quiet start to the trading week
As North American traders enter for the week, the NZD is holding the top spot for the strongest currency. The JPY is the weakest and the USD is sittting in the middle of the pack with mixed results vs the major currencies. All the major currencies are relatively scrunched together, suggesting no run away currency story. Today is so far a hangover day after the much better than expected jobs report on Friday, sent the USD higher on Friday as chances for a 50 basis point Fed cut this week, was priced out of the market.
The quiet opening can be seen in the changes and ranges charts below. The lower chart is showing the largest low to high trading range for the major currencies is teh GBPUSDs 32 pip range. The AUDUSD and EURUSD only have 20 and 21 pip trading ranges. That is not a lot of movement. However, it should lead to an extension of that range the NY session and trades perk up before leaving for the day. Against that idea is a economic schedule that is void of any releases until 3 PM when consumer credit (not a big mover) is released. Keep your eyes open, but the non-trend, may be THE trend today.
In other markets, a snapshot is showing:
- Spot gold is up $4.75 or 0.34% at $1404
- WTI crude oil is down -$0.08 or -0.12% at $57.41
- Bitcoin on Coinbase is up $383 at $11894. The high today reached $12000 even which was the highest level since Thursday (last week's high) at $12064
In the US pre-market for stocks, the futures are implying a lower opening:
- Dow -105 points
- S&P, -10 points
- Nasdaq, -42 points
In Europe:
- German Dax,-0.25%
- France's CAC, -0.13%
- UK's FTSE unchanged
- Spain's Ibex -0.2%
- Italy's FTSE MIB, +0.2%
In the US debt market, yields are little changed after the sharp run up on Friday after the US jobs report:
In the European benchmark 10 year note sector, yields are mixed with Spain yields up 7.4 bps and UK yields down -3.5 bps leading the way up and down.
