December 13, 2016. The GBP is the strongest. The JPY is the weakest.

As the NA traders enter for the day, the GBP is the strongest currency. The weakest currency is the JPY. UK CPI came is at 1.2% and 1.4% for headline and core. PPI input was lower than expected though. Overall, though the changes are modest. For the USD, it was the weakest at the end of day on Monday. It continued its fall against the GBP by 0.31%. It also is down against the CHF, CAD and NZD by modest amounts. It is higher against the EUR (+0.20%) and the JPY (+0.21%). It is unchanged against the AUD. Once again though, the moves are modest from yesterday's close

When the moves are modest, the ranges tend to be modest too (waiting for the Fed perhaps?). Looking at the bottom chart, the ranges (low to high in pips) are well below the 22 day averages (red line in the chart below). There is "room to roam" but remember the FOMC is the Main Event this week and we 30 hours away from that decision (2 PM ET/1900 GMT). The Fed Chair starts her presser at 2:30 PM ET.

Not helping the volatility is that the US calendar is light today. For a review, check out Ryan's post HERE. I did).

The other markets may also be a catalyst. In pre-market in the US:

  • S&P futures are up by eight points
  • Dow futures are up 78 points
  • NASDAQ futures are up 19.75 points

In European markets:

  • German DAX is up 69 points or 0.62%
  • France's CAC is up 30 points or 0.63%
  • UK's FTSE is up 38 points or 0.56%
  • Spanish Ibex is up 90 points or 0.98%
  • Italian FTSE MIB is up 329 points or 1.79%

In the 10 year sector:

  • US 10 year note 2.449% -2 basis points
  • Germany's 10 year 0.355% -4 basis points
  • France 10 year 0.796% -7 basis points
  • Spain 10 year, 1.463% -4 basis points
  • UK ten year 1.421% -4.6 basis points

Spot gold is trading at $1160 $-2.50 or -0.21%

WTI crude oil futures are trading at $53.09, plus $.25 or 0.49%