The NZD is the strongest. The EUR is the weakest.
As North American traders enter for the trading day, the NZD is the strongest while the EUR is the weakest. The greenback is also down and nearly matches the EURs declines.
The ranges for the day are mostly below the 22 day averages, suggesting less volatility. The EURUSD and the USDCHF have ranges of 39 pips (74 pips is the average over the last 22 trading days) and 31 pips (60 pip average) respectively. Those pairs have had better trading ranges over the last few days as the USD moved higher against both. Today, seems to be a consolidation day for each as the market takes a breathe. The NZDUSD, on the other hand, took off to the upside after consolidating in trading yesterday. The RBNZ is expected to keep rates unchanged when they announce their most recent decision at 5 PM ET (a press conference will follow at 6 PM ET).
Import price data will be released in the US at 8:30 AM ET (+0.1% vs -0.2% last). Weekly oil inventories will be released at 10:30 AM ET. The US treasury will auction off 10 year notes and the US Federal budget will be released at 2 PM. The fallout from the firing of the FBI director Comey is in the air as stories (and theories) circulate to the implications from the decision (i.e., getting cooperation for policy in the House and Senate on things like healthcare, tax reform, etc.). As a result, markets may be a little more choppy.
In other markets:
- Spot gold is up marginally (+$0.87) to 1222.40.
- WTI crude oil is up $0.60 to $46.46
- US stocks in pre-=market trading are lower with the Dow futures down -33.00 points, S&P futures down -1.75 points and Nasdaq futures down -1.0 points.
- US yields are down about -2 bp across the board. 2 year yield is trading at 1.338%. 5 year is at 1.903%. 10 year is at 2.379% and 30 year at 3.013%.
