CHF is the strongest. AUD is the weakest.
As North American traders enter for the trading session, the Swiss franc (CHF) is the strongest currency, while the Australian dollar (AUD) is the weakest currency.
If,
- the USD is not a place to be as stocks cheapen and fears about the US employment report tomorrow (with a holiday thrown in) heighten.
- Europe is just getting started with 60 billion per month of QE.
- The UK has elections and prospects from that.
- The RBA is thought to be easing next week.
- RBNZ is thought to be intervening.
- JPY is muddling along,
Than that leaves the CHF as strongest currency. That is what we have today.
On the other extreme, the AUD is the weakest as the April 7 meeting approaches (84% chance of a cut now).
Meanwhile, the USD is up marginally vs. the CAD (after falling for most of yesterday's trading - WTI is down 2.93% today) and also rising against the AUD. It is down the most against the CHF and the EUR.
Today will be impacted by being the day before the US employment report (also Good Friday holiday in most European countries/US stocks closed). Yesterday, the ADP employment estimate was weaker than expectations. The US initial claims for the week of March 28 will be released (286K vs 282K last week). The Trade Balance is expected to come in at -41.2B (at 8:30 AM ET0. The ISM NY Index and Factory Orders will released. According to Bloomberg, due to the January revision to Durable Goods (already released on March 25), the January Factory Orders originally reported at -0.2% will be revised to -0.6%. It is all in the math.
