The USD is the strongest and the CHF is the weakest as NA traders enter for the day

Technical Analysis

Author: Greg Michalowski | forex

The week is underway with US unemployment the key release

The USD is the strongest and the CHF is the weakest as NA traders enter for the day.  The US employment report will be announced at the end of the week. The conronavirus stimulus talks have stalled with the Dems rejecting a one week extension as the emergency funding ends.  They will continue today.  The BOE will announce a rate decision as will the RBA. NZ will release their quarterly employment statistics.  Canada will also release their employment statistics on Friday with the US report. 

The week is underway with US unemployment the key release
The ranges and changes show decent trading ranges in the EURUSD, GBPUSD, USDJPY and USCHF.  The commodity currencies are a little less robust in their price action today vs their 22 day averages.  The EUR, GBP, JPY and CHF all declined  vs the greenback on Friday and are continuing that trend today but has a little more ups and downs. The last 3 hours has seen more dollar buying.  Note that the CFTC data on the EUR late Friday showed that the EUR long position was at least at the highest long position going back to 2000.  That may lead to some longs in EUR getting squeezed on a decline.  Be aware.

The ranges and changes for the major currency pairs
In other markets, 
  • Spot gold is trading down $5.02 or -0.25% $1970.82
  • spot silver is trading down $0.11 or -0.46% at $24.27
  • WTI crude oil futures are trading down $0.13 or -0.32% $40.15
The major indices are trading higher with the NASDAQ leading the way. Microsoft has continued their talks with to talk after discussions with the president. There shares are currently trading up over 3% on the day
  • Dow up 135 points
  • S&P up 19 points
  • NASDAQ index is trading up 97 points
In the European, the major indices are trading higher
  • German DAX, up 2.3%
  • France's CAC, up 1.5%
  • UK's FTSE 100, up 1.3%
  • Spain's Ibex, up 0.6%
  • Italy's FTSE MIB, up 1%
In the US debt market, yields are higher with the yield curve steepening:

US yields are lower
In the European debt market, the benchmark 10 year yields our mostly higher

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