The USD is mixed/higher
There is continued trouble with the GBP as the DUP continues to put up roadblocks for a third meaningful vote. That has the GBP as the weakest currency today. The JPY is the strongest, helped by risk flows. The USD is mixed but mostly higher with gains vs the GBP, EUR, CHF and CAD and modest declines vs the JPY, AUD and NZD.
The ranges and changes are showing most of the activity in the GBP pairs with each trading near the extreme (low GBP). Their ranges are the highest of the pairs as well. The other major currency pairs vs the USD are 51 pips or less, with the EURUSD only at 36 pips (but making new session lows as NY traders enter for the day). The bias remains bearish for the pair as it continues its gring lower since peaking back on March 20 (5 of 6 days have been lower since the high).
In other markets:
- Spot gold is down -$5.62 at $1304 on the stronger dollar. The low reached $1302.43. The $1300 will be eyed as a key barometer for bulls/bears
- WTI crude is down -$0.76 at $58.64.
- Bitcoin on Coinbase is trading near down -$8.63 at $4001.36 after a surge in yesterday's trading took the price back above its 100 and 200 hour MAs at $3960 and $3974 respectively. The recent high at $4056 remains a target if the price can stay above those MAs
IN the premarket for US stocks, the major indices are working higher (as implied by the futures)
- Dow, +45 points
- S&P, up 2.75 points
- Nasdaq up 7.56 points
In European stock markets
- German Dax up 0.27%
- France's CAC, up 0.05%
- UKs FTSE up 0.57%
- Spain's Ibex, down -0.31%
- Italy's FTSE MIB, down -0.51%
In the US debt market, yields are higher by 1.0 to 2.5 bps.
In the European market, yields are also marginally higher. German yields however, are unchanged and remains below 0.0% at -0.081%
- US GDP 4Q final is expected at 2.4%
- initial jobless claims expected at 220K vs 221K last week
- US pending home sales are expected to decline by -0.5% versus prior +4.6%
- Fed's Clarida, Quarles, Bowman, Bostic, Bullard for all expected to speak at some point today
- U.S. Treasury will auction off 7 year notes
- US, China trade talks will continue to be a focus as will Brexit
