The CHF is the strongest currency in trading today after the currency weakened during the holiday session on Monday (Martin Luther King holiday in the US). Flows from the fallout from the SNB decision last week are likely to keep the currency volatile in the near term.
A snapshot of the strongest and weakest currencies in trading today.
The weakest currency is the JPY as China YoY GDP was better than expectations at 7.3% vs 7.2%, and global stock markets are pointing to the upside (Nikkei up 2.07%, Euro Stoxx up 0.88%, CAC up 1.27%, FTSE up 0.67 and German Dax up 1.26%). The US pre-market indications are for a higher opening with S&P futures up 11 and Nasdaq Futures up 29 and Dow Futures up 85.
The GBP is getting a corrective boost in trading this morning with the GBPJPY up sharply. The pair broke above the 200 hour MA at the 178.72 area and then the 100 day MA at the 179.56 level. This will be eyed as a risk defining level now.
The USD is stronger against all currencies with the exception of the CHF and GBP in trading today and traders are largely awaiting the ECB decision on Thursday. The currency is mixed.
