The USD is weaker to start the trading week
As the week gets underway in North America, the AUD is trending higher and is the strongest of the majors. The CHF and the USD are fighting for the weakest of the majors. The CAD is stronger despite the price of oil trading sharply lower with the June contract now down -20%. The Bank of Japan went all in after meeting early and announcing that QE was unlimited with other expansionary provisions within the QE. The US stocks are trading higher in pre-market trading.
The ranges and changes are showing the AUDUSD is trading near sessino highs and up 85 pips on the day. The USDJPY is lower (higher JPY) despite the BOJ action. The USDCAD is also lower (higher CAD) despite tumbling oil. Go figure. Traders are more focused on "risk on" and going with the reopening of the global economies (and helping those countries currencies who's currencies have been hurt).
In other markets:
- Spot gold is down -$12.88 despite the lower dollar at $1716.62 or -0.75%
- WTI crude oil is currently down -$3.66 or -21.61 at $13.29 after tumbling down to $12.85 over the last few minutes of trading
In the pre-market for US trading, stock futures are pointing higher:
- Dow is 214 points
- S&P is +26 points
- Nasdaq is up 105 points
In the European market, major indices are also higher at the NA open:
- German Dax +2.7%
- France's CAC +1.9%
- UKs FTSE +1.6%
- Spain's Ibex +1.7%
- Italy's FTSE MIB +2.5%
In the US debt market, the yields are marginally higher with a slightly higher yield curve.
In the European debt market, the benchmark 10 year yields are mostly lower with UK and Germany marginally higher (less than 1 bp).
