A little risk on today
The stocks are moving higher and yields are a little higher too. Senate passed another small business relief bill which will now be sent to the House for approval. That has traders leaning to risk on. The AUD and the GBP are the strongest (they were weak yesterday), and the USD is the weakest (it was strong yesterday).
Ranges and changes are varied with the GBPUSD and USDCAD having the largest ranges at 111 and 110 respectively. The EURUSD, USDJPY, USDCHF are lagging well behind with modest intraday high to low ranges of 40, 25, 36 pips respectively. The GBPUSD and AUDUSD are trading near highs for the day. The EURGBP spiked higher yesterday, but has moved lower today and given back some of the big gains from yesterday's trading.
In other markets:
- Spot gold is trading up $10.20 or 0.61% at $1696.44 on the lower dollar reaction
- WTI crude oil is near unchanged at $11.71
In the pre-market for US stocks, the futures point to a higher open:
- Dow, up 239 points (fell -631 yesterday)
- Nasdaq up 130 points
- S&P up 31 points
In Europe, their indices are trading higher (recovery some of the losses from yesterday)
- German DAX, +0.75%
- France's CAC, +0.5%
- UK's FTSE 100, +1.5%
- Spain's Ibex, +0.7%
- Italy's FTSE MIB, +1.3%
In the US debt market yields are marginally higher with the the yield curve steepening a touch.
In the European debt market yields are higher across the board with investors shunning Spain, Italy, and Portugal:
