The AUD is the strongest while the CHF is the weakest

The USD is back lower after a bullish reprieve yesterday

As North American traders enter for the day, the AUD is the strongest while the CHF is the weakest. The USD is lower as well with declines vs. all the major currencies with the exception of the CHF. Changes are relatively modest so far. The dollar fell last week after Trump criticized the Fed and said the higher dollar was stalling the US recovery. Yesterday, the dollar recovered from those declines. Today, it is back lower.

Trade may start to resurface as a topic soon. The additional $16B of tariffs on China goods are to be moved along via a hearing today. The first $34B took effect on July 6th. EU officials are due in the US later this week. Trump is putting pressure on them to cut auto tariffs (and get rid of all tariffs). Anything short will be a disappointment.

A couple of headlines from the WSJ today highlighting some concerns:

On the more positive side, earnings so far are looking good and stocks are higher in early trading. GDP on Friday in the US and Trump was rumored to be talking about 4.8%. HMMMM.

The ranges are modest compared to the 22 day average range with all the pairs below the average as the NA session begins. Values for the USD are near their highs for the day, with the exception of the CHF

In other markets:

Spot gold is up $5.15 at $1227
WTI crude oil is up $0.47 at $68.36
Bitcoin is up $578 and above the 100 day MA at $7607. It also cracked the $8000 barrier (trades at $8281). The 200 day MA on Coinbase is up at $8667.02. The high for the day reached $8360.

In the US pre-market stock market, indices are higher on the back of better earnings from Google/Alphabet, Harley, and others since the close: