Oh.... and stocks are getting hit again
The CHF and JPY are the strongest and the CAD and USD are the weakest as NA traders enter for the day. Today (in addition to coronavirus day) is US and Canada jobs day. The US Non Farm Payroll is expected to show a gain of 175K vs 225K last month. In Canada, the net change in employment is expected to rise by 11K vs 34.5K last month. You gotta wonder if it matters with the uncertainty ahead. Stocks are getting hit AND yields are plummeting with the 10 year down -17.1 basis points to 0.740%.
The USDJPY (lowest level since August 23, 2019) and the USDCHF (lowest level since March 2018) are trading close to down 100 pips each, with oversized ranges of 135 to 120 pips. The EURUSD also has above averages ranges of 129 pips. The EURUSD is trading at the highest level since July 1, 2019.
In other markets:
- Spot gold continues its run higher. The price is trading up $15 or 0.91% at $1687.18
- WTI crude oil is moving sharply lower. It trades down -$2.52 or -5.49% at $43.38
In the pre-market for US stocks, the futures are implying a sharply lower opening:
- Dow -790 points
- S&P, -100 points
- Nasdaq -318 points
In the European equity markets, indices are also sharply lower:
- German DAX, -3.6%
- France's CAC, -4.1%
- UK's FTSE 100, -3.7%
- Italy's FTSE MIB, -3.7%
- Spain's Ibex, -3.7%
In the US debt market yields have plummeted with the 10 year -18.8 basis points and the 30 year down -24.4 basis points:
In the European debt market, yields remain mixed with the German and UK yields moving lower. The Italy yields are higher once again as investors shun that countries assets.
