Stocks lower. Yields lower. Gold higher. Crude steady.
As North American traders enter for the day, the CHF is the strongest and the USD is the weakest. The USDCHF is the biggest mover and is trending to the downside pretty much from the start of the trading day. Technically, around midrange for the day, the price fell back below the 200 hour MA and that added to the bearish bias for the day. The USD ended the weakest of the currencies yesterday as well.
Looking at the changes and ranges chart below, the dollar pretty much continued the downside move from the start of trading today (little dollar action above 0.0 today). The USDJPY marched lower as did the USDCHF. The commodity currencies were a bit more mixed (especially the NZDUSD pair). The EURUSD and GBPUSD are near the highs but off the highs to start the NY session. JPY crosses are lower reflective of a modestly lower stock market (which is something different over the last 6 or so days of trading).
In other markets:
- Bitcoin is continuing its upward surge with a gain of $1488 or 3.33% to $46,200. The digital currency traded as high as up $48,200 earlier in the session. The low for the day today reached $44,300
- Spot gold is trading up (following the weaker dollars correlation) $12 or 0.65% $1842.83
- Spot silver is trading up $0.31 or 1.14% at $27.58
- WTI crude oil futures are trading up $0.08 or 0.14% of $58.05. The high price reached $58.62. The low price fell to $57.55. Crude oil is trading near 13 month highs
In the premarket for US stocks, the futures are implying that the major indices are trading marginally lower r
- S&P index -6 points
- Dow industrial average -60 points
- NASDAQ index -12 points
In the European equity markets the major indices are trading mixed
- German DAX, -0.4%
- France's CAC, unchanged
- UK's FTSE 100, unchanged
- Spain's Ibex, 1.0%
- Italy's FTSE MIB, -0.4%
In the US debt market, yields are lower with the yield curve marginally flatter as well. The 2 – 10 year spread has come into 104.05 basis points from 1 of 5.94 basis points at the close yesterday. The 30 year bond yield reached 2% yesterday but backed off into the close. It is currently trading at 1.932%. The 2 year yield was trading near its low was all time levels neared 0.101%, but has moved marginally higher and trades at 0.111%
In the European debt market, the benchmark 10 year yields are mixed but modestly higher or lower.
