The price activity is minimal however
As the North American traders enter for the day, the EUR is the strongest. the NZD is the weakest but price activity is minimal. The USD is mixed with gains near declines vs the major currency pairs. The dollar is higher vs the JPY, CHF, CAD and NZD, but down vs the EUR, GBP and AUD.
The ranges and changes for the major pairs are showing the largest range in the GBP as the EU agree to a Brexit delay for up to 3 month. Will there now be a general election? The GBPUSD is trading near unchanged vs the USD and has given up some of the GBP gains vs the other currencies. The other pairs vs the USD have very limted ranges with the EURUSD at 31 pips, the USDJPY at 13 pips, the NZDUSD at 20 pips. All pairs and major crosses are trading well below their 22 day average trading ranges (red line in the lower chart).
In other market,
- Spot gold is near unchanged on the day at $1504.17 (-$0.36).
- WTI crude oil futures area down -$0.21 or -0.37% at $56.45
- Bitcoin on Coinbase is down -$240 at $9380. The digital currency moved to a weekend high of $10,540. That took the price back above its 200 day moving average at $8948.76 and the 100 day moving average at $9626.22. We currently trade between the two MAs as the market ponders the next move in the digital currency
In the pre-market for US stocks, the major indices are higher. Microsoft is leading the way after winning the Pentagon contract vs the likes of Amazon and Oracle. The snapshot is showing:
- Dow, +84 points
- S&P +7
- Nasdaq +27 points
Amazon shares are currently down -0.76% in premarket trading, while Microsoft shares are higher by 2.7%. After the close Alphabet will report earnings. This week, Pfizer, AMD, MasterCard, Apple, Starbucks, Facebook,Bristol-Myers Squibb, Celgene, Exxon Mobil are some of the major corporations who will release their earnings.
In the European market, the major indices are little changed
- German DAX, +0.3%
- France's CAC, +0.1%
- UK's FTSE 100, -0.1%
- Spain's Ibex, -0.1%
- Italy's FTSE MIB, unchanged
In the US debt market, the snapshot of the yield curve is showing yields up about 3 to 4 basis points. The FOMC interest rate decision will be announced on Wednesday with expectations for a 25 basis point decline.
In the European debt market, the benchmark 10 year yields are mostly higher.
