USD weaker. Its Friday. It is the last trading day of the quarter.
The EUR is the strongest while the JPY is the weakest as North American traders enter for the day. Pres. Trump has already caused some fireworks with a report from Axios saying he wants to pull out of the WTO (not surprising - but Mnuchin is saying "it is not right"). With today being a Friday, before the 4th or July week and also the last day of the quarter, a little report on world trade ; ) is just another blip in what may already be setting up as a choppy day (PS there is also US PCE, Personal income/spending, Canada GDP and inflation data at 8:30 AM ET and U of Mich sentiment, Chicago PMI, BOC business outlook out later this morning).
Anyway, stocks are higher today anyway. Europe rallied on the back of an agreement on immigration. US stocks are getting a boost from financials which boosted dividends and buybacks after the 2nd stress report after the close. Tech shares are also higher.
That has the JPY and USD on the weak side (flight out of safety). The EUR is leading the way higher on the immigration news.
The biggest movers are the EURUSD and GBPUSD (see charts below) and both are trading near highs in the morning snapshot. The USDJPY is more steady. JPY crosses (especially EURJPY and GBPJPY have been on the move as well with the stocks.
In other markets:
- Spot gold is up $3.35 at $1251
- WTI Crude is little changed at $73.50 (up $0.04)
US stock futures are implying higher opening:
- Dow is up 135 points
- Nasdaq imply up 35 points
- S&P imply up 12.5 points
IN the US debt market:
- 2 year 2.520%, +1.0 basis points
- five-year 2.73%, +1.5 basis points
- 10 year 2.85%, +1.3 basis points
- 30 year 2.973%, +0.8 basis points
