The USD is modestly lower
As the general election is off and running in the UK and the US GDP, ADP employment, Bank of Canada and Fed releases and decisions awaited (Apple and Facebook earnings after the close too), the GBP is the strongest, and the NZD is the weakest. The USD is modestly lower with small gains/losses vs the EUR, JPY, CAD and AUD. There are larger declines vs the GBP and CHF.
I think we have a record low trading range at this time of the day in the USDJPY today with a 9 pip trading range for the day (UGH). Once again the other ranges vs. the USD are modest with 30 pips or less in all the majors with the exception of the GBP which has a 48 pip trading range. All the ranges are well below the 22 day averages as the volatility is sucked out of the market. However, there is a lot of releases and data today which has the potential to light a fire under the market.
In other markets, the snapshot of the markets are showing.
- Spot gold is up $6.40 or 0.43% at $1494
- WTI crude oil futures are up $0.06 or 0.11% $55.60
- Bitcoin on Coinbase exhcange is down $333 at $9115. The digital currency remains between its 100 day moving average above at $9604 and its 200 day moving average below it $8991.
In the US stock market, the major indices are modestly higher:
- Dow +22.54 points
- S&P index +2 points
- NASDAQ index +13.74 points
in the European stock market yields are mixes with most indices little changed:
- German DAX, -0.2%
- France's CAC, +0.2%
- UK FTSE 100, +0.1%
- Spain's Ibex, -1.37%
- Italy's FTSE MIB, -0.1%
In the US debt market, the major indices are trading down about -1 to -2 basis points ahead of the expected Fed cut later today:
In the European debt market, yields in the benchmark 10 year note sector are mostly lower as well with the exception of Italy which is up a modest 0.7 basis points:
