NA traders are back from Monday Holidays.
US and Canada traders are back from their respective holidays and are faced with the GBP as the strongest and the NZD as the weakest. That combo was the same that prevailed at the end of the trading day yesterday. So there is a bit of a continuation. The changes overall are relatively modest, however. The USD is also stronger today.
The ranges for the day show the lack of movement so far today (see lower chart below). The largest range for the major pairs is 48 pips (EURUSD). The NZDUSD has a 47 pip range. All the pairs are below their 22 day average range (red line in the lower chart below). There is room to roam. The German ZEW was a little better than expected (and improved from last month) but still negative (-13.4 vs -15.0 last month). UK employment was more or less as expected. The EURUSD is trading near its lows for the day. The EURGBP is also near the lows. The AUDUSD and the NZDUSD are also trading near lows for the day. For the AUDUSD it is testing its 200 hour MA at 0.7103. The NZDUSD fell back below its 100 hour MA (currently at 0.6339) and trades between it, and its 200 hour MA at 0.67957.
In other markets:
- Spot gold is trading up $4.18 or 0.31% at $1331.10
- WTI crude oil futures are up $0.51 or 0.92% at $56.10
- Bitcoin on Coinbase is up $37.93 at $3889.43 and trading above its 100 day MA at $3843.20. A close above would be the first since September 2018
In the pre-trading for US stocks, futures are implying a lower opening:
- Dow, -38 poiints
- S&P , -5.2 points
- Nasdaq, -12 points
European shares are also lower:
- German DAX, -0.19%
- France's CAC, -0.42%
- UK's FTSE, -0.70%
- Spain's Ibex, -0.55%
- Italy's FTSE MIB, -0.80%
In the US debt market, yields are mixed with small changes from Friday's closing levels:
European yields aer mixed with investors shunning the Italian 10 year notes (up 4.8 bps).
Adam has posted the calendar for the day HERE
