The USD is mostly lower
The week is starting for NA traders with the GBP as the strongest and the NZD as the weakest. The USD is mostly lower with the greenback higher vs only the NZD and the JPY, and down vs the GBP, EUR, CAD, CHF and AUD.
The high to low trading ranges are quite modest with the USDJPY, USDCHF, USDCAD, AUDUSD and NZDUSD ranges all less than 40 pips. The GBPUSD has the largest range for the day at 68 pips, but even that is not all that hot given the 22-day average of about 110 pips (see charts below).
The GBPUSD traded on either side of the 200 day MA for the 7th day in a row today as the market cannot decide which way to break next. Last week on Thursday, the pair took out a double bottom in the 1.3483 area, but failed. That has helped the recovery from a technical perspective and we currently trade above the 200 day MA (currently at 1.3549).
A move above the high from last week at 1.3617 and then 1.3628 (the high from May 3rd) today should solicit more buying and give the buyers the chance to prove their commitment. The high today reached 1.3602 so far (trading at 1.3586).
In other markets:
- Spot gold is up $1.13 at $1319.50
- WTI crude oil i s up $0.06 at $70.76
- Dow futures are implying a 70 point rise. S&P futures imply a 5 point rise. Nasdaq futures are up 16 points.
- US 2 year is unchanged at 2.535%. 10 year is at 2.980%, up 1.1 bp. 30 year 3.114%, up 1.0 bp
