But the major pairs are all bunched together
The snapshot of the strongest and weakest major currencies is showing that the GBP is the strongest, while the USD is the weakest. The ranking comes with a asterisk (*). The reason? The currencies are all bunched together. The order can be shuffled with a little move here, or a little move there. The biggest mover is the GBPUSD which has risen by 0.21% from the close yesterday. That is not a big move (relatively to other days leading runner).
The EURUSD and the GBPUSD have had the largest range of the major pairs vs the USD. The GBPUSD has spent most of the day moving higher (by the way the GBP was the weakest currency during yesterday's trading), but the pair has retraced back toward the middle of the trading range. The EURUSD also has decent trading range of 76 pips. It has traded above and below the 0 line more equally today, and is higher, but is also off it's highs for the day.
Most of the other pairs (vs. the USD) have had limited moves compared to their 22 day averages (about a month of trading days). The market is trying to find it's way (or so it seems). That also means there is room to roam and extend ranges in the North American session. Be on the lookout for some breaks.
In other markets:
- Spot gold is up $2.20 but remains below the $1300 level at $1294.89.
- WTI crude oil is up $0.31 at $72.55. The bid is hard to lose in oil.
- US stocks are implying a higher opening. S&P futures imply a 5.19 point gain. Nasdaq futures imply a 29.22 point gain and Dow futures imply a 51 point gain
- US yields are higher: 2 year 2.574%, up 0.8 bps. 5 year 2.907%, up 1.2 bps. 10 year 3.072%, up 1.1 bps. 30 year 3.209%, up 0.7 bps.
