The USD is stronger as well with gains vs all currencies on risk off sentiment
The JPY is the strongest and the NZD is the weakest as NA traders enter for the day. Risk off flows are the order of the day, with the GBP moving lower as well, and the flows not only heading into the JPY, but also the USD as it runs higher again. The greenback is higher vs all the currencies with the exception of the JPY
A look at the ranges and changes are showing, the GBPUSD trending lower today and trading a the session lows. Yesterday, the GBPUSD tried to extend above its 200 hour MA but was turned away at that key risk defining MA, with today's price action moving farther away. The AUDUSD and NZDUSD are also trading lower and are at session lows as North American traders enter for the day. JPY crosses are also on the defensive, with each trading at or near session lows.
In other markets, the NA morning snapshot is showing:
- spot gold $-23.50 or -1.39% at $1672.31
- WTI crude oil futures remain negative in the front contract expiring today (trading up $32.93 at $-4.70), but up from the close yesterday. The June contract however is down $4.65 or -22.81% at $15.75 as continues the downward spiral.
In the premarket for US stocks the futures are implying a lower opening:
- Dow, -612 points
- NASDAQ -112 points
- S&P -60 points
in the European stock markets, the major indices are also trading lower:
- German DAX, -3.4%
- France's CAC, -3%
- UK's FTSE, -2.31%
- Italy's FTSE MIB, -2.0%
in the US debt market yields are moving lower on flight to safety trades. The yield curve is also flattening with the 2 – 10 year spread down to 36 basis points from 40.37 basis points yesterday:
In the European debt market, the benchmark 10 year yields are mixed with Germany, France and UK yields lower while investors are shunning Spain, Italy, and Portugal.
