The USD is lower as stocks rebound
Stocks are higher and that has reversed some of the fortunes of the currencies today. Stocks are higher in pre-market trading. Yields are little changed after falling yesterday. Recall from yesterday, the CAD was the strongest. Today the loonie is just behind the NZD as one of the strongest currencies. The CHF is the weakest, followed by the USD. The USD was the strongest yesterday. The ranges are relatively modest. That is the pairs are fairly scrunched together.
Looking at the ranges and changes, it shows the modest price action. The ranges of the major pairs vs the USD are 50 pips or less. The GBPUSD is trading near/at it's high for the dya. The USDCAD and USDJPY are near the lows. The JPY pairs are mixed today.
In other markets:
- spot gold is trading up $1.30 or 0.08% at $1903.50
- spot silver is up $0.14 or 0.61% $24.43
- WTI crude oil futures are trading up $0.22 or 0.57% at $38.78. Crude oil futures fell sharply yesterday
In the premarket for US stocks, the major indices are up modestly but only a fraction of the losses from yesterday have been recovered:
- S&P futures are implying a gain of 14.28 points. It fell 64 points yesterday
- NASDAQ futures are implying a gain of 65 points. It fell -189 points yesterday
- Dow futures are implying a rise of 73 points today. The Dow industrial average fell -650 points yesterday
In the European equity markets, indices remain mostly lower:
- German DAX, -0.2%
- France's CAC, -0.6%
- UK's FTSE, +0.1%
- Spain's Ibex, -0.2%
- Italy's FTSE MIB, -0.2%
In the US debt market, the yields are down but only marginally (less than 1 basis point):
In the European debt market, the benchmark 10 year yields are lower across the board with Italy showing the biggest decline at -3.4 basis points
Durable goods kicks off the release calendar today at the bottom of the hour. US home price index will be released at 9 AM ET. The conference Board consumer confidence and Richmond Fed manufacturing will be released at 10 AM ET.
