The USD is mixed
As NA traders enter for the day, the NZD is the strongest and the EUR is the weakest. The USD is mixed. The volatility in the major pairs and crosses have declined dramatically vs the relative price action. Stocks are rebounding. Oil is higher and helping. The markets will have to absorb another huge jump in jobless claims at the bottom of the hour.
As mentioned, volatility is down sharply as represented by the low to high trading ranges. The EURUSD has a 60 pip trading range in the morning snapshot, the USDJPY is at 52 pips and the USDCHF is at a meager 32 pips. All the ranges for all the major currency pairs versus the US dollar and the major crosses are well below their 22 day averages (red line in the lower chart below).
In the other markets:
- spot gold is trading up $8.15 or 0.51% at $1599.77
- WTI crude oil futures are trading up $2.13 or 10.5% at $22.45
In the premarket for US stocks the futures are implying a higher opening:
- S&P index up 34 points
- NASDAQ index up 88.21 points
- Dow industrial average up 325 points
In the European stock markets, major indices are also higher with the exception of the Spanish Ibex:
- German DAX, +2.25%
- France CAC, +0.65%
- UK's FTSE 100, +1.1%
- Spain's Ibex, -0.68%
- Italy's FTSE MIB +3.21%
In the US debt market yields are marginally higher across the curve.
In the European debt market, the benchmark 10 year yields are mixed with Germany, France, Spain yields higher and Italy, Portugal lower. The UK 10 year yield is unchanged.
