The USD is mostly higher
As the North American session begins, the NZD is the strongest, the GBP is the weakest and the USD is mixed. In the US today, there will be two key corporate events with Apple iPhone release and Amazon Prime Day(s) will begin and extend tomorrow. Also on tap in the corporate world is the start of the earnings season with Citigroup and JPM announcing earnings. Both have now released and both beat expectations (C is up 1.29% and JPM is up 1.5%). J&J also announced and their earnings came in better than expectations too, but on the negative side, they announced that suspended their coronavirus trial due to some adverse reactions to their drug. Yesterday US equities soared led by the Nasdaq index with a gain of 2.56%. The Dow lagged at 0.88% gains. The stocks gained, but the typical FX reaction did not follow with the AUD the weakest and the JPY the strongest. This is usually the opposite reaction given a sharp move. HMMMMM. Barnier on Brexit said some progress was made in talks but still much to do. US bond traders return to work after observing with yields lower by 1-2 basis points.
The ranges and changes are showing modest low to high trading ranges with the USDJPY at only 23 pips and the USDCHF at 26 pips. Overall, the GBPUSD is leading the way with a 56 pip range vs an average of 120 pips over the last 22 trading days. That is not a lot. There is some room to roam and extend in the NY session today.
A snapshot of other markets currently shows:
- Spot gold is trading down $-1.60 or -0.08% $1921.20
- Spot silver is trading down $0.15 or -0.62% $24.94
- WTI crude oil futures trading higher by $0.91 or 2.31% at $40.29
In the premarket for US stocks, the futures markets are trading mixed with the NASDAQ index leading the way higher. The Dow is trading lower. The major indices have been up for 4 consecutive trading days
- The Dow Jones down -40 points him him
- S&P index is up 4 points after yesterdays rise of 57 points or 1.64%
- NASDAQ is up 126 points. Yesterday the index rose 296 points or 2.56%
In the European equity markets, the major indices are trading lower across the board
- German DAX, -0.6%
- France's CAC, -0.36%
- UK's FTSE 100, -0.19%
- Spain's Ibex, -0.3%
- Italy's FTSE MIB, -0.4%
As mentioned US debt markets are closed in observance of Columbus Day yesterday. Today yields are lower with the yield curve flattening:
In the European debt market, the benchmark 10 year yields are mixed down a little changed:
