The USD is weaker as the week begins
The NZD leads the table of the major currencies as the strongest currency as risk-on sentiment is helping to propel that currency. The GBP is right behind, only declining vs. the NZD. Eased China tension, and stocks higher area helping the sentiment. The GBP has seen flows from potential tightening and more confidence in Brexit.. The JPY is the weakest, pushed lower by some of the same sentiment as traders exit the relative safety of the JPY flows. The USD is mostly lower with declines vs the all currencies with the exception of JPY.
The price action is strongest in the GBP. It trades up nearly 100 pips and near the high for the day. The range for the day has reached the 22 day average range. The EURUSD and NZDUSD also are showing strong ranges vs the dollar and near extreme high levels, for the day. The JPY crosses are on the move too and near highs.
There is some decent action in the forex arena today and you can point a finger on the stock market recovery:
- The S&P index is implied to open up 47 points
- The Nasdaq is projected to open up 152 points
- The Dow is projected up 437 points.
Yields in the US are up:
- two-year, 2.2913%, up 3.7 basis points
- 5 year 2.643%, +4.4 basis points
- 10 year 2.852%, +3.8 basis points
- 30 year 3.090%, +3.0 basis points
Spot gold is trading near unchanged levels at $1347.
WTI crude oil futures are trading also near unchanged at $65.81.
Bitcoin is trading down $528 at $8073.67.
