The GBP is the strongest while the NZD is the weakest.
The NZD has not had a good day. The kiwi fell early and continued through the London session. Credit card spending was below expectations, and there was a 6.8 earthquake later reported. Meanwhile the GBP is higher across the board and is the strongest major currency as North American traders enter for the day. London traders took the GBPUSD higher after moving above a resistance ceiling at 1.2892 on the hourly chart (the high peaked at 1.2926) There is a little consolidation into the lunch/early afternoon, but gains are being maintained.
The USD is mostly higher, with the exception of the decline against the GBP (-0.22%). It is up the most vs the NZD (+0.80%), but has modest gains against the JPY (+0.24%), CHF (+0.27%) and CAD (+0.16%) as well (see chart below). The dollar is little changed against the EUR and the AUD (although the EUR is getting a boost as I type).
The ranges show the activity in the NZD, with those pairs showing NZD weakness (as well as trading at their extremes as NA traders enter for the day). The EURUSD range is very small, but is being extended as I type (but only up to 22 pips now). There is room to roam for most of the pairs against the greenback.
IN other markets right now:
- Spot gold is down -$3 to 1211.50
- WTI crude is down -$0.41 to $44.00.
- US yields are up about 1 bp. 2 year is up 0.8 bp. 5 year is up 1.3 bp. 10 year is up 1.2 bp and 30 year is up 0.8 bp
- US stocks are lower in pre-market trading. S&P futures are down about -2.5 poiints. Nasdaq futures are down about -9.25 points. Dow futures are down -15 points.
- European stocks are mixed. The Dax is modestly higher but UK FTSE is down -0.8% and the France Cac is down -0.3%.
- European 10 year bond yields are modestly higher (0-2 bp at the moment).
