March 2, 2016: AUD is the strongest. NZD is the weakest
The strongest currency is the AUD. The weakest is the NZD. That tranlates into a move higher in the AUDNZD and indeed that pair has moved nearly 1% higher and currently trades at the highs as well. In Australia, the GDP was better than expectations and that shot the currency higher. What has the dollar done? Not much. Up a little against the EUR, JPY, CHF CAD and NZD, and down against the AUD and GBP.
The ranges vs the major currency pairs are all pathetic. Yesterday at this time, the EURUSD range was 38 pips. Well it is 34 pips today (see chart below). That (and all the pairs) are well below the 22-day average. There is room to roam.
I am reminded of a month ago, the Wednesday before the US employment report. The range coming in was 32 pips. The ball got rolling and it continued to roll. I am not saying it will "rinse and repeat" but the range will be extended. Yesterday's range made it to 60 pips (which was still low). Look for more today. ADP is out at 8:15 AM with expectations of 190K.
Oil is down -1.34%. Gold is +0.1%. S&P futures are down about 3 points. Bond yields are up a basis point or two. European stocks show the Dax up 0.35% and Eurostoxx up 0.62%.
Donald Trump and Hillary Clinton dominated in Super Tuesday races. Oh my.