The weekend trade truce leads to gains in the greenback
As the week for NA traders begins, the USD (and the CAD) is the strongest of the majors. The weekend news on trade truce and the surprise visit with North Koreans Kim, has helped to send the greenback higher. The CHF is the weakest as investors pair safety positions in that currency.
The ranges are relatively elevated. The EURUSD had a 68 pip range all of last week. It is 59 pips today. The GBPUSD moved higher earlier but has since moved lower and trades nearer it's low for the day (-49 pips). THe JPY crosses surges earlier but have since given up a lot of their gains.
In other markets, the snapshot is showing:
- Spot gold is down -$16.75 or -1.19% at $1392.75
- WTI crude oil is +$1.68 or 2.87% at $60.14
- Bitcoin on Coinbase is down -$800 at $10609. The high reached $11425. The low extended down to $10555 today.
In the pre-market for US stocks, the weekend developments have gotten the 2nd half of the year off to a good start after a stellar 1st half of the year.
- Dow, +265 points
- S&P +32.25 points
- Nasdaq,+135 points
European shares are also higher:
- German Dax, +1.2%
- France's CAC, +0.8%
- UK FTSE +1.3%
- Spain's Ibex +0.7%
- Italy's FTSE MIB +0.6%
In the US debt market, yields are up modesly with gains of 1.2 to 1.9 basis points in the morning snapshot:
In Europe, the 10 year benchmark yields are unchanged to down -10.0 bps in Italy.
