The EUR turns higher (strongest of the day). The CHF continues its slide for the 2nd day in a row.
As the North American traders enter for the day the EUR is the strongest. Germany CPI was higher than expected. That has helped it move higher. The CHF had a move up in the Asian session and although some of the gains have been given back, the currency is the strongest of the day. The EURCHF is the biggest changer on the day. Yesterday the pair moved above it's 200 week MA at 1.12332. I know it wasn't the first time, but earlier this week, the SNB Jordan talked of the overvalued CHF although there was an up and down day on Wednesday, the sellers of the CHF has been more in control.
The USD is up vs the CHF and the AUD and NZD. It is lower vs the EUR, GBP, CAD and JPY. Washington is imploding once again.
The CHF pair are the big changers with the largest trading ranges. The EURCHF and GBPCHF are the biggest movers.
The other snapshots of the markets show:
- Amazons earnings and Washington(?) has the US pre-market stocks lower. The Nasdaq futures are down -38 points. The S&P futures are down -6.75 points. The Dow futures are down -33 points
- US yields are higher with 2 yea at 1.37%, up 0.8 bp. 5 year at 2.326%, up 1.3 bp. 10 year 2.324%, +1.2 bp. 30 year 2.924%, up 0.5 bp
- Spot gold is at $1262.38, up $3.30 or 0.26%
- WTI crude $49.08, up $0.02 or+0.04%
US GDP is expected to rise by 2.7% with personal consumption up 2.8%.
At 10 AM ET/1400 GMT Univ of Michigan sentiment Final for July is expected at 93.1.
