The JPY is stronger
As the North American traders enter for the day, the USD is the strongest while the GBP is the weakest. The GBP was hit after the “no” votes after the close yesterday. Everyone says they want a no-deal, but they cannot agree on anything. So the drama continues. The USD and JPY are stronger with perhaps some flight to safety flows.
Looking at the ranges and changes, the USDJPY, USDCHF, EURUSD, and USDCAD are barely moving with ranges from low to high of 17 toof 32 pips. That is not a lot. The AUDUSD moved lower overnight after the RBA decision and statement (unchanged on rates but downside risk increased) and has a decent range (at least it is above the 22 day average). The GBPUSD is trading at lows for the day as it moves to new lows as I type. It has a range of about 100 pips so far. Other GBP pairs are also trading at the GBP low extremes.
In other markets:
- The Bitcoin rocket was lit, as the digital currency rose to $5121 on Coinbase from a low of $4127.20. The price is currently trading at $4783.19 up $654.70. The midpoint of the move up today comes in at $4645.22. I always like to see the miidpoint to be a barometer for a trend move. Stay above keeps that hope alive. Move below and the buyers in the upper half start feeling worried. So far the 50% has held (see chart below)
- spot gold is trading up $1.20 or 0.09% at $1288.96
- WTI crude oil futures are trading at $.29 or 0.47% at $61.88
IN the premarket for US stocks the futures are implying small changes
- Dow industrial average -0.42 points
- NASDAQ, +7 points
- S&P +1.9 points
In the European stock markets, major indices are higher with the UK FTSE liking the lower GBP:
- German DAX, +0.6%
- France’s CAC, 0.48%
- UK’s FTSE, +1.08%
- Spain Ibex, +0.33%
- Italy’s FTSE MIB, unchanged
In other markets:
- The Bitcoin rocket was lit, as the digital currency rose to $5121 on Coinbase from a low of $4127.20. The price is currently trading at $4783.19 up $654.70. The midpoint of the move up today comes in at $4645.22. I always like to see the miidpoint to be a barometer for a trend move. Stay above keeps that hope alive. Move below and the buyers in the upper half start feeling worried. So far the 50% has held (see chart below)
- spot gold is trading up $1.20 or 0.09% at $1288.96
- WTI crude oil futures are trading at $.29 or 0.47% at $61.88
IN the premarket for US stocks the futures are implying small changes
- Dow industrial average -0.42 points
- NASDAQ, +7 points
- S&P +1.9 points
In the European stock markets, major indices are higher with the UK FTSE liking the lower GBP:
- German DAX, +0.6%
- France’s CAC, 0.48%
- UK’s FTSE, +1.08%
- Spain Ibex, +0.33%
- Italy’s FTSE MIB, unchanged
In the US debt market, yields have moved back lower after yesterday’s sharp move higher (10 year was up the most since early January – about 9 bps):
In the benchmark 10 year European notes, yields are also mostly lower:
US durable goods will be released at 8:30 AM PT/1230 GMT. The consensus is full of -1.8%. Excluding volatile transportation items the report is expected to show a rise of 0.1%