The AUD is the strongest and the JPY is the weakest as NA session begins

Technical Analysis

The USD is mostly lower

The AUD is the strongest and the JPY is the weakest as NA traders begin the day. The AUD was the strongest currency yesterday. It continues it’s trend to the upside after the RBA kept rates unchanged (as expected). The USD is mostly weaker (it was the weakest currency yesterday), but has gained vs the JPY and is marginally higher vs the CHF.  

The USD is mostly lower

Looking at the ranges and the changes, the USDJPY is pushing higher (higher USD) and near its high for the day, but only with a 35 pip trading range.  The AUDUSD and the NZDUSD both have larger ranges of 94 and 64 respectively and trade near their session highs (lower USD) . The JPY crosses are higher which often is a risk on play by traders. Stocks are higher after moving lower early in the session  only to rebound in the European session.   

The ranges and changes for the major currency pairs
In other markets:

  • Spot gold is trading down about $ 1 -0.6% at $ 1738.79
  • WTI crude oil futures up $ 0.65 or 1.83% to $ 36.10

In the premarket for the US stocks the futures are implying a higher opening:

  • Dow is up 138 points
  • S&P is down up 13.3 points
  • Nasdaq is up 25 points

In the European equity markets the major indices are also higher. Germany is back from its Witt Day holiday on Monday and is playing catch up with a oversized 3.71% gain

  • German DAX is up 3.71%
  • France’s CAC is up 1.99%
  • UK FTSE, +1.0%
  • Spain’s Ibex, +2.4%
  • Italy’s FTSE MIB, +2.1%

In the US debt market the yields are higher with the 30 year moving up the most and the yield curve steepening. The 30 year yield is up 4.2 basis points. The 2 – 10 year spread is up a couple basis points to 52.32 basis points from 50.27 at the close yesterday.

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