The GBP is the strongest and the NZD is the weakest as NA traders enter for the day

Technical Analysis

The USD is modestly weaker

As NA traders enter for the day, the GBP is the strongest, the NZD is the weakest. However, the relative moves from the close from yesterday are modest. The FOMC will likely be more dovish when they announce their decision at 2 PM ET. Chair Powell will have his press conference at 2:30 PM.   Apple, Amazon, Google and Facebook CEOs will argue their case on Capitol Hill that they are not monopolistic which is a risk today as well. 

The USD is modestly weaker

The ranges and the changes show a mixed picture. The EURUSD moved higher but has retraced most of those gains. The GBPUSD trades near the session high. The USDCHF has recovered earlier declines and is following the path of the EURUSD.  The NZDUSD is near lows in an up and down day. The AUDUSD is still higher but near midrange.  I would characterize the day as choppy and mixed although the USD is a little lower. 

The ranges and changes for the major currency pairs

In other markets:

  • Spot gold is trading down $ -2.37 or -0.13% at $ 1956.  Spot silver is trading down about $ 0.10 or -0.4% at $ 24.30
  • WTI crude oil futures are trading higher after a bigger than expected drawdown from the private data late yesterday. The DOE data will be released at 10:30 AM ET/1430 GMT.  The prices up $ 0.40 or 0.97% at $ 41.44. The API data showed:
API data

The US stocks are mostly higher with the Nasdaq leading the way.  The snapshot of the employed openings currently shows

  • Dow is up 48 points
  • S&P index is up 9.31 points
  • NASDAQ index is up 75.5 points

in the European markets, the major indices are mixed:

  • German DAX, unchanged
  • France’s CAC, +0.7%
  • UK’s FTSE 100, +0.15%
  • Spain’s Ibex, -0.4%
  • Italy’s FTSE MIB, -0.6%

in the US debt market the yields are mostly higher with the 30 year making the biggest move at 1.6 basis points above the close from yesterday.  

US yields are marginally higher

In the European debt market, the benchmark 10 year yields yields are mixed with the German, France, UK yields up marginally and the Spain, Italy, Portugal yields down marginally:

European benchmark 10 year yields are mixed

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