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

Technical Analysis

The USD is stronger. 

As North American traders enter for the day, the JPY is the strongest followed by the USD as traders revisit the “safety flow trade”. The NZD and AUD are the weakest.   The GBP moved back to the downside after the GBPUSD had a reprieve off the low.  

The USD is stronger. 

The ranges are showing low to high pip moves of over 100 pips in each of the major pairs vs the USD, but those are still below the 22 day averages (red line in the lower chart below).  

 The ranges and changes for the major currency pairs
The stocks just got a boost after the Fed announced QE is now unlimited.  Also the Fed is saying they will buy corporate bonds. Stocks are still lower but well off the lows on the bounce (the Dow was down about 500 points).  The US stock futures are currently showing:
  • Dow =298 points
  • S&P -39 points
  • Nasdaq -83 points

In the European equity markets:

  • German Dax -2.21%
  • France’s CAC -2.2%
  • UK FTSE 100 -2.5%
  • Spain’s Ibex -2.8%
  • Italy’s FTSE MIB -2.5%

In the US debt market, yields are lower with the 10 year down the most at -12.4 basis points. The yield curve as flattened about 10 basis points:

The US yields are lowerIn the European debt market, the changes are mixed with the German, France and UK higher, the Spain, Italy and Portugal yields are higher.
The European yields are lower


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