December 5, 2016, The EUR is the strongest. The NZD is the weakest.
The EUR is the strongest currency as the NA traders enter for the day. While the NZD is the weakest.
The EUR initially fell on the back of the "No" vote in Italy, but the markets shrugged it all off with the EUR pairs rebounding above the zero (unchanged) line for all the EUR pairs (see top chart below). Needless to say the ranges for the EUR pairs are all above the 22 day averages. The NZD was down at the the opening and stayed down after the surprise announcement that PM John Key would resign after 8 years as the New Zealand PM.
On the schedule:
- Feds Dudley apeaks at 8:30 AM ET. It is the last day that policy makers can speak before being silenced before the Fed's meeting wtiich wlll begin next Tuesday.
- US Fed Evans speaks at 9:25 AM ET/1425 GMT on the economy
- The Markit US services PMT final will be released at 9:45 AM ET/1445 GMT with the esttimate at 54.8 vs 54.7
- US ISM non manufacturing at 10 AM ET/1500 (est. 55.5 vs 54.8).
- ECB Draghi lined up at 9 AM ET/1400 GMT to speak at the Eurogroup meeting in Brussels.
- BOE gov Carney is making a speech during a regional visit at Liverpool John Moores University with the Roscoe Lecture at 17.00 GMT. Text to be released on the BOE website.
- US Fed Bullard is to speak at 2:05 PM ET/1905 GMT
A snap shot of other markets:
- Spot gold is trading at 1166.82, $-10.32 or -0.88%. The precious metal continues to step lower and lwoer
- Crude oil futures are trading at $52.10 +0.41 or +0.79%
- S&P Futures are up +7.6 points. Nasdaq futures are up 17.5 points and Dow futures are up 71 points in pre-market trading.
- EUropean stocks are higher as well with the German Dax up 1.19%, France CAC up 0.76% and UK FTSE up 0.14%. The Italian FTSE Mib is down -1.26% after the political uncertainty from the No-Vote.
- US 10 year bond yield is at 2.4322% +4.9 BP.