July 20 2016: The GBP is the strongest. The JPY is the weakest.
A day after the GBP was the weakest currency for the day (at the end of the day) and the JPY was the strongest currency, those roles are reversed today. The GBP has benefited from better employment. Stocks recovered in Japan and European stocks are higher in Europe helping the USDJPY move higher. THe US pre-market indices have the S&P up 5.5 points and the Nasdaq up 13.75. Microsoft reported stronger than expected earnings after the close and is up $2.71 (about 5%) in pre-market trading. JPY crosses also moved back to the upside.
The ranges and changes are pretty confined. The EURUSD broken below support yesterday at the 1.1023-28 and although the price has remained below the 1.1023-28 today, the range is only 40 pips. The low extended to 1.0980. Cable leads the way as far as ranges (thanks to the employment news). The USDJPY range at 89 pips is respectable. Today the calendar is light with Crude oil inventories the only economic release for the day.
