ECB keeps rates unchanged. CPI and FOMC meeting minutes today.
The ECB kept rates unchanged but the EURUSD has moved marginally higher and trades at new session highs. Versus the other currencies it is mixed. The USD is mostly lower ahead of CPI (+0.4% est and 1.8% YoY). The FOMC meeting minutes will be released at 2 PM. Overall the snapshot of the strongest and weakest currencies shows the AUD is the strongest (RBAs Debelle was less dovish than expectations), while the JPY is the weakest.
Looking at the changes and ranges, the GBPUSD and AUDUSD have higher ranges with the AUDUSD reaching its 22 day average range. The GBPUSD has a 61 pip range but is well below its 22 day average. The EU Summit will take place today with May presenting her plan for an extension. The EU is expected to give a flexible end date with conditions. The other pairs are struggling with ranges of less than 25 pips.
In other markets:
- Spot gold is down -$0.28 or -0.02% at $1303.78
- WTI crude oil is up $.39 or 0.62% at $64.37
- Bitcoin on Coinbase is trading up $24.56 at $5244.34. The price remains above it's 100 hour moving average of $5183
The US stock futures are implying a modestly higher opening:
- Dow, +50.42 points
- S&P, +6 points
- Nasdaq, +15.5 points
In the Europe, the major stock indices are mostly higher
- German Dax, +0.45%
- France's CAC, 0.34%
- UK's FTSE -0.10%
- Spain's Ibex, +0.33%
- Italy's FTSE MIB, +0.27%
In the US debt market, yields are marginally lower mostly with the 10 year unchanged.
In the benchmark 10 year notes, the yields are mixed. The German 10 year bund is still just below the 0.0% level at -0.004% - trading above and below the 0.0% level.
