The dollar is trading near lows for the day.
The CHF is the strongest and the USD is the weakest as North American traders enter for the day. JPM earnings got the earnings season off to a weak start as did Wells Fargo, but the the markets are shrugging off with stocks set to open higher (at least for now). PS JPM is up
2.7% and Wells is up 2.1%).
The ranges are modest with the GBPUSD at 73 pips the largest of the major pairs vs the USD. The volatility in the forex market has been getting sucked out a bit, with the ranges well below the 22 day averages which admittedly had a number of huge range days that skewed them higher.
In the premarket for US stocks, the futures are pointing to a higher open with:
- The S&P, up 50 points
- The Nasdaq up 162 points
- The Dow up 424 points
In Europe, they had technical issues but the snapshot is showing a mixed bag:
- German DAX, +1.4%
- France CAC, unchanged
- UK's FTSE 100, -0.7%
- Spain's Ibex, +0.5%
- Italy's FTSE MIB, unchanged
The US yields are lower as the JP Morgan earnings may be painting a worse than expected picture despite the hope that the peak in the coronavirus may be upon us.
European yields are mostly higher with Spain and Italy rising the most. The German benchmark 10 year yield is down marginally but off it's low for the day.
