The USD is mixed as stocks rebound on Fed rate cut hopes
The GBP is the strongest, while the CHF is the weakest as stocks rebound on hopes the more Fed members will signal a potential rate cut (including Fed chair Powell). The market is certainly pricing in a cut or two in 2019.
The trading ranges are modest with the largest change being up 21 pips for the GBPUSD. There has been a number of up and down moves in most of the major pairs today. All the pairs and crosses are trading below their 22 day averages. There is room to roam and extend the trading ranges.
A snapshot of other markets are showing:
- Spot gold is down -$1.57 or -0.13% at $1323.66
- WTI crude oil futures are down -$0.45 or -0.85% at $52.76
- Bitcoinon coinbase is down -$620 at $7929
In the US stock market, futures are implying higher levels today:
- Dow up 188 points
- S&P up 19.5 points
- Nasdaq up 50 points
In Europe, the major shares are higher:
- German Dax, up 1.15%
- France's CAC up 0.26%
- UK FTSE up 0.29%
- Spain's Ibex +0.83%
- Italy's FTSE MIB, up 1.28%
The US yields are up for a changes after the recent plunge took the 2 year down toward 1.8%. Today the snapshot is showing solid move highers in yields:
In Europe, the yields are still under downward pressure. The German benchmark 10 year yield is trading near the session low at -0.216%.
The ranges and changes are showing:
