The USD is mixed
The GBP is the strongest and the NZD is the weakest as NA traders enter for the day. The UK eased business restrictions but also imposed travel restrictions on France and the Netherlands due to COVID concerns in those countries. The USD is entering the day mixed for the 3rd day in a row (at the start of the day that is) with the greenback higher vs the CHF, CAD, NZD and down vs the GBP and JPY. The buck is unchanged vs the EUR. Overall changes today are relatively modest as traders work toward the key US retail sales (+2.1% est). The US will also release nonfarm productivity, industrial production and capacity utilization, business inventories, and the University of Michigan consumer sentiment. Later this afternoon the Baker Hughes rig count will be released. In NZD today, restrictions in Auckland were extended for another 12 days. The RBAs Lowe said that rates would likely not be raised for 3 years. Canada will release manufacturing sales, and existing home sales this morning.
The ranges and changes are showing modest results, with the largest range is only 65 pips for the GBPUSD. The rest of the major currencies vs. the US dollar have PIP ranges of 28 to 48. That is not a lot of price action and well below the 22 day averages (about a month). The EURUSD, USCHF, AUDUSD and NZDUSD are all within 8 pips of being unchange for the day (that is non trending too).
In other markets:
- Spot gold is down $4.42 or -0.24% $1948.70
- Spot silver is down $0.80 or -2.88% at $26.71
- WTI crude oil futures trading near unchanged at $42.25 for the September contract. The October contract is trading also unchanged $42.52
In the US stock market, the futures are implying a mixed opening.
- Dow is down -94 points
- S&P is down -4 points
- Nasdaq is up 29 points
In the European market, the major indices are trading sharply lower with the major indices all down -1% or greater.
- German Dax, - -1.0%
- France's CAC -1.7%
- UK FTSE 100, -1.5%
- Spain's Ibex, -1.7%
- Italy's FTSE MIB, -1.3%
In the US debt market, US yields our marginally lower after yesterdays move higher after the week 30 year bond auction:
In Europe, the benchmark 10 year yields are lower as well:
