The USD is mostly higher but moves (other than NZDUSD) are contained
The RBNZ kept rates unchanged but had a dovish statement pushing out next hike out ("We expect to keep the OCR (where it is now) through 2019 and into 2020 longer than we projected in our May Statement."). They also said the RBNZ could lower or raise rates and the expected average rate in 2019 and 2020 would be lower.
The GBP is the strongest currency. The USD is also stronger with only declines vs the GBP. The USD changes vs the majors other than the NZD are modest however. It's all about the NZD.
The ranges are limited today, with the exception of anything with the NZD. The trading ranges of the majors are all less than the 22 day average trading range (about a month of trading). The EURUSD has only a 45 pip range. The USDJPY only 47 pips and USDCHF is at 29 pips. Other than the NZDUSD which is near its low for the day and down -95 pips, the USDCAD - at up 25 pips - is the largest change in pips for the majors. The GBPNZD is rocketing higher with a gain of 284 pips in a 305 pip trading range. So it remains near the peak.
In other markets, a snapshot shows:
- Spot gold is up $1.33 or +0.11% at $1215.29
- WTI crude oil is near unchanged levels at $66.96
- Bitcoin is down -$35 at $6283 after its sharp fall yesterday.
In the US pre-market stock market:
- Dow futures imply a 10 point rise
- S&P futures imply a flat opening
- Nasdaq futures imply a -4 point decline
European yields are lower:
- German Dax is down -0.1%
- France CAC is down -0.3%
- UK FTSE is down -0.7%
- Spain's Ibex is down -0.2%
- Italy's FTSE MIB is down -0.6%
In the US debt market, yields are a little lower across the curve. The US treasury will auction 30 year bonds at 1 PM ET.
European yields in the 10 year sector are mixed and little changed.
