The US dollar is stronger
As North American traders enter for the day, the JPY is the strongest while the GBP is the weakest. The GBP is weaker despite the better Markit PMI data (the EU, France and Germany were generally weaker) and retail sales. Go figure. The GBPUSD continues its 4 day up down up down run (with sharp moves in the direction too). VP Joe Biden accepted the Democratic nomination by promising the American people he would unify and bring the country out of the darkness. He also criticized Pres. Trump on many fronts without ever using his name. Trump replied that Biden hasn't done anything and 47 years in Washington. The Republican national convention will start on Monday and run through Thursday.
The ranges and changes are showing the USD trading near its highs vs. all the major currencies even if the greenback is still lower verse the JPY (but only by -4 pips). The GBPUSD and EURUSD are trading at their absolute lows with the GBPUSD down -107 pips and the EURUSD down -87 pips. The EURJPY and GBPJPY are fighting a similar battle to the lows. Him
In other markets:
- spot gold is trading down $29 or -1.49% at $1918.40
- spot silver is trading down $-1.01 or -3.7% at $26.25
- WTI crude oil futures are trading down $0.53 or -1.21% at $42.29
In the premarket for US stocks the futures are implying a lower opening for the major indices
- Dow industrial average, -180 points
- S&P index -22 points
- NASDAQ index -56 points
Those indices have been moving lower as I type.
In the European market, they too are moving to the downside:
- German DAX, -1.06%
- France's CAC, -0.8%
- UK's FTSE 100, -0.65%
- Spain's Ibex, -0.8%
- Italy's FTSE MIB, -1%
In the US debt market, yields are moving lower again with the 2-10 yield spread falling below the 50.0 level as it continues its contraction.
European yields are mixed with the UK 10 year down -2.6 basis points. Investors are shunning Italian debt as it is up 2.8 basis points.
