The USD is mostly higher
The JPY is the strongest currency while the NZD is the weakest after the RBNZ cut rates by a surprise 50 bps and kept the easing bias in place (even saying they may need to use negative rates although the 50 bp cut makes that less likely). The USD is mostly stronger with oversized gains vs the NZD and also higher vs the AUD, GBP, CAD. The greenback is unchanged vs EUR and CHF and down vs the JPY
The NZD pairs are the big movers obviously. The AUD is also moving sharply lower as well with an over the average trading range (1 month range - 22 trading days). The other pairs have more moderate moves.
In others markets:
- Spot gold is up $22.76 or 1.54% at $1496.84 despite the higher dollar as investors worry about the global growth prospects.
- Crude oil is heading lower with price down -$0.76 or -1.45% at $52.86. The price is lower despite a greater draw of inventory from the private data of -3.4M barrels vs est -2.7M. The DOE will release their numbers for the week at 10:30 AM ET. The global growth story weighs on it.
The US stocks are sliding now after being higher earlier. Yields are also falling:
- Dow -225 points
- S&P, -21 points
- Nasdaq -55 points
Below are the yields of US debt. The 10 year was as high at 1.7023%. It is now down toward 1.62%
European 10 year yields are sharply lower as well with the German 10 year near -0.60% and the France 10 year down at -0.336%. Spain 10 year are at 0.149% (new all time low) and Portugal yields are down 0.182% as they move closer to 0.0%. Greece (not shown) yield is at 1.994%.
