The NZD is the strongest and the GBP is the weakest before CPI and retail sales

Technical Analysis

Author: Greg Michalowski | forex

US dollar is weaker

As the NA traders enter and the market prepares for the US CPI and retail sales, the NZD is the the strongest (inflation expectations rose to 2.1% from 2.0%), while the GBP is the weakest.  The USD is weaker ahead of the data with declines vs NZD, JPY, CHF, CAD and AUD, unchanged vs the EUR and higher vs. the GBP to start things off.  The chances are the order and magnitude will be changed after the 8:30 AM ET/1330 GMT data. 

Apart from the USDJPY, the pip ranges for the day are all below their 22 day average trading ranges. The EURUSD has only traded in at 52 pip range, with an average of about 110 pips.  The USDCAD has only managed 38 pips so far. The Teranet National Bank HPI index will be released at the bottom of the hour (last month the MoM came in at 0.2% and 9.1% YoY).

In other markets, the snapshot this morning is showing:
  • Spot gold is up $2.01 or 0.15% at $1331.68
  • WTI crude oil is down -$0.55 or -0.93% at $58.64
  • US stocks are up in pre-market trading with the Dow implied to open up 131.55 points. The S&P is up 10.21 points. The Nasdaq is up 31 points.
  • US yields are a little lower:  two-year2.104%, unchanged.  Five-year 2.536%, -0.5 basis points.  10 year 2.818%, -1.0 basis points.  Thirty-year 3.102%, -0.8 basis points
  • European stocks are higher: German DAX +0.58%. France's CAC +0.76%. UK's FTSE +0.69%. Same Cybex +0.63%. Italy's FTSE MIB +0.57%


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