The USD is tilting lower
TGIF. As the North American traders enter for the day, the NZD and AUD are battling for the strongest of the major currencies (The AUDUSD is trying to remain above the 100 day MA after moving back above today). The JPY is the weakest (and running to new highs). The USD is mixed with a negative bias to start the trading day. The green back is higher vs the JPY and CHF and near unchanged vs the EUR.
Looking at the changes and ranges, the USDJPY and JPY crosses are all trading at the highs and have been trending higher all day longs. Recall, the USDJPY had been mired in a non-trending range for the last 14+ trading days (103 pips). That range was broken in the early London session at 109.357 and has now run to 109.80. EURJPY moved back above its 100 hour MA at 128.93 (trades at 129.28). The GBPJPY based at the 100 hour MA and extended above its 200 hour MA today at 149.80 and 150.64 respectively. It trades at 151.14 currently. Non trending transitions to trending (see video here).
In other markets:
- Spot gold it is down $1.50 or -0.09% at $1725.50
- Spot silver is trading down -$0.05 or -0.20% at $25.01
- WTI crude oil futures are trading up $1.55 or 2.66% at $60.11
- Bitcoin is trading up $900 or 1.74% at $52900
In the premarket for US stocks, the futures are implying a mixed opening:
- Dow up 100 points
- NASDAQ down 84 points
- S&P up 8 points
In the European equity market, the major indices are trading higher:
- German Dax, +0.75%
- France's CAC, +0.5%
- UK FTSE 100, +0.7%
- Spain's Ibex, +0.9%
- Italy's FTSE MIB, +0.45%
In the US debt market, yields are higher. Yesterday the treasury had another tepid demand for their 7 year note with a 2.5 basis point tail. The 10 year is up nearly 4 basis points today.
Looking at the European debt market, the benchmark 10 year yields are also moving higher with gains of four – five basis points across the board.
