The USD is weaker

The NZD is the strongest currency. Its been running for the get-go today and is lapping the major currency field in the process (the EUR is a distant 2nd). On the weak side is the JPY. Most of its decline is in the NZDJPY, but it is also lower against all the other currency pairs (but near unchanged vs. the USD). The USD is also showing declines against most currency pairs today.

Most of the ranges are a bit on the light-side. The EURUSD has only a 67 pips range with a 22 day average just below 100 pips. The USDJPY only has a 49 pip trading range so far. There is lots of data to goose the market today.

Data out today will start with the ADP employment change for January which is expected to show 185K versus 250K. That will be released at 8:15 AM ET/1315 GMT. At 8:30 AM ET/1330 GMT, the US employment cost index for the 4th quarter is expected to show a 0.6% gain versus 0.7%. Canada is expected to show November GDP up 0.4% versus 0.0% in October (YoY at 3.4% vs 3.4% last month). Canada PPI price info will also be released at 8:30 AM ET.

At 9:45 AM ET/1445 GMT, the Chicago purchasing managers index for January is expected to fall to 64.0 from 67.8. At 10 AM US pending home sales for the month of December expected to rise by 0.5% versus 0.2%. While inventory data will be released at 10:30 AM/1530 GMT

The FOMC decision and statement will be released at 2 PM ET.

A snapshot of the other markets is showing:

  • Spot gold is up $4.80 or +0.36% at $1343.25
  • WTI crude oil futures are trading down $.40 or -0.62% at $64.10
  • US yields are lower: two-year 2.12%, -0.4 basis points. Five-year 2.497%, -0.8 basis points. 10 year 2.708%, -1.1 basis point. 30 year 2.956%, -1.4 basis points
  • US stocks in premarket trading are rebounding after yesterday sharp tumble: Dow futures are up 216 points. NASDAQ futures were up 36.75 points. S&P futures were up 12.5 points. Boeing released better-than-expected earnings this morning helping to boost the Dow (and stocks). After the close eBay, Facebook, and Microsoft will be announcing earnings.