The GBP is the strongest while the EUR is the weakest.
As the North American session gets underway, the GBP is the strongest currency of the major currency pairs, whiie the EUR is the weakest. The USD in the snapshot is also continuing the rally started yesterday.
That combination means the EURGBP is on a run to the downside, and indeed the EURGBP which made a new high yesterday is off and looking to retest the broken trend line at 0.9216. The change is 0.43% - the largest % mover of the day.
Looking at the ranges and changes below, the EURUSD and EURGBP are trading at extremes (-45 pips and -39 pips respectively). However, the ranges are not that great. Most of the currency pairs are trading below their 22-day MAs (about a month of trading). So if the dollar buying is to continue, there is room to roam.
Pres. Trump will begin talking about tax reform with a speech in Springfield Missouri today (dollar bullish). Don't expect details but talk about why the US needs a comprehensive reform of the current tax system.
Also on the docket today is the ADP employment report (185k est) and 2nd revision to the US 2Q GDP (est 2.7% vs 2.6% prior). The oil inventory data will also be released today at 10:30 AM ET/1430 GMT.
The snapshot of other markets are showing:
- Spot gold is little changed but remains above the $1300 level. IT is up $0.62 or 0.04% at $1309.75
- WTI crude oil i down -$0.32 to $46.12
- The US stock futures are trading a bit higher with the S&P futures up about 1 points. Nasdaq futures are up 9 points. The Dow futures are up 17 points
- US yields are up. 2 year yields are up 2.1 bp. 5 year is up 2.3 bp. 10 year is up 1.7 bp. 30 year is up 1.3 bp.
- In Europe the stocks have rebounded with the Dax up 0.6%, Cac up 0.5% and UK FTSE up 0.4%
- Euro 10 year yields are mostly higher. Germany up 2.7 bp. France up 2.2 bp. UK up 3.2 bp. Italy up 1.4 bp. Spain up 2.2 bp.