The week is off and away
As the North American session gets underway (and the Republican National Convention will get started) the AUD is the strongest and the USD is the weakest. The big news is risk on the positive vaccine news. That has stocks running. At the same time, gold and metals are up and oil is higher.
The ranges and changes are somewhat modest. The largest is the 59 pip range in the EURUSD. That is still well below the 22 day average of 97 pips. The USDJPY only has a 25 pip range. JPY crosses are higher and near highs on risk on flows to start the session.
In other markets:
- Spot gold is trading up $18.80 or 0.97% $1959.17
- Spot silver is up $0.37 or 1.38% at $27.16
- WTI crude oil futures trading up $0.42 or 0.99% $42.76
In the premarket trading for US stocks the futures are implying a sharply higher opening:
- Dow industrial average trading up 167 points
- S&P index is up 29 points
- NASDAQ is implying a 132 point gain
Those gains would imply new records for the S&P and NASDAQ indices.
In the European equity markets, they too are rebounding strongly after a down week last week (German DAX fell -1.06%, France’s CAC fell -1.34%, UK FTSE 100 fell -1.45%, Spain’s Ibex fell -2.41%).
- German DAX, +2.44%
- France’s CAC, +2.34%
- UK’s FTSE 100, +1.93%
- Spain’s Ibex, +1.6%
- Italy’s FTSE MIB, +2.0%
In the US debt market yields are near unchanged with modest gains or losses across the yield curve:
In the European debt market, the benchmark 10 year yields are also modestly changed: