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Home ANALYSIS

The EUR is the strongest and the USD is the weakest as NA traders enter for the day

A.R Chowdhury by A.R Chowdhury
May 29, 2020
Reading Time: 2 mins read
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The US stocks near unchanged in early trading.  

The EUR is the strongest and the USD is the weakest as the NA session begins.  Hong Kong remains a hotspot/hot topic with President Trump expected Friday to announce countermeasures in response to the security legislation. In the US, Pres. Trump is on the warpath vs social media, in particular Twitter after they put a warning disclaimer on a tweet from the President (his favorite social media platform) where he tweeting in reaction to the rioting in Minnesota, “Any difficulty and we will assume control but, when the looting starts, the shooting starts. Thank you!”.  The US is dividing further.  

The US stocks near unchanged in early trading.  

The ranges and changes are showing the EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD all near extremes (with the USD lower) as the day begins. The ranges are still mostly below the 22 day averages but there is still time left in the day.  

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold is trading up $9.90 or 0.58% at $1728.16
  • WTI crude oil futures are trading down $0.67 after a larger than expected inventory data. That is down near 2% at $33.04

in the premarket for US stocks the major indices are near unchanged/higher in an up and down overnight futures session:

  • Dow, -5.64 points
  • S&P, +5 points
  • NASDAQ index +30 points

in the European markets the major indices are lower:

  • German DAX, -0.6% 
  • France’s CAC, -0.4%
  • UK’s FTSE 100, -1%
  • Spain’s Ibex, -0.7%
  • Italy’s FTSE MIB, unchanged

in the US debt market the yields are trading lower:

US yields are lower

In the European debt market, the yields are mostly lower. Italy is exception as investors push yields up by 2 basis points:

European yields are lower

See here for global coronavirus case data

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A.R Chowdhury

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