The USD is mostly lower
As NA traders enter for the day, the GBP is the strongest of the major currencies and the CHF is the weakest as NA traders enter for the day. The USD is most lower. The GBPUSD is getting closer to the December highs at 1.35139. The high for the day reached 134816. Germany said that the decline in growth this year would be less than expectations. The PMI data was mixed out of Europe today (vs expectations). The US PMI data out later this morning. US stocks continue to soar in premarket trading. Gold/Silver are higher. Yields are higher with the longer end rising the most. Its the first trading day in September after a huge month for stocks in August.
The ranges and changes are showing the GBP pairs doing the best with the pairs near high pound levels. The other pairs vs the USD are more modest (the GBP range is 126 pips, while the other pairs vs the USD area 65 pips down to 44 pips). THe USDJPY and AUDUSD are near unchanged on the day in a down and up (up and down for the AUDUSD) day. The USDCHF moved lower into the London/European session (bottoming near the low from yesterday), but bounced back quickly and has now moved above its 100 hour MA at 0.90567.
In other markets:
- Spot gold is trading up $22.50 or 1.14% $1990.31. The high price is approaching the $2000 level once again
- Spot silver is up $0.67 or 2.4% at $28.82
- WTI crude oil futures are up $0.47 or 1.13% of $43.09
In the premarket for US stocks, the major indices are mixed with the Dow down but the S&P and NASDAQ index are higher with the NASDAQ index far outpacing the other markets.
- Dow -13 points
- S&P index + 8.5 points points
- NASDAQ index up 116 points
In the European market, major indices are mostly higher with the exception of the UK’s FTSE 100.
- German DAX, +0.34%
- France’s CAC, +0.18%
- UK’s FTSE 100, -1.2%
- Spain’s Ibex, +0.17%
- Italy’s FTSE MIB, +0.3%
In the US debt market, the 30 year yield is up the most with a gain of 1.9 basis points. The 5 year yield is unchanged.
In the European debt market, the yields are mostly lower with the exception of the UK 10 year yield which is up 1.9 basis points.