The USD is mixed
As NA trader enter for the FOMC decision day (decision at 2 PM ET), the CHF is the strongest and the NZD is the weakest. The USD is mixed with gains vs the CAD and NZD and declines vs the EUR, GBP, CHF and JPY. The USDCHF which traded mostly between the 100 hour MA above and the 200 hour MA below, retested the upper extreme one more time today at the day’s high. The stall was enough as the sellers took the control and finally pushed below the 200 hour MA at 1.01883. We currently trade at 1.01588 after bottoming at 1.0151. In NZ, the employment report for the 1Q was weaker than expectations with negative employment gains and wage data that was also a disappointment.
The EURUSD and GBPUSD, USDCAD are trading near extremes. The USDCAD is also trading near the highs for the day. Today is May Day with most of Europe off (excluding UK). So activity is likely a little contained. However, the US and Canada wiill have its share of releases highlighted by the ADP report, ISM manufacturing, DOE inventorty and the FOMC decision.
Below are the ranges and changes with the 22 day average trading range (red line in the lower chart). NZD pairs have decent ranges but off extremes as well.
In other markets:
- Spot gold is down -$1.78 or -0.14% at $1281.75
- WTI crude oil futures are lower by -$0.57 or -0.88% at $63.34
In the pre-market futures for US stocks, the major indices are trading higher after the better than expected earnings and revenues from Apple after the close.
- Dow, +98 points
- Nasdaq,-+54 points
- S&P, +9 points
In the UK the FTSE is near unchanged on the day. German, France, Spain and Italy markets are closed for May Day.
In the US debt market yields are marginally changed in trading today: