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The CHF is the strongest while the AUD is the weakest as traders enter for week


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The USD is mixed at the start of the trading week for NY traders

As the North American session (and week) kicks off and trade war worries persist, the CHF is the strongest on “flight to safety flows”, the AUD and NZD are the weakest.  Those currencies tend to be proxies for China growth and risk appetite.  The USD is in the middle of the ranking today with gains vs the CAD, AUD and NZD, declines vs the GBP, JPY and CHF and unchanged vs the EUR.

The ranges for the day are still not that great with the EURUSD having only a 19 pip range and USDUSD, only 24 pips. The USDCHF has moved the most and trades at sesssion lows (safety flows into CHF). THe AUDUSD and NZDUSD are at lows too (but dollar is stronger vs them).  

In other markets:

  • spot gold is trading down $1 or -0.8% at $1285.10
  • WTI crude oil futures are trading up $.82 or 1.35% at $62.48

The US stocks in pre-market trading are sharply lower on the trade concerns. China’s Shanghai fell -1.2%, while the EuroStoxx index is down -0.50% currently.
In the US, the futures are pointing to:

  • Dow, -319 points
  • S&P, -38 points
  • Nasdaq, -140 points

IN the US debt market, yields are falling on flight to safety flows in to US debt:

  • 2 year,  2.2089%, -5.9 basis points
  • five-year 2.20%, -6.1 basis points
  • 10 year 2.412%, -5.5 basis points
  • 30 year 2.844%, -4.1 basis points

While in Europe, yields are mixed with flights into safety of Germany, France and UK and flows out of risk like Spain, Italy and Portugal.  

  • Germany, -0.5%, -1.3 basis points
  • France, 0.337%, -1.1 basis points
  • UK 1.115%, -2.0 basis points
  • Spain 0.98%, unchanged
  • Italy 2.714%, +3.1 basis points
  • Portugal 1.129%, +1.2 basis points

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