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


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Dollars sellers dominate

As North American traders enter for the day, the EUR is the strongest while the USD is the weakest.  The “dovish Fed” story is helping to weaken the dollar.  Of course this comes after the dollars rise after the decision yesterday.   Put your trading shoes on as markets are in flux.  Today?…. weak dollar.

There are decent ranges and changes today as well.  For the EURUSD, GBPUSD, USDJPY and USDCHF, the dollar spent little time higher on the day.  They have been on moves to the lower dollar side from the start.  The EURUSD and GBPUSD are off highs (low dollar levels). The USDJPYs trend to the downside, has that pair trading near the lows.  Of note technically, is the EURUSD stalled right at the 100 day MA on its move higher. That MA comes in at 1.14843. The high for the day for the pair reached 1.14849. I think traders who focus looking for those low risk trades, placed their bets against that level. The current price is at 1.1451.  

The ranges for the a number of pairs have reached an exceeded the 22 day average trading range.


In other markets:

  • spot gold is higher on the lower dollar. The prices up $11 or 0.9% at $1254
  • WTI crude oil futures are trading down -$1.49 or -3.10% at $46.66
  • Bitcoin is up $359 at $4028.58 on Coinbase. The momentum rally continues for the digital currency. The price is now up close to 29% from the December 15 low. The 38.2% of the move down from the November 7 high at $6540 comes in at $4432.80. That is now within site given the recent upside momentum for bitcoin. 

The US stock futures are applying a small rise in pre-market trading:

  • Dow, +12 points
  • S&P, unchanged
  • Nasdaq, +11 points

In Europe, shares are back lower after their rise yesterday:

  • German DAX, -1.0%
  • France’s CAC, -1.58%
  • UK’s FTSE, -0.23%
  • Spain’s Ibex, -1.69%
  • Italy’s FTSE MIB, -1.27%

US yields are higher in the shorter end. The 30 year is down a fraction of a basis point.
European yield are mixed.

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