The USD is mixed with a tilt to the downside
The GBP is the strongest. The JPY is the weakest as NA traders enter for the day. The ECB just announced no change in rates, that they will halt new QE purchases, but will continue to reinvest maturing issues. The SNB earlier kept their rates unchanged. The CHF is a little stronger. As for the USD it is mixed with a tile a little to the downside.
The ranges and and changes are showing the GBPUSD (and other GBP pairs) are seeing most of the action (and continue to expect that as the Brexit saga continues). The other pairs are beginning to look a lot like Christmas (for today at least). The largest low to high trading range for the majors vs the USD is only 38 pips. The EURUSD range is only 30 pips. THe USDJPY is 29 pips. The USDCHF is 28 pips. Being so low, if you can catch a directional move right (right now the dollar is a little lower), there should be an extension of the range at some point today. Draghi presser, jobless claims and Import prices are on the economic calendar. PS. Even US stocks are little changed in pre-market futures trading.
In other markets:
- Spot gold is down $-3.44 or -0.28% at $1242.39
- WTI crude oil futures are trading $-.50 or -0.96% at $50.60
In the pre-US equity market futures are trading marginally higher
- Dow futures imply a 26 point gain
- NASDAQ futures imply a 23 point gain
- S&P futures imply a 3.18 point gain
In the European markets, the major indices are mixed:
- German Dax, up 0.13%
- France’s CAC, -0.03%
- UK’s FTSE, -0.09%
- Spain’s Ibex, +1.07%
- Italy’s FTSE MIB, +0.8%
In the US debt market, yields are little changed.
In the European 10 year benchmark debt market, the Italian yields continue to move to the downside and outperform on deficit budget goals now closer to 2%. The other yields are also lower.