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The JPY is the strongest and the AUD is the weakest as the NA week begins


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The USD is mixed.

The JPY is the strongest and the AUD is the weakest as Hong Kong tensions lead to flight to safety flows. Gold is higher.  Oil is lower.  Stocks are down.  The USD is mixed to start the North American trading week.  Of course, US/China trade relations are not on a positive path either as the September 1 date approaches where the US will impose 10% tariffs on $200 B of China goods. 

The pound is higher, drifting higher from the start.  Will the EU blink to prevent a no deal Brexit?  I don’t know but the GBP pairs are seeing some recovery (well not the GBPJPY but it is off lows).  The JPY pairs are near low levels at the start of the NY session as the market prepares for the NY open.
 In other markets, the morning snapshot is showing:

  • spot gold plus $13 or 0.87% at $1505.39
  • WTI crude oil futures down $0.35 or -0.64% at $54.16

in the premarket for US equities the futures are applying a lower opening:

  • Dow, -136 points
  • S&P, -16.5 points
  • NASDAQ, -44 points

in European stocks, major indices are lower:

  • German DAX, -0.2%
  • France’s CAC -0.4%
  • UK’s FTSE, -0.4%
  • Spains Ibex, -0.8% 
  • Italy’s FTSE MIB -0.15%

In the US debt market yields are tracking lower with declines of over five basis points across the curve:
Benchmark European 10 year yields are also trading with mostly negative signs with the exception of the UK (at +1.3 basis points).  

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