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The JPY is the strongest and the AUD the weakest as anxiety increases today


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A risk off type of day so far

As North American traders enter for the day, the JPY and CHF are the strongest, and the AUD, NZD are the weakest. That is an anxiety in the market trade. Risk off is on.  The USD is mostly higher with gains vs the AUD, NZD, EUR, GBP and CAD. Declines are against the JPY. The CHF is unchanged vs the greenback. US retail sales will be released at the bottom of the hour.

The EURUSD, GBPUSD, AUDUSD and NZDUSD are trading at session lows at the start of the session (risk off flows). The USDJPY and JPY crosses are also all at the lows (again risk off trades).

  • Spot gold is up $2.70 despite a higher USD and testing $1300
  • WTI crude oil is trading at $61.11, down -$0.68
  • Bitcoin on Coinbase is trading up $197 at $7917

In premarket for US stocks:

  • Dow, -52 points
  • Nasdaq, -20 points
  • S&P, -8.50 points

Yields in the US are lower by -3.5 to -4.2 bps.  2 year yields are now the lowest since Feb 2018, taking out the low from March 2019 at 2.16%. 
In Europe, Italy benchmark 10 year yields are higher on investor selling.  Flows are into the “safe” countries like Germany (down -5.2 bps).

 
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