The USD is stronger as safety flows dominate
The JPY and USD are the strongest currencies, while the NZD and AUD are the weakest in a move to risk-off. Stocks are getting hammered on the back of Amazon and Google disappointed revenues. US GDP for the 3Q will be released at 8:30 AM ET with economists estimates of 3.3%. Buckle up.
At the start of the session, the USD pairs are all trading near their extremes on the day as are the JPY crosses. Risk off flows.
In other markets:
- Spot gold is up $2.89 or 0.24% at $1235.08
- WTI crude oil is down $-0.75 or -1.13% at $66.57
In the US stock market, stock futures are implying sharp declines:
- S&P is down -51 points
- Nasdaq is down -261 points
- Dow is down -328 points
In the US debt markets, yields are lower on safety flows. In Europe, stocks are showing big declines:
- German Dax, -1.5%
- France’s CAC, -1.8%
- UKs FTSE, -1.1%
- Spain’s Ibex, -1.1%
- Italy’s FTSE MIB, -1.5%
In the European benchmark 10 year sector, yields are also lower.