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The NZD is the strongest, while the JPY is the weakest as NA traders enter


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The USD gives up some of the gains from yesterday’s trade

With stocks rebounding, the forex market has reversed some of the moves from yesterday in the forex market. There is a movement into risk with the NZD and the AUD moving higher (strongest currencies of the day). The JPY and USD are being hurt. The USD moved up sharply yesterday on the rough day in the stock market.  The JPY can see be a safe haven currency as well. That is not the case today.

The ranges for most of the major pairs – as the US market glides into the Thanksgiving holiday tomorrow – are modest. The largest trading range is only 53 pips for the EURUSD. That is not rip roaring moves.  Looking at the AUDUSD and NZDUSD, the pairs are trading near the highs for the day (as is the USDJPY). 
 In other markets:

  • spot gold is trading up $2.75 or 0.23% at $1224
  • WTI crude oil futures are trading up a dollar $.21 or 2.26% at $54.64.  The private inventory data yesterday showed a surprise draw (albeit modest). The DOE will release their inventory numbers later today (10:30 AM ET) with expectations for a build of 3450K
  • Bitcoin on Coinbase is also rebounding.  It is up $218 to $4554.  The extreme low initiates trading extended to $4035 just above the $4000 level. On Monday, the $5000 level was broken. So the fall has been quite sudden as more longs liquidate.  Chatter around the Thanksgiving table will not be as bullish this year.

In the pre-market for US equities, the futures are implying a higher opening

  • Dow futures imply a 164 point gain
  • S&P futures imply a 21 point gain
  • NASDAQ futures imply a 77 point gain

European shares are higher:

  • German DAX up 1%
  • France’s CAC of 0.56%
  • UK’s FTSE up 1.0%
  • Spain’s Ibex of 0.7%
  • Italy’s FTSE MIB up 1%

In the US debt market yields are higher by about 1.5 to 1.9 bps

In the European debt market, there is some respite from the German/Italian yield spread.  Italian ten-year yields were down near 10 basis points while German yields are up close to 2 basis points.

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