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The USD is the strongest and the AUD is the weakest as NA traders enter for the day


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The RBA cut leads the way

As North American traders enter for the day, the USD is the strongest, while the AUD is the weakest.   The weakness in the AUD took the price of the AUDUSD below the September floor area at the 0.6738-429, on the comment that the central bank “is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time”.  The NZD followed the AUD lower  (the NZDUSD fell to the lowest level since August 2015.   Most of the USD’s gains are versus the AUD and NZD

Looking at the ranges and changes below, the AUDUSD and NZDUSD are opening the North American session near the lows for the day. The ranges for those pairs are also above their 22 day averages (around a month of data), signifying the strength of the trend move lower.  The EURUSD is mired in a 29 pip trading range which is well below its 63 pip average over the last month. The GBPUSD has been above the 0 line and is now in the red and trading at the lows as the market sours on proposed new plan from PM Johnson.  

In other markets:

  • Spot gold is trading down $-3.91 or -0.27% at $1468.50
  • WTI crude oil futures are trading up $0.38 or 0.7% at $54.45

In the premarket for US stocks, the futures are implying a higher opening

  • The Dow Jones industrial average is up 55 points
  • The S&P index is up 5.5 points
  • NASDAQ is up 23 points points

In the European market, major indices are lower:

  • German DAX, unchanged
  • France’s CAC, -1.4%
  • UK’s FTSE, Unchanged
  • Spain’s Ibex, +0.1%
  • Italy’s FTSE MIB, +0.4%

In the US debt market yields are trading higher with the 2 year up 3.2 basis points and the thirty-year up 6.1 basis points.

A snapshot of the European yields show benchmark 10 year yields are also trending to the upside in trading today.

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