GBP the weakest for the 2nd consecutive day
The CHF is the strongest and the GBP is the weakest as the NA traders enter for the day. The GBP is the weakest of the majors for the 2nd consecutive day after the GBPUSD fell below its 100 hour MA for the first time since November 5th. The EURGBP is also on the move (to the upside) as flows from traders exit the pound (the pair moved back above its 200 day MA). The USD is mixed but with a higher tilt. The greenback is higher vs the GBP, CAD, AUD and NZD, and down vs the EUR, JPY and CHF on some risk off flows. European stocks are lower for the first time this week. US debt traders are back from their Veterans Day holiday yesterday and have seen investors heading into the relative safety of the US debt (yields are lower). Gold is up modestly. US stocks are mixed.
The ranges and changes have the dollar at high extremes vs the GBP, AUD, NZD. It trades more mid-range vs the USDJPY, USDCHF, USDCAD and EURUSD. The JPY cross pairs are mostly in the red with the EURJPY the exception (although not running).
In other markets:
- Spot gold is trading up $3.80 or 0.21% $1869.58
- Spot silver is trading down $0.13 or -0.57% at $24.13
- WTI crude oil futures are trading down $0.27 or -0.65% $41.18. Later this morning the DOE will release their weekly inventory report with crude oil expected to show a drawdown of -1900K. Gasoline inventories are expected to show a modest build of 400K
In the premarket for US shares, the futures are implying a mixed opening. with the Dow and S&P lower, while the Nasdaq holds onto pre-market gains. Yesterday, the S&P rose 0.77%, the Nasdaq rose 2.1% but the down fell -0.08%.
- Dow -253 points
- S&P, -18 points
- Nasdaq +15.25 points
In the European markets, the major indices are lower for the 1st time this week.
- German DAX, -1.28%
- France's CAC -1.4%
- UK's FTSE 100, -0.94%
- Spain's Ibex, -1%
- Italy's FTSE MIB, -0.96%
In the US the bond markets yields are lower with the yield curve flattening:
In Europe, the benchmark 10 year yields are also moving to the downside on flows into the relative safety of debt and growth fears: