The USD is mixed

As North American traders enter for the day, the CHF is the strongest and the GBP is the weakest.  The USD is trading mixed.  Most of the major currencies are close together in the ranking. The USD has changes of less than 0.17% vs EUR, JPY, CAD, AUD and NZD.  In the US, retail sales will be reported for the month of February (expectations -0.5%, with ex auto and gas also at -0.5%).

Looking at the changes and ranges, the four of the major currency pairs vs the USD are within 8 pips of unchanged. The low to high trading ranges are well below there 22 day averages with the exception of the GBP pairs which moved lower in the Asian and into the European session, only to rebound over the last 3 hours of trading back toward the session midpoint.  EURGBP raced higher with the GBPs decline (trading at the highest level since March 5) but has backed off over the last 3 hours. 

Ranges and changes are narrow
In other markets: 

  • Spot gold is up up $0.86 or 0.05% at $1732.49.
  • Spot silver is down $0.17 or -0.67% at $26.07
  • WTI crude oil futures are trading down $0.81 or -1.24% $64.58
  • The price of bitcoin is trading down $1100 or -1.96% and $55,300

In the US stock market, the Dow is on a 7 day win streak. Also, the S&P, Dow and Russell 2000 closed at record levels yesterday.  Currently, the futures are implying a higher opening today:

  • Dow up 12.54 points
  • S&P up +4.6 points
  • The Nasdaq is +67 points

IN the European equity markets, the major indices are higher:

  • German DAX, +0.68%
  • France's CAC, +0.28%
  • UK's FTSE 100, +0.87%
  • Spain's Ibex, +0.46%
  • Italy's FTSE MIB, +0.57%

In the US debt market, yields are marginally lower with the 10 year yield down -1.0 basis points. The 2– 10 year spread is narrow by about a basis point as well at 144.21 basis points versus 145.45 basis points at the close yesterday.

US yields are marginally lower
In the European debt market, the benchmark 10 year yields are mixed with Spain and Italy higher while Germany, France, UK,  marginally lower.

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