The USD is mixed
As the North American traders enter for the day, the NZD is the strongest and the EUR is the weakest of the major currencies. The USD is mixed with declines vs the NZD, AUD and CAD, and gains vs the EUR, and the CHF. The greenback is near unchanged vs the GBP and the JPY. IFO data in Germany was weaker than expected, hurting the EUR (90.1 vs 91.4 estimate and other measures within the report lower as well).
The ranges and changes are modest with all the major currencies vs the USD at 57 pips or lower. The USDJPY and USDCHF have ranges of less than 30 pips. All are well below their 22 day averages to start the week. The major pairs are also trading near the middle of their ranges for the day with the exception of the NZDUSD.
In other markets a snapshot shows:
- Spot gold is is trading up $6.60 or 0.36% at 1862.24
- Spot silver is trading up $0.11 or 0.45% at $25.60
- WTI crude oil futures are unchanged at $52.27
- The price of bitcoin on Coinbase (7 day trading) is trading up $2265 and $34,201.
In the US stocks, the major indices are mixed ahead of a key earnings week with Microsoft, American Express, Tesla, Apple, Facebook, Boeing, McDonald's, Visa, Caterpillar and Chevron all scheduled to report. In premarket trading, the NASDAQ index is higher while the S&P and Dow industrial average are lower.
- S&P index is trading up 4 points after falling by 11.6 points on Friday
- Dow industrial average is down -122 points after falling -179 points on Friday
- NASDAQ index is currently trading up 132 points after rising by 12.145 points on Friday
In the European equity markets the major indices are turned sharply lower after earlier gains
- German DAX -1.7%
- France's CAC -1.3%
- UK's FTSE 100, -1.1%
- Spain's Ibex, -1.9%
- Italy's FTSE MIB -1.3%
In the US debt market, yields are lower with a flatter yield curve. The 2 – 10 year spread is trading at 93.92 basis points vs. 96.46 basis points at the close on Friday.
The benchmark 10 year yields are trading mostly lower as concerns about growth push yields lower.