USD is down because AUD and NZD is down. Little changed otherwise.
The AUD and NZD are leading the way. The RBA released minutes of the last meeting and although they warned of the implications of the AUD rising, the AUD has risen today. The NZD followed along but remains in the midst of and up and down market as the election approaches.
The weakest is the CHF. Looking at the USDCHF, the pair is trying to stay above its 100 hour MA (blue line in the chart above). Stay above is more bullish (see chart below).
The ranges are on the light side today with a few exceptions. The GBPJPY has a decent range but the price moved higher and right back down. It is a little lower now. The GBPUSD followed the same path. The EURUSD range is a low 56 pips - well below the 22 day average trading range of 88 pips. Let's face it, the FOMC decision is tomorrow. The market may continue to wander until then..
In other markets, the snapshot shows:
- Spot gold is unchanged at $1307.50.
- WTI crude oil is $50.27 up +$0.36. The last three days has closed within 2 cents of each other. The contract is making a run higher (at least trying).
- US yields are lower by about 1 bp. 2 year 1.3847%, down -1 bp. 5 year 1.8107%, down -1.4 bp. 10 year 2.218%, down -1.2 bp. 30 year 2.792%, -0.6 bp
- US stocks in premarket are up a little. S&P futures up 1.75 points Dow futures are up 15 points. Nasdaq futures are up 5 points
- European 10 year yields are down. Germany 0.436%, down -1.9 bp. France 0.712%, -1.7 bp. UK 1.312%, up 1 bp. Spain 1.53%, -5.6 bp. Italy 2.029%, -4.3 bp.
- European stocks are mixed. German Dax down -0.1%. France up 0.1%. UK +0.4%. Italy unchanged. Spain up 0.3%
