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

  


The USD is the mixed

As the North American traders enter for the day (and the start of the week) the CHF is the strongest of the major currencies, and the AUD is the weakest.   A “risk off” theme is in play modestly as Covid-19 fears increase globally (China, Japan, US showed weekend spikes). However, with stocks off the weakest of levels overnight, the flows have reversed some/most of their risk off extreme levels.

The USD is the mixed

Looking at the ranges and changes, there is a hodgepodge of price action. In risk off pairs, the AUDUSD is still lower, but trading more toward it’s day highs.  The USDCAD is up (lower CAD) but it too is well off the it’s extreme high.  The GBPUSD is also well off lows and trades positively in the morning snapshot.    

The ranges and changes of the major currency pairs

In other markets:

  • Spot gold is tumbling lower with the price down $-20.72 or -1.2% at $1710
  • WTI crude oil futures are also moving lower with the price down $-0.92 or -2.54% at the $5.33

In the premarket for the US stocks, the futures are implying a move lower (however prices are well off there lowest level – i.e. the S&P e-mini traded as low as 2923 and is currently at 2968).

  • Dow is down -628 points
  • S&P is down -64 points
  • Nasdaq is down -135 points

In the European equity markets the major indices are also trading lower but off the overnight lows (and trade closer to session highs).

  • German DAX, -0.95%
  • France’s CAC, -0.6%
  • UK FTSE, -0.7%
  • Spain’s Ibex, -1.2%
  • Italy’s FTSE MIB, -0.4%

In the US debt market the yields are moving lower with the yield curve flattening a bit.  The 2-10 year spread is down to 48.31 basis points from 51.04 basis points at the close on Friday.

The US yields are lower
In the European debt market, the benchmark 10 year yields are also lower across the board as investor pour funds into the relative safety of the debt markets:
European 10 year yields are lower him

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