The USD is stronger today
As NA traders enter for the day, the focus remains on the coronavirus details, the stock markets reaction and fear. That – along with technicals – should drive the forex market. The European market had limited data but saw their major indices move lower but rebound. The German Dax is still down -0.64% but is trading near session highs and was down as much as -3.3%. That is a good comeback. The Dow lost 1900 points over the last two days which was the worst 2 day point loss ever. The Nasdaq gains for the year were wiped out.
The snapshot of the market is showing the CHF and the USD are the strongest, while the GBP and AUD are the weakest. The GBP is trending steadily lower.
Looking at the ranges and changes, as mentioned the GBPUSD is trending lower and trades near its low at -87 pips. The range is 96 pips. So most of the price action is indeed to the downside. The AUDUSD and NZDUSD are also near the day’s extreme and have also trended more to the downside.
In other markets:
- Spot gold is trading up $8.81 at $1644.02. The high reached 1655.00. The low reached 1634.43
- WTI crude oil is trading down -$0.80 or -1.58% at $49.12
In the US stock market, the futures area implying a higher opening:
- Dow +45 points
- S&P, +8.59 points
- Nasdaq up 24 points
In the European European equity market the snapshot of the major indices currently shows:
- German DAX, -0.57%
- France’s CAC, -0.48%
- UK’s FTSE 100, -0.46%
- Spain’s Ibex, +0.22%
- Italy’s FTSE MIB, +0.8%
In the US debt market yields are mixed with a steeper yield curve:
In the European debt market, yields are mostly higher: