The GBP is the strongest and the EUR is the weakest as NA traders enter for the day

The USD is mixed

As the North American session begins, the GBP is the strongest of the major currencies while the EUR is the weakest (the EURGBP is the biggest decliner with the pair trading to the lowest level since late Feb 2020).  The USD is mixed with gains vs the EUR, CHF, and CAD and declines vs the GBP, AUD and NZD. 

The USD is mixed

The ranges and changes are showing the GBPs outperformance. The GBPUSD, GBPJPY, EURGBP GBPCHF are all trading at/near session extremes (GBP higher) with decent trading ranges from low to high.  Meanwhile pairs like the EURUSD, USDCHF, AUDUSD and NZDUSD all have modest trading ranges of less than 40 pips so far today (and below 22 day averages). 

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold it is trading down $7.31 or -0.42% at $1725.22
  • Spot silver is down $0.24 or -0.97% at $24.82
  • WTI crude oil futures are trading up $0.48 or 0.80% at $61.46
  • The price of Bitcoin up $3394 or 6.19% at $58,240

in the premarket for US stocks, the futures are implying a lower opening as the market digests hedge fund Archegos Capital liquidation due to margin calls:

  • Dow, -140 points
  • NASDAQ, -18 points
  • S&P, -15.5 points

In the European markets,

  • German DAX, +0.4%
  • France’s CAC, +0.4%
  • UK’s FTSE 100, -0.20%
  • Spain’s Ibex, +0.1%
  • Italy’s FTSE MIB, +0.15%

In the US debt market, yields are lower across the board with the 10 year down -3.0 basis points. The 2 – 10 year spread is down a couple basis points to 151.13 vs. 153.73 on Fridays close:

US yields are lower

In the European debt market, the benchmark 10 year yields are little changed and mixed:

European yields are mixed

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