The dollar reverses some of the declines from yesterday
Yesterday, the USD was the weakest of the majors. Today the USD is back to being the strongest. The stocks are marginally lower. They were surged higher yesterday. Yields are marginally lower today with a flatter year curve. They were lower yesterday too. Europe is back from the Easter Monday holiday and stocks there are higher. It seems that maybe Europe liked the data from yesterday with the iSM services index moving higher and took a more bullish dollar view for the greenback. The GBPUSD and the NZDUSD are the biggest movers with both trending lower (dollar up 0.64% vs the NZD and up 0.58% vs the GBP). The EUR is lagging with the USD only higher by 0.08%. The RBA kept rates unchanged which was as expected.
Looking at the ranges and changes, the snapshot shows the price action in the GBP pairs with the GBPUSD at lows, the EURGBP near highs and GBPJPY lower (all GBP lower of course). JPY pairs are all lower by varying degrees today. The EURUSD range is modest and you can see it in the chart with up and down choppy activity in that pair today so far.
In other markets:
- Spot gold is trading up $9.70 or 0.56% at $1738
- Spot silver is up $0.16 or 0.65% at $25.04
- WTI crude oil futures are up one dollar or 1.75% of $59.63
- Bitcoin is trading down $1.56 or -0.27% at $58,622
In the premarket for US stocks, the major indices are trading mixed now (the Nasdaq futures now imply a small gain) after yesterday’s strong gains:
- Dow , -31 points. The Dow rose 374 points or 1.13% % yesterday to the record nine.
- S&P index, -5.25 points. The S&P rose 58.04 points or 1.44% to a record high.
- NASDAQ +1 point. The NASDAQ search 225 points or 1.67% yesterday.
In the European markets, the major indices are higher:
- German Dax, +1.1%
- Frances CAC, +0.56%
- UK’s FTSE 100, +1.3%
- Spain’s Ibex, +0.9%
- Italy’s footsie MIB, +0.6%
in the US Debt market, yields are lower with a modestly flatter yield curve:
In the European debt market, yields are higher in the 10 year sector narrowing the gap betwen US and European yields a bit today.