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The USD is mostly lower.
Day 33 of the US shutdown (but there is hope) and with it the GBP continues to squeeze higher and is the strongest currency of the day. Yesterday, the GBP was also the strongest currency. The JPY is the weakest as stocks have popped on governement breakthrough hopes (flight out of the safety of the JPY). Also earnings after the bell from IBM and TD Ameritrade were better yesterday. United Technologies, Kimberly Clark and Abbott Laboratories all beat on top and bottom lines in pre-market trading today. The USD is mostly lower this morning with gains only vs the JPY and unchanged vs the CHF. The greenback has lost most vs the NZD and GBP.
Once again the GBPUSD has the largest activity with a low to high range of 99 pips. It is up 76 pips on the day – trading near the highs of the day. Other GBP pairs are also moving higher and near high (GBP) levels at the NY start (i.e. EURGBP, GBPJPY, GBPCHF). Then there are some of the other pairs vs the USD that have very narrow ranges including the EURUSD (21 pips), USDCHF (23 pips), AUDUSD (26 pips) and USDJPY and USDCAD (47 pips each). All are well below their 22 day average trading ranges.
In other markets, a snapshot shows:
- Spot gold is trading near unchanged levels at $1285.35
- WTI crude oil futures are trading up $.54 or 1.02% at $53.56.
US stock futures are implying higher openings on the back of better earnings and hope for progress on the government shutdown:
- Dow Jones, +207 points
- S&P index +15 points
- Nasdaq, up 37 points
In the European markets, most major indices are higher:
- German DAX, +0.3%
- France’s CAC, +0.5%
- UK’s FTSE, -0.2%
- Spain’s Ibex, +1.22%
- Italy’s FTSE MIB +0.43%
In the US debt market yields have moved higher on the “hope” too.
European 10 year yields are mixed to little changed:
