The last day of the week has the AUD at the top of the table as the strongest currency, while the USD is the weakest. The spread from the strongest to the weakest is relatively narrow, although the greenback still has a decent lead on the 2nd weakest currency (the JPY). The greenback is being helped by a rebound in the AUDUSD and NZDUSD off their 100 day MAs. The EURUSD bounced ahead of its 200 hour MA yesterday, and today continued the upside move by cracking back above the 100 hour MA in the London morning session. Yesterday the markets worried about the reports of higher taxes for the wealthiest in the form of an increased capital gains tax of 39.6% for those earning more than $1M a year (phew, I am below that threshold). The news sent stocks sharply low (from earlier gains), but stocks are still marginally higher in pre-market trading today. US yields are up by up to 1 basis points. Gold is up and once again getting closer to $1800. Bitcoin is lower and fell below $50K for the first time since early March (traders worry about capital gains tax increases as well). New home sales and Markit preliminary PMI will be released today (expected to be higher for both).
The ranges and changes are showing the GBPUSD, EURUSD are trading at session highs to start the NA session. The AUDUSD is also near highs for the day. The ranges are relatively modest with some room to roam in the NY session.
In other markets:
- Spot gold is $8.75 or 0.49% at $1792.54.
- Spot silver is trading up $0.10 or 0.42% and $26.25
- WTI crude oil futures are trading up $0.17 or 0.28% at $61.60
- Bitcoin it is down $-1740 or -3.37% of $49,850. The low reached $47,464.65. The I extended to $52,254.71.
In the premarket for US stocks, the futures are implying modest gains
- Dow industrial average, +10 points
- S&P +8 points
- NASDAQ +22 points
In the European equity markets, the major indices are in the red:
- German Dax, -0.6%
- France’s CAC -0.3%
- UK’s FTSE 100, -0.5%
- Spain’s Ibex -0.6%
- Italy’s footsie MIB, -0.3%
In the US that market, yields are modestly higher, with the 30 year yield of the most.