February 4, 2023

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The CHF is the strongest and the NZD is the weakest as NA traders enter for the day

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The USD is tilting to the downside at the start of the NA session

As the North American session begins, the CHF is the strongest while the NZD is the weakest. The USDCHF has been trending to the downside for the last 9 hours and is dipping below its 100 day MA at 0.90841 at the start of the day.  Stocks are mixed once again with Nasdaq shares lower again as the rotation continues.  Yields are modestly higher.   Jobless claims and non farm productivity for the 1Q will be released today.  Fed’s Williams, Kaplan are on the calendar to speak  The US jobs report will be coming out tomorrow with expectations of around 1M non farm jobs (up from 916K last month).  The Bank of England kept rates unchanged today and hinted about slowing bond purchases (“the pace of these continuing purchases could now be slowed somewhat”).  You can read about it here and here. The headlines sent the GBP lower and then back higher in volatile trading. 
The USD is tilting to the downside at the start of the NA session

Looking at the ranges and changes, the GBP pairs are showing the impact of the rate decision.  The USD is mostly higher with the greenback near highs vs the EUR, JPY, CHF, CAD and AUD. It is only lower vs the NZD today.  

The ranges and changes for the major currency pairs

In other markets 

  • Spot gold is trading up $9.17 or 0.51% $1795.50.
  • Spot silver is up $0.31 or 1.17% at $26.79
  • WTI crude oil futures are trading down $0.63 or -0.96% at $65
  • bitcoin is trading up $956 or 1.68% at $57,839.50

in the US premarket for stocks, the futures are implying a mixed opening

  • Dow +16.6 points
  • S&P index -2.5 points
  • the NASDAQ index -12 points

in the European equity markets, the indices are mixed:

  • German DAX -0.25%
  • France;s CAC unchanged
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, -0.4%
  • Italy’s FTSE MIB, +0.15%

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