December 4, 2022

Forex Solution

Learn To Trade Forex

The EUR is the strongest and the GBP is the weakest as the NA session begins

2 min read

The USD is mixed with EUR lower and GBP higher highlighting the changes

As the North American session begins, the EUR is the strongest and the GBP is the weakest as traders move into the EURGBP. The session has been quiet with a number of European closes due to Whit Monday holiday (Germany, France, Switzerland are closed in observance).  Canada will be closed today as well.   The USD is mixed at the start of the NA session with the greenback higher by 0.20% vs the EUR and down an equal amount vs the GBP.  The other pairs are showing modest gains or losses of 0.10% or less. Bitcoin has rebounded today after the weekend tumble.  Crude oil is higher.  Gold is modestly higher.  Yields are modestly lower in the US. Stocks are higher.  Chicago Fed National index will be released at 8:30 AM et.  Feds Brainard and Mester are speaking as are BOEs Bailey, Cunliffe, Haldane and Saunders who will testify to lawmakers.  (10:30 AM ET.1430 GMT).

The USD is mixed with EUR lower and GBP higher highlighting the changes

Looking at the ranges and changes, the USD is within 8 pips of unchanged vs all the major currencies with the exception of the EUR (+24 pips) and GBP (-29 pips).   The EURGBP is up 39 pips to start the week.  

The ranges and changes for the major currency pairs

In other markets:

  • Spot gold is trading up $1.42 or 0.08% at 1882.62.
  • Spot silver is up $0.17 or 0.63% at $27.73
  • WTI crude oil futures are up $0.87 or 1.37% at $64.45
  • Bitcoin is up around $3900 or 11.58% to $37,600. The low reached $33,651.13. The high extended to $37,941. The low on Sunday reached around $37,100 before rebounding back to the upside. Recall the swing low from last week moved to $30,000 before bouncing.

In the premarket for US stocks, the futures are implying a higher opening:

  • Dow industrial average up 106 points
  • S&P up 20 points
  • NASDAQ index up 96 points

In the European market

  • UK FTSE 100 is up 0.14%
  • Spain’s Ibex is down -0.1%
  • Italy’s FTSE MIB is down -0.5%

In  the US debt market, yields are marginally lower in a quiet start to the week.

US yields are lower

Invest in yourself. See our forex education hub.




Source link

Copyright © All rights reserved. | Newsphere by AF themes.