Markets off to a slow start in the forex. Stocks mixed. Yields modestly higher.
As the North American session begins, the NZD is the strongest and the CAD is the weakest. The USD is mixed with modest gains/losses vs the major currencies. The NZDUSD is the biggest mover. It is only lower by -0.15%. The biggest gainer is the USDCAD at 0.06%. US stocks are mixed with the Dow down, the S&P is near unchanged, and the Dow is down. There were closings in Australia, and China which has slowed the price action. This week the FOMC rate decision will take place on Wednesday and that may also limit the price action as traders await that event. The EU will be selling 10 year euro bonds to fund the recovery program.
Looking at the ranges and changes, the GBPUSD has a 59 pip trading range which is ok to start the week, but the other pairs vs the USD are only 22 to 31 pips from low to high. The cross currency pairs are also very narrow.
In other markets:
- Spot gold is down $26.67 or -1.41% at $1851.05
- Spot silver is down $0.30 or -1.07% at $27.61
- WTI crude oil is up $0.51 or 0.72% at $71.42
- Bitcoin moved up over the weekend on an Elon Musk tweet. The price is currently at $39127.27. The high could not get above the $40,000 level though. The high price has reached $39,847.52.
In the premarket for US stocks, the major indices are mixed
- Dow -23.6 points after Friday’s 13.36 point gain
- S&P +1 point, after Friday’s 8.26 point gain,
- NASDAQ index +33 points, after Friday’s 49.09 point gain
In the European equity markets, the major indices are mostly higher:
- German DAX, +0.1%
- France’s CAC, unchanged
- UK’s FTSE 100, +0.16%
- Spain’s Ibex, +0.4%
- Italy’s FTSE MIB, -0.1%
In the US debt market, the yields are higher
In the European debt market, the benchmark 10 year yields are also higher,
