TECHNICAL ANALYSIS

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


USD is in the middle with mixed results

As North American traders enter for the day, the AUD is the strongest, while the CHF is the weakest. The USD sits near the middle, with a slight negative but also mixed bias against major currencies. The biggest declines in the USD are against the commodity currencies led by the AUD and NZD. The greenback is the strongest were the CHF and the JPY, but the gains are modest. Today, attention is shifting from Pres. Trump to President-elect Bidens’ stimulus package (talks now $ 1.3 billion to $ 2 billion – see Adam’s post here). Feds Powell will also speak at 12:30 p.m. ET / 5:30 p.m. GMT).
USD is in the middle with mixed results

Looking at the ranges and changes, the ranges of most pairs are relatively stable, all expect the GBPUSD to have a trading range of 36-43 pips. The GBPUSD has a range of 63 pips. JPY pairs – usually an indication of risk – are all higher and closer to highs in general.

Ranges and changes for major currency pairs

IN other markets:

  • Spot gold is trading down -4.60 or -0.25% $ 1,841.05
  • Cash is trading up $ 0.06 or 0.23% from $ 25.28
  • WTI crude oil futures are trading down $ 0.35 or -0.64% from $ 52.58
  • Bitcoin on Coinbase trades for $ 1,070 and $ 38,366. The high price hit $ 38,800. Low price increased to $ 36,751.11

In the pre-market for US stocks, futures imply a slightly higher open

  • S&P index up 6.5 points
  • Dow industrial average up 95 points
  • NASDAQ index up 1 point

On the European stock markets, the main indices trade with modest gains or losses:

  • German DAX + 0.2%
  • CAC of France, + 0.05%
  • UK FTSE 100 + 0.5%
  • Ibex from Spain, -0.1%
  • Italy FTSE MIB, -0.1%

In the US debt market, yields rebound from yesterday’s decline. T-bills managed to auction 10- and 30-year issues on Tuesday and Wednesday, but yields are higher after last week’s rally.

US yields are higher
In the European debt market, benchmark 10-year yields are trading mixed. Italian yields are higher after the resignation of the government yesterday which threatened the coalition.

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