The dollar is trading near the lows of the day.
The CHF is the strongest and the USD is the weakest as North American traders enter for the day. JPM’s profits started the profit season off to a bad start, as did Wells Fargo, but markets are shrugging and stocks should open higher (at least for now). PS JPM is in place
2.7% and Wells up 2.1%).
The ranges are modest with the GBPUSD at 73 pips the largest of the major pairs against the USD. The volatility on the foreign exchange market has dissipated a little, the ranges being well below the 22-day averages, which certainly had a number of huge beach days that skewed them higher.
- The S&P, up 50 points
- Nasdaq wins 162 points
- Dow Jones wins 424 points
In Europe, they had technical problems but the snapshot shows a mixed bag:
- German DAX, + 1.4%
- France CAC, unchanged
- FTSE 100 in the UK, -0.7%
- Spanish ibex, + 0.5%
- FTSE MIB in Italy, unchanged
US yields are weaker as JP Morgan’s earnings could paint a worse picture than expected despite the hope that the peak of the coronavirus is upon us.
European yields are mostly higher, with Spain and Italy increasing the most. The 10-year German benchmark yield is down slightly, but is low for the day.