A snapshot of the strongest and weakest currencies as NA trader enter

Author: Greg Michalowski | Category: News

April 21, 2017. The JPY is the strongest. The GBP is the weakest.

The snapshot of the strongest and weakest currencies as NA traders enter for the day, shows the JPY is the strongest, while the GBP is the weakest. 

The PMI data in the EU looked pretty good relative to estimates but with the French election this weekend, the EUR is not having any part of a rally today (PS the 50% retracement level for the EURUSD held at 1.0737 on the one move higher today).  

The GBP was also hit before (leaked? See Ryan's post)  the worse than expected Retail sales report. 

Ranges are weak today with all the major pairs below the 22 day average (red line in the lower chart).  .  

At 8:30 AM ET:
  • Canada CPI (0.4% est MoM and 1.8% est YoY) will be released
  • Feds Kashkari speaks on a Q&A panel
At 9:45 AM ET/10 AM ET
  • US Markit Manufacturing for April is est 53.8 vs 53.3 last.  Services PMI is est 53.2 ve 52.8 last.  
  • US existing home sales are est to come in at 5.6M annualized sales pace vs 5.48M last month
Other things on the schedule:
  • US Baker Hughes rig counts at 2 PM
  • The CFTC Commitment of traders report will be released around 3:30 PM ET
  • IMF Meetings continue all day.  I think I heard Feds Fischer will be speaking at 11 AM from the meetings.  
A snapshot of other markets:
  • Spot gold $1283.66 +$1.71
  • WTI Crude $50.68 , -$0.04
  • US stocks are up a bit in early futures trading: S&P futures war up 3.25 points.  Dow futures are up 20 points and Nasdaq futures are up 7.5 points
  • US debt yields are on the negative side of unchanged but only by a fraction of a basis point vs yesterday's closing levels.  The 10 year is trading at 2.2338% (it traded up to about 2.255% yesterday)