May 2, 2017. The GBP is the strongest. The JPY is the weakest.

As NA traders enter for the day, the GBP is the strongest while the JPY is the weakest. The GBPUSD traded below the 1.2900 level late yesterday and after a brief rally in the Asian session, sold to lowest level since April 27th, before moving back higher in the London/European sesssion. We are trading back above the 1.2900 level currently. The pounds strength is also helped by the GBPJPY gains. That pair is up 0.57% - the biggest change of the major pairs and crosses The driver has mainly been the move higher in the USDJPY. That pair has been supported by higher yields and stocks. The USDJPY is above 112.00 for the first time since March 31. The pair also moved away from the 50% retracement at 111.81 which stalled the gains yesterday (closing around that level).

How about market volatility? Not much. The lower chart below shows that the ranges for the major pairs and crosses are all trading below their 22 day averages (about a month of trading). The EURUSD only has a 27 pip range. The GBPUSD is leading the way of the majors with a range of 64 pips.

In other markets:

  • Spot gold is trading at $1253.71, down about -$3.00 or -0.23%
  • WTI crude oil is trading at $49.08 up $0.25
  • European stocks are higher with the Dax up 0.23%, the CAC up 0.41%, the UK FTSE up 0.54% and the Spanish Ibex up 0.73%
  • US stocks are mixed. S&P futures are-0.25 points. The Nasdaq futures are up about 6.5 points (Apple earnings after the close). The Dow futures are down -6.00 points
  • US yields area higher with the 2 year up 1.2 bp to 1.2859%. 5 year up 1.6 bp to 1.8569%. 10 year yield up 1.8 bp to 2.3378%.