Dec 28.2016. The NZD is the strongest. The EUR is the weakest.
Still a holiday week but there is some action in the market today. The EUR is the strongest currency and the CAD is the weakest. The USD is up against all the major pairs with the exception of the NZD. The USDCAD is unchanged.
The NZDUSD based near lows from Dec 20 in quiet holiday trading yesterday. The pair moved above the 100 hour MA for the first time since the FOMC day and rallied up to the swing lows from Dec 16th (see chart below). That helped the bullish momentum. The price has since moved back lower and looks to re-test that 100 hour MA at 0.68997 (call it 0.6900). There should be support against the level (if not, look for the sellers to reemerge as they take back control on the failed break).
The EURUSD and GBPUSD are both trading at the lows. The EURUSD also had a break of MAs today that helped propel it's downward fall. The 100 and 200 hour MAs were at 1.0442 and 1.0431. When the price was above to break below, the selling intensified. The GBPUSD stalled ahead of it's 100 hour MA in Asian trading. It too has been steadily moving lower and trades at new session lows as NA traders enter for the day.
Pending home sales will be released at 10 AM ET/1500 GMT. The expectations is +0.5%.
Also the market will be on Dow 20K watch (once again). S&P futures are up 5.30 points. Nasdaq futures are up 17.50 and Dow Futures are up 38 points. The Dow closed 55 points from the now annoying level.
In other markets:
- Crude oil futures are lower by $0.20 or -0.35%
- Spot Gold is down $-0.30 or -0.03%
- European stocks are mostly unchanged/lower with the exception of the UK FTSE (it was closed yesterday). The UK FTSE is up 0.55%. German Dax down -0.02%. France Cac -0.03%. Spain Ibex -0.59%. FTSE MIB -0.55%
- US debt market has the front end of the curve higher with the 2 year +5.5 BP, 5 year unchanged, 10 year unchanged, 30 year down about 0.5 BP
- IN the European 10 year market: German -1 BP, France unchanged, UK -4 BP, Italy -2.5 BP, Spain -4.3 BP
