The CHF is the strongest and the JPY is the weakest as the NA session begins - ForexLive

The strongest to the weakest of the major currencies

Coming off a non trend week, with trading ranges in many of the USD pairs at multi-year lows, the start of this week is off to a slow start as well. Apart from the JPY, the other major currencies have low to high trading ranges well below the averages over the last 22 trading days The NZDUSD has a range of only 30 pips. The AUDUSD 32 pips. The USDCAD and GBPUSD ranges are 45 and 49 pips respectively. For a discussion on the dynamics of the ranges see the weekend video HERE.

The CHF and the JPY are strongest and the weakest of the major currencies. The CHFJPY is the biggest currency pair mover with a 0.69% move. Looking at the daily chart of that pair, the CHFJPY is pushing against the high from 2022 at 151.45 after basing against the 200 day MA earlier this month. The pair has been trending since bottoming on April 6 at 144.254. The high price today reached 151.38 - just short of the 151.45 high from 2022. Sellers are leaning on the first look so far (with stops likely on a break).

CHFJPY tests the high from 2022

The JPYs weakness comes before the Ueda's first BOJ meeting (on Friday) where the expectations are for no change in the yield curve control (YCC) policy. The BOJ is targeting 0.50% for the 10 year yield and Ueda said today that the central bank must maintain monetary policy easing as CPI still below 2%.

This weekend Bed Bath and Beyond filed for bankruptcy. This week will be the biggest week in this quarterly cycle for earnings with Alphabet, Microsoft, Meta, Boeing, Amazon, Intel, Merck and Exxon Mobile a sampling of some of the big cap stock companies scheduled to release earnings this week. US stocks are trading modestly lower in premarket trading.

In addition to earnings, US GDP will be released on Thursday (with estimates near 2% for the quarter (versus 2.6% last quarter). Core PCE will be released on Friday (estimate 0.3% month-on-month). In Australia, CPI data (estimate 1.3% versus 1.9% last month) for the quarter will be released on Wednesday morning in Australia. Canada GDP (for the month) will be released on Friday (0.2 estimate).

US yields morning or lower with declines of about 3 basis points across curve.

A sense of the market currently shows:

• Spot gold is trading near unchanged at $1982.06 (down $-0.25) .
• Spot silver is trading down $0.05 or -0.21% at $25.03
• WTI crude oil is trading down $0.08 at $77.79. Low price reached $76.72. It's 100 day moving averages at $76.85

WTI crude oil is testing its 100 day moving average

• Bitcoin is trading at $27,485 after trading to the lowest level since March 28 at $27,045 earlier today

in the premarket for US stocks, the major indices are trading marginally lower:

• Dow industrial average -32 points, after closing up 22.34 points on Friday
• S&P index down -3.5 points after closing up 3.71 points on Friday
• NASDAQ index down -15 points after closing up 12.90 points on Friday

In the European equity markets, the major indices are trading little changed/lower:

• German DAX unchanged
• France's CAC unchanged
• UK's FTSE 100 -0.07%
• Spain's Ibex -0.34%

In the US debt market:

• 2 year yield 4.169%, -2.1 basis points
• 5 year yield 3.629% -3.5 basis points
• 10 year yield 3.539% -2.3 basis points
• 30 year yield 3.750% -2.7 basis points

In the European debt market, yields are mixed/little changed:

European benchmark 10 year yields

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2023-04-24 12:20:00Z
CBMigwFodHRwczovL3d3dy5mb3JleGxpdmUuY29tL3RlY2huaWNhbC1hbmFseXNpcy90aGUtY2hmLWlzLXRoZS1zdHJvbmdlc3QtYW5kLXRoZS1qcHktaXMtdGhlLXdlYWtlc3QtYXMtdGhlLW5hLXNlc3Npb24tYmVnaW5zLTIwMjMwNDI0L9IBhwFodHRwczovL3d3dy5mb3JleGxpdmUuY29tL3RlY2huaWNhbC1hbmFseXNpcy90aGUtY2hmLWlzLXRoZS1zdHJvbmdlc3QtYW5kLXRoZS1qcHktaXMtdGhlLXdlYWtlc3QtYXMtdGhlLW5hLXNlc3Npb24tYmVnaW5zLTIwMjMwNDI0L2FtcC8

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