Its a stock market thing
As the stocks run all over the place, the forex market is not doing a whole lot.
As London was exiting for the day:
The S&P was down -14.8 points. It is down -41 points now
The Nasdaq was down -61 points. It is down -123 points now
The Dow was down -68 points. It is down -300 points now.
What has the USD done?
The USD was down vs. all the major pairs by the following at the London close:
- EURUSD, -0.50%
- GBPUSD, -0.39%
- USDJPY, -0.33%
- USDCHF, -0.22%
- USDCAD, -0.59%
- AUDUSD, -0.40%
- NZDUSD, -0.78%
Now the snapshot is showing:
- EURUSD, -0.49%, virtually unchanged
- GBPUSD, -0.33%. The dollar is stronger by +0.06%
- USDJPY, -0.42%, The dollar is weaker by -0.09%
- USDCHF, -0.23%, virtually unchanged
- USDCAD, -0.62%. The dollar is weaker by -0.03%
- AUDUSD, -0.31%, The dollar is stronger by +0.09%
- NZDUSD, -0.69%. The dollar is stronger by +0.09%
In the US debt market, the change in yields shows:
- 2-year 2.266% vs. 2.253% now
- 5-year 2.618% vs. 2.600% now
- 10 year 2.828% vs 2.815% now
- 30 year 3.070% vs 3.063% now
So overall, there is a flight out of the “risk” currencies like the AUD and NZD (but they are still stronger vs the dollar – just less strong) and a basis point or so flight into the safety of the US debt.
That is not a heck of a lot.
PS, Gold is up about $19 now vs up $20.62 earlier.