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Technical Analysis

We know the GBP is the weakest currency today. What about the strongest?


A snapshot of the currency market...

We know the GBP is the weakest of the major currencies today as the BOE decision and comments weakened the pound.   What currency is the strongest?

The charts below that show the % changes of the major currencies vs each other shows that the JPY is higher against all of the majors, with the largest increase against the GBP (the GBPJPY is down 1.0% as a matter of fact).

The USD snapshot shows that the greenback is in the middle of the pack with a largest increase against the GBP (+0.78%).  The dollar is 0.31% higher vs the AUD and 0.17% higher vs the CAD.   It is lower vs the JPY and the CHF (-0.23% and -0.15% respectively).

Most of the volatility is going to the GBP pairs with each of their ranges spiking above their 22 day average trading range (red line in the lower chart below). The GBP pairs are all trading at the extremes.  With the GBP fall, the UK FTSE is seeing a relief rally with the gains near 1%.

A snapshot of other markets are showing :

  • Spot gold unchanged at $1266.50
  • WTI crude oil up $0.26 or +0.52% at $49.84. The high could not get above $50.00 ($49.96)
  • US yields are lower with the 2 year down -0.5 bp. The 10 year is down 2.5 bp to 2.246%. The 30 year is down 3.1 bp to 2.8253%. So a flattening of the US curve
  • US stocks futures are little changed. Dow futures up 9 points. The S&P futures unchanged. The Nasdaq is up 11 points. Tesla is up nearly 6% in pre-market trading on the back of better than expected earnings yesterday (well better than expected losses I should say). 

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