As NA traders enter for the day, the NZD is the strongest and the JPY is the weakest.
The USD is weaker as a result of “risk on” flows.
The NZD is the strongest of the major currencies as the North American session begins, while the JPY is the weakest. The USD is likewise falling in value as “risk on” movements dominate. In premarket trade, US stocks are up. Citigroup has reported profits, and it outperformed on both revenue and earnings per share. The yields in the United States and Europe are lower. This week’s 10-year and 30-year bond auctions drew substantial foreign interest. PPI data for the United States will be issued alongside weekly jobless claims and oil inventory data. Bowman, Bostic, Bullard, Daly, and Harker are among the Fed officials on the speaking tour.
As trade resumes in the United States, the following events are taking place in other markets:
- Spot gold is up $3.40 or 0.17% at $1796. The high price did extend just above the $1800 level to $1800.50, but backed off.
- Spot silver is up $0.17 or 0.67% at $23.24
- WTI crude oil futures are up $0.90 or 1.12% $81.34
- Bitcoin is trading at $380 and $57,757
In the premarket for US stocks, the key indices are trading higher after the S&P 500 and NASDAQ indexes reversed a three-day loss yesterday. The Dow industrial average closed fractionally down and has now been falling for four days in a row:
- Dow +305 points after yesterday’s -0.53 point decline
- S&P index +44 points after yesterday’s +13.15 point gain
- NASDAQ index +173 points after yesterday’s 105.71 point rise
- German DAX +0.9%
- France’s CAC +1.0%
- UK’s FTSE 100 +0.8%
- Spain’s Ibex +1.0%
- Italy’s FTSE MIB +1.1%
In the US debt market, yields are lower across the board with the 10 year down -1.9 basis points.The five year yield is down -2.4 basis points:
In the European debt market, the benchmark 10 year yields are also lower. German 10 year yields which got within about eight basis points of parity this week are trading back at -0.163%.