The dollar is stronger, but most currencies are close together ahead of Powell’s speech.
The NZD is the strongest currency in the North American session, while the GBP is the weakest. With the exception of the New Zealand dollar, the USD is mostly stronger, gaining 0.15% to 0.22% against all major currencies (down -0.01% ). The Fed’s Powell will speak on Capitol Hill, and the market appears to be ready to wait and see what happens.
At 10 a.m., existing house sales and the Richmond Fed manufacturing index will be revealed. Mester and Daly of the Federal Reserve will talk at 10:30 a.m. and 11 a.m. ET, respectively.
The dollar has fallen from its highs, as evidenced by the ranges and movements. After spending most of the day in the red, the GBPUSD (and GBP pairings) have witnessed the strongest recovery (it still is but well off lows). To begin the New York session, the JPY pairs are also off lows and trading closer to highs.
In other markets:
- Spot gold is trading down $0.42 or -0.02% at $1782.97
- Spot silver is unchanged at $25.95
- WTI crude oil is down $0.64 a -0.87% at $73.02. The August contract is $-0.53 or -0.72% at $72.59
- Bitcoin is continuing its move down and trades down $2123 or -6.58% at $29,552. The low price reached $29,332 toward the high price was up at $33,261
The major indices are modestly higher in the premarket for US stocks, following robust issue gains yesterday. The Dow Jones Industrial Average increased by about 600 points. The NASDAQ index was up 111 points at the time of writing:
- Dow is up 37 point after yesterday’s 586 29 point rally
- S&P is up 6 points after yesterday’s 58.34 point rise
- NASDAQ index up 43 points after yesterday’s 111.10 point rally yesterday
In the European equity markets, the major indices are trading mixed
- German DAX, +0.16%
- France’s CAC, +0.1%
- UK’s FTSE 100, +0.35%
- Spain’s Ibex, -0.3%
- Italy’s FTSE MIB -0.2%