February 9, 2023

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The AUD is the strongest and the EUR is the weakest as NA traders enter for the day

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The USD is mixed.

The AUD is the strongest and the EUR is the weakest as the North American session gets underway. The USD is mixed today after yesterday’s move higher which took the greenback to the highest level YTD. The EURUSD has continued its run to the downside (higher USD in the process) with move of 0.18% after yesterday’s 0.77% run took the pair to the lowest level since July 2020. The GBPUSD traded to its lowest (higher USD) level since December 2020 yesterday, but is higher today (lower USD).  GDP was revised sharply higher in the UK (5.5% versus 4.8% expected).  The AUDUSD moved higher today despite China manufacturing index going back below the 50 level.  The US avoided a a shutdown at the end of today (until December 3rd for now), but the infrastructure bill is still unclear as the jockeying continues.  US stocks are higher in premarket trading. The Nasdaq is working a 3 day losing streak after the earlier gains yesterday gave way to selling into the close. US yields are down modestly with the 10 year down -1.0 basis point. The 30 year is down -1.2 basis points after a near 2 basis point rise yesterday.  It is the last day of the trading month which can lead to more volatile price action. US jobless claims and GDP will be released at the bottom of the hour. Fed’s Powell will complete his testimony on Capitol Hill. Fed’s Bostic, Harker, Evans, Bullard, Daly are all expected to speak today.

The USD is mixed.
In other markets:

  • Spot gold is trading up $0.54 or 0.03% at $1725.50
  • Spot silver is up seven cents or 0.34% at $21.57
  • WTI crude oil futures are down $0.72 or -0.95% at $74.13
  • Bitcoin is trading up $1680 at $43,223.31 

In the premarket for US stocks, the major indices are pointing higher according to the futures:

  • Dow industrial average is up 125.28 points after yesterday’s 90.73 point gain
  • S&P index is up 15.94 points after yesterday’s 6.81 point gain
  • NASDAQ index is up 66.36 points after yesterday’s -34.24 point decline

in the European equity markets, the major indices are mostly lower with the UK FTSE 100 bucking the trend with a modest gain:

  • German Dax, -0.3%
  • France’s CAC, unchanged
  • UK’s FTSE 100, +0.15%
  • Spain’s ibex -0.6%
  • Italy’s FTSE MIB, -0.1%

In the US debt market,, the yields are marginally lower with the yield curve narrowing a touch:

US yields are lower

In the European debt markets, the benchmark 10 year yields are higher. The UK 10 year is up the most at 3.5 basis points:

European benchmark 10 year yields are higher

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