February 2, 2023

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The CHF is the strongest and the NZD is the weakest as NA traders enter for the day

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The USD is mixed to start the NA session

As the North American session gets underway, the CHF is the strongest and the NZD is the weakest. The ECB kept rates as expected and said that the QE purchases would continue at 20B euro and continue until at least the end of March 2022.  The EURUSD traded up to test its 100 day MA at 1.2055 and back off a bit (trades at 1.2046 currently). The USD is mixed with the biggest gain of 0.35% vs the NZD.  It is down -0.17% vs the EUR and the CHF at the time of the morning snapshot.

The USD is mixed to start the NA session

Looking at the ranges and changes, the NZDUSD has traded mostly negative for the entire day, but is off the lowest levels as well. The EURUSD and the GBPUSD are going the opposite ways vs the USD (the EUR is higher, the GBP is lower) as the EURGBP rises and trades near it’s highs (be aware of that dynamic today).  The EURCHF remains just negative but has recovered most of its earlier losses. 

The ranges and changes for the major currency pairs
In other markets:
  • Spot gold is trading down $9.33 or -0.52% at $1784.46 which versus some of the gains yesterday.
  • Spot silver is down $0.21 in my 0.83% at $26.33
  • WTI crude oil futures are trading down seven cents or -0.11% at $61.29
  • Bitcoin is trading down $87 or -0.16% at $54,902. The high price reached $55,231.19. The low extended to $51,300

In the premarket for US stocks, the futures are implying a lower opening:

  • Dow,-25 points.  The index rose 316 point yesterday
  • NASDAQ -36 points. The index rose 163 point yesterday
  • S&P -5.67 points. The index rose 38.4 point yesterday

IN the European markets, the major indices are trading higher:

  • German Dax, +0.5%
  • France’s CAC +0.65%
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, +1%
  • Italy’s FTSE MIB, +0.5%

In the US that market, yields are unchanged to higher with a steeper yield curve:

US yields are higher

In the European debt market, the benchmark 10 year yields are unchanged higher. Grants 10 year yields remain above 0.0% at 0.086%;

European yields are mostly higher

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