December 3, 2022

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The JPY is the strongest and the CAD is the weakest as the NA session begins

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The USD is stronger

The JPY is the strongest of the major currencies and the CAD is the weakest as the North American session begins. The weekend news was dominated by the Taliban’s taking control over Afghanistan and the evacuation of westerners which led to a flight into the relative safety of the JPY, CHF and a lesser extent the USD.   China retail sales and industrial production were weaker than expected as the Covid shutdowns hurt growth.  Crude oil is lower on the back of lower expectations for growth globally. The Wall Street Journal (Fed Officials Weigh Ending Asset Purchases by Mid-2022) is reporting that the Fed is looking toward speeding up the tapering of the asset purchases. Stocks and bond yields are lower as well in early New York trading.
The USD is stronger

Looking at other markets as the North American session begins:

  • Spot gold is trading down $4.81 -0.27% at $1774.49 as it reacts modestly to the US dollars rise
  • Spot silver is down $0.19 or -0.85% at $23.50
  • WTI crude oil futures are down $-0.89 or -1.31% at $67.06
  • Bitcoin rose to $47,591.79 currently

In the premarket for US stocks, the futures are implying a lower levels. On Friday the Dow and S&P closed at record levels:

  • S&P -15.2 points
  • Dow industrial average -126.38 points
  • NASDAQ -56.68 points

In the European equity markets, the major indices are lower across the board. The euro stock indexes lower today after 10 consecutive days higher. German DAX closed at record on Friday. France’s CAC got closer to its September 2000 all-time high level:

  • German DAX, -0.4%
  • France’s CAC, -0.85%
  • UK’s FTSE 100 -1.1%
  • Spain’s Ibex -0.65% 
  • Italy’s FTSE MIB, -0.4%

In the US debt market, yields are lower as growth and flight to safety flows after developments Afghanistan move yields lower.

US yields are lower

In the European, the benchmark 10 year yields are marginally lower across the board:

European benchmark 10 year yields are lower

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