December 8, 2022

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

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The USD is mostly stronger with gains vs the JPY and CHF leading the way

As the North American session begins, the NZD is the strongest, and the JPY is the weakest. Yesterday the GBP was the strongest at the close while the EUR and CHF were the weakest (the USD traded up and down but ended marginally lower).   The USD today is mostly higher with the gain vs the JPY (+0.36%) leading the charge to the upside. The greenback versus the EUR, CAD and AUD are modestly higher by 0.08% or less. The dollar is down -0.19% vs the NZD to start the day.  US stocks are higher in premarket trading with the Dow up about 170 points. The NASDAQ index is up around 50 points. Major indices are up three days in a row after Monday’s sharp declines.  Snap and twitter both announced earnings after the close yesterday and are sharply higher, raising media concentrated Facebook and Google shares in anticipation of their earnings next week. US rates are higher with the 10 year yield back up to 1.3% after falling as low as 1.129% earlier this week. Fears from Covid have lessened after the scare on Monday. Some GOP members have eased their criticism of the countries vaccination program as pressures mount for those unvaccinated to get vaccinated. Will they be more encouraging for vaccination for their constituency? Flash PMI numbers in Europe were mixed with Germany higher than expectations, but UK, France lower than the expected. The US Markit PMI estimates for manufacturing and services will be released at 9:45 AM ET.  Canada retail sales are expected to decline by 3% when released at the bottom of the hour.  

The USD is mostly stronger with gains vs the JPY and CHF leading the way
In other markets:

  • Spot gold is trading down $-10.50 or -0.58% at $1796.06.
  • Spot silver is down $0.27 or -1.10% at $25.17
  • WTI crude oil futures are trading at $71.91 up $0.18 on the day.
  • Bitcoin is trading at $32,323 up modestly on the day. The high price reached $32,915.14 the low price extended to $32,056

In the premarket for US stocks, the futures are implying a higher opening with media stocks leading the way after Snap and Twitter both soared after earnings. Intel shares are lower after beating expectations but expressing cautionary tones going forward saying the chip shortage may continue for another couple years

  • Dow Jones is up up 180 points. Yesterday the index rose 25.35 points or 0.07%
  • NASDAQ index is up 50 points after yesterday’s 52.64 point increase
  • S&P index is is up 19.7 points. Yesterday the index increase by a .79 points

In the European equity markets, most major indices are up for the 4th consecutive day (yesterday the UK FTSE 100 did decline):

  • German DAX, +0.9 percent
  • France’s CAC, +1.0%
  • UK’s FTSE 100, +0.8%
  • Spain’s Ibex, +1.1%
  • Italy’s FTSE MIB, +1.1%

In the US debt market, yields continues to push higher from the lows in the benchmark 10 year note on Monday of 1.129%. The yield is now up to 1.301% and trading at session highs. The two – 10 year spread is also higher at 109.9 basis points after closing yesterday at 106.5 basis points.

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