December 8, 2022

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The USD is the strongest and the NZD is the weakest as the NA session begins

2 min read

Key PCE inflation to be released (along other data) in pre-holiday trading

The USD is the sttrongest and the NZD is the weakest as the NA session is getting underway. Key PCE deflator data is to be released at the bottom of the hour that the market will be eyeing.   Stocks are higher ahead of the data in pre-market trading.  The yields are marginally higher after gains yesterday.  Bitcoin is down again (-$3000) after yesterday’s run higher failed to breach above the 200 day MA at $40770 area.    Also on the calendar today is retail/wholesale inventories, US trade numbers, Univ of Michigan consumer confidence and Baker Hughes data.  Today is the last day Fed officials can speak before heading into their blackout period ahead of the FOMC meeting on June 15-16.   That may attract some comments on your favorite news program.  Because of month end and holiday weekend, the activity may have some “chop” due to flows. PS the UK is off as well on Monday. PS the USD is getting stronger as I type.  

Key PCE inflation to be released (along other data) in pre-holiday trading

The ranges and changes are showing the USD pairs all trading at session highs (and going higher vs the majors as I type). The ranges are also moving higher. The NZDUSD has been falling sharply and has retraced the RBNZ gains seen on Wednesday after they suggested rate rises earlier than expected.   The USDJPY gain is more contained vs yesterday’s gains, but is continuing the run higher. The GBPUSD has reversed some of the sharp gains to the upside on more hawkish BOE comments. 

The ranges and changes for the major currency pairsIn other markets:

  • Spot gold is down -$11 or -0.58% at $1885.50
  • Spot silver is down -$0.37 or -1.38% at $27.45
  • WTI crude oil futures are trading of $0.49 or 0.73% at $67.34
  • bitcoin is currently trading down $-2150 or -5.5% at $36,354 as I type. The low price reached $35,127.

In the premarket for US stocks, the futures are implying a higher opening after yesterday’s mixed results

  • Dow Jones, up up 153 points. The index gained 142 points yesterday
  • S&P index trading up 13.3 points after gaining 4.89 points yesterday
  • NASDAQ index up at 48 points after falling -1.72 points yesterday

In the European equity markets, the major indices are trading higher

  • German DAX, +0.6%
  • France’s CAC, +0.6%
  • UK’s FTSE 100, +0.25%
  • Italy’s FTSE MIB +0.3%
  • Spain’s Ibex, +0.4%

In the US debt market, the yields are marginally higher. 
US yields are higher
In the European debt market, the benchmark 10 year yields our modestly lower with declines range between -0.1 basis points to -0.9 basis points.

European yields are lower

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