November 28, 2022

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

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The USD is mixed in narrow trading ranges

The AUD is the strongest and the CHF is the weakest as NA traders enter for the day. The USD is mixed with narrow trading ranges.  German ZEW was much weaker than expectations as Covid took its toll on the economic sentiment index.  The index came in at 40.4 vs 54.9 forecast. That is down from 63.3 last month.  The US treasury will auction 3 year notes at 1 PM. The Senate infrastructure bill will be voting on at 11 AM ET and then it is on to the budget resolution process.  Fed’s Mester and Evans will be heard from today and give their view on the timing of the taper post the US jobs report.  Yesterday Fed’s Rosengren and Bostic joined Kaplan, Bullard, Waller on the “time is about right” side of the ledger.  CPI in the US will be released tomorrow and is one of the more anticipated releases this week.  Coinbase will be releasing their earnings after the close. 

The USD is mixed in narrow trading ranges
The ranges are very narrow across the board with the EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, and NZDUSD ranges all less than 1/2 of their 22 day average range (about a month of trading). There is room to roam.  
The ranges and changes for the major currency pairs
In other markets:
  • Spot gold up $3.14 or 0.18% at $1732.90.
  • Spot silver is down 3.4 cents or -0.11% at $23.40
  • WTI crude oil futures are up $0.73 or 1.09% at $67.57
  • bitcoin is trading down around $700 at $45,570

In the premarket for US sttocks, the major indices are mixed:

  • Dow futures are implying a -18 point decline after yesterday’s -106.66 fall
  • NASDAQ is implying a 19 point rise after yesterday’s 24.42 point gain
  • S&P index is up one point after yesterday’s -4.17 point decline

In the Europeanmarkets, the major indices are mixed/little changed.

  • German DAX, +0.18%
  • FFrance’s CAC, +0.05%
  • UK’s FTSE 100, -0.1%
  • Spain’s Ibex, -0.1%
  • IItaly’s FTSE MIB, +0.25%

In the US debt market, the yields long curve are up marginally with the five year up 0.8 basis points. The benchmark 10 year is up 0.5 basis points:

US yields are higher

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