January 27, 2023

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

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The USD is mixed

As the North American session begins, the AUD is the strongest and the JPY is the weakest. In the US the greenback is tilting to the downside with gains vs the JPY and CHF and declines vs the EUR, AUD, CAD, NZD and GBP.  Evergrande remains an issue in China with the PBOC injected funds in the market to ease the market concerns and stress from the $300 billion imminent default (or so they speculate). The action by the PBOC gave the China stocks a boost. The fallout from a potential default is higher nor prices have been moving to the downside in anticipation at China development will slow. In the US today the University of Michigan consumer sentiment is the only release. The big event up ahead is the FOMC meeting which will conclude on Wednesday.   Crude oil prices are off modestly. Gold is up modestly after the near $40 decline yesterday. 

The USD is mixed A close look at the markets as New York trading gets underway shows:
  • Spot gold up four point dollars and $0.82 or 0.27% at $1757.96.
  • Spot silver is down one cent or -0.06% at $22.89
  • WTI crude oil futures are trading down $0.55 and $72.06
  • the price of bitcoin is trading down $417 of 47,003 and $66

In the US stock market, the major indices are down after mixed results yesterday saw the Dow and S&P moved modestly lower while the NASDAQ index reversed declines and closed up modestly:

  • Dow is down -32 points after yesterday’s -63.07 point decline
  • S&P index is down -6.3 points after yesterday’s -6.93 point decline
  • NASDAQ index is down seven team .7 points after yesterday’s 20.39 point rise 

In the European equity markets, the major indices are mostly lower with the exception of the Spain Ibex:

  • German Dax -0.5%
  • France’s CAC -0.15%
  • UK’s FTSE 100 unchanged
  • Spain’s Ibex +0.6%
  • Italy’s FTSE MIB -0.4%

In the US debt market, the yields are modestly higher:

US yields are higher
The European debt market, the benchmark 10 year yields are also trading higher with Italy up 3.0 basis points and Germany up 2.3 basis points. France’s benchmark 10 year yield is up 1.9 basis points which takes the yield up to 0.045%, working back above the 0.0% level as rumblings about raising rates makes its way through the markets.
European yields are higher

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